In S.A, the ANC welcomes Reserve Bank’s decision to cut the repo rate

In S.A, the ANC has welcomed the South African Reserve Bank’s decision to cut the repo rate by 25 basis points, bringing the prime lending rate down to eleven-percent. The decision was split, with two of the six monetary policy committee members voting for an unchanged rate. The ANC’s spokesperson, Mahlengi Bhengu-Motsiri, says this much-needed adjustment provides relief to South African households and businesses struggling with high borrowing costs: