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Overview of the South African economy

Overview of the South African economy

Address by Mr Lesetja Kganyago, Governor of the South African Reserve Bank, at the 102nd annual ordinary general meeting of the SARB shareholders, Pretoria, 29 July 2022. The country has managed its way through the severe and tragic global calamity of Covid19. Mobility and activity restrictions, public health, fiscal and monetary efforts, in South Africa and abroad, have been unprecedented. In the early days of the pandemic, the South African Reserve Bank (SARB) cut the repurchase (repo) rate to an all-time low of 3.5%, pulling the prime rate down to a 54-year low of 7.0%. [...]