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rdf:type	schema:NewsArticle
schema:articleBody	South Africa's central bank on Thursday cut its main interest rate by a full percentage point to 5.25 percent on the back of the deepening impact of the coronavirus outbreak. The announcement was made after the bank's monetary policy committee met for its regular two-monthly meeting and as the country battles to control the virus outbreak which has infected at least 150 people so far. The committee "decided to cut the repo rate by 100 basis points," said Lesetja Kganyago, governor of the South African Reserve Bank. "This takes the repo rate to 5.25 percent per annum, with effect from 20 March 2020," he said. South Africa, which has recorded the highest numbers of infection in sub-Saharan Africa, slipped into a recession during the final quarter of 2019. The virus outbreak has only added to the country's economic woes. "The COVID-19 outbreak will have a major health and social impact, and forecasting global and domestic activity presents significant uncertainty," the governor said. He said the domestic economic outlook in the continent's most industrialised economy "remains fragile" and it is forecast to contract by 0.2 percent in 2020. "The technical recession of the latter half of 2019 contributed to a lower economic growth forecast. "Apart from the COVID-19 global pandemic, electricity supply constraints and other sources of uncertainty are expected to keep economic activity muted," he said. sn/bmm
schema:headline	South Africa cuts repo rate by 100 basis points to 5.25%
schema:mentions	South African Reserve Bank Interest rate 2020 coronavirus outbreak in Singapore Sub-Saharan Africa Recession South Africa Pandemic Virus Severe acute respiratory syndrome coronavirus 2 Coronavirus disease 2019 Lesetja Kganyago Bank rate Economic forecasting Monetary Policy Committee (United Kingdom) Financial crisis of 2007–2008 Microsoft Outlook
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-03-19 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	69 (xsd:integer)

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