South African Reserve Bank Governor Lesetja Kganyago has announced that the repo rate will be cut by 25 basis points to 6.5%. The repo rate is the rate at which the central bank lends money to commercial banks. The decision follows this week’s monetary policy committee meeting. Reserve Bank Governor Lesetja Kganyago said electricity and water prices remain risks to the inflation outlook. Against this backdrop, the MPC unanimously decided to reduce the repurchase rate by 25 basis points to 6.5% per annum with effect from 19 July 2019.”