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rdf:type	schema:NewsArticle
schema:articleBody	South Africa's central bank Tuesday slashed its main interest rate by a full percentage point, the second such cut in less than a month, and predicted the economy would shrink by 6.1 percent in 2020 as a result of the coronavirus pandemic. The decision was made after an emergency meeting of Monetary Policy Committee (MPC), whose scheduled meeting was due in May. "The Monetary Policy Committee (MPC) of the South African Reserve Bank decided to cut the repo rate by 100 basis points. This takes the repo rate to 4.25 percent per annum," the bank said in a statement. This is the third cut this year. On March 19, the bank cut the rate by one percentage point following a 0.25 percentage point cut in January. "The COVID-19 outbreak will have a major health and social impact, and forecasting domestic economic activity presents unprecedented uncertainty," central bank governor Lesetja Kganyago told a news conference. Three weeks earlier, the bank had forecast growth domestic product this year to contract by 0.2 percent. It now expects GDP in 2020 to contract by 6.1 percent before growing by 2.2 percent in 2021 and 2.7 percent in 2022, the governor said. The rand has depreciated by 22.6 percent against the greenback since the start of the year, he said. South Africa, which has the biggest industrialised economy in Africa, slipped into a recession during the final quarter of 2019. It has the highest recorded numbers of coronavirus infection in sub-Saharan Africa, with 2,272 cases, including 27 fatalities. The outbreak has prompted President Cyril Ramaphosa to impose a total lockdown, which kicked into action on March 27 and is due to run to end of April. sn/ri
schema:headline	S.Africa slashes interest rate further, sees 6.1% GDP fall
schema:mentions	Minor Planet Center South African Reserve Bank Interest rate 2020 coronavirus outbreak in Singapore South African rand 2020 Hubei lockdowns Cyril Ramaphosa Sub-Saharan Africa Recession Impose (magazine) Africa Gross domestic product South Africa Pandemic President of the United States Coronavirus disease 2019 Lesetja Kganyago Repurchase agreement The Three Weeks Monetary Policy Committee (United Kingdom) Forecasting United States Note »more»
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-04-14 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	57 (xsd:integer)
http://data.cimple...tology#hasEmotion	sadness

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