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rdf:type	schema:NewsArticle
schema:articleBody	South Africa's central bank Thursday cut its main interest rate by 0.50 basis points, announcing the economy would shrink seven percent in 2020 as the economy buckles under the coronavirus pandemic. This is the fourth time the bank has eased rates this year and takes the lending rate to 3.75 percent. The South African Reserve Bank had last month forecast a growth contraction of 6.1 percent, but as the virus impact grows the economy is now expected to decline by seven percent. South Africa, which has the biggest industrialised economy in Africa, had already slipped into a recession in the final quarter of 2019 before the virus arrived. The bank's governor Lesetja Kganyago said the South African rand has depreciated by 22.9 since January. Inflation is forecast to average 3.4 percent this year. "Despite sustained higher levels of country financing risk, the (monetary policy) committee notes that the economic contraction and slow recovery will keep inflation well below the midpoint of the target range for this year," Kganyago told a news conference. "Against this backdrop, the (bank) decided to cut the repo rate by 50 basis points, taking it to 3.75 percent per annum," said the governor. South Africa has the highest recorded numbers of coronavirus infections in sub-Saharan Africa, with 18,003 cases including 339 fatalities. The outbreak prompted President Cyril Ramaphosa to impose a total lockdown, which kicked in on March 27 and was slightly eased since May 1. The World Bank has warned that sub-Saharan Africa could slip into its first recession in 25 years because of the pandemic. sn/jh
schema:headline	S.Africa central bank cuts rates, sees GDP contracting 7%
schema:mentions	South African Reserve Bank Interest rate South African rand Cyril Ramaphosa Sub-Saharan Africa Recession Impose (magazine) World Bank Inflation Africa Gross domestic product Lockdown South Africa Pandemic Virus Severe acute respiratory syndrome coronavirus 2 President of the United States Lesetja Kganyago Bank rate Monetary policy
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-05-21 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	neutral sentiment
http://data.cimple...readability_score	64 (xsd:integer)

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