Lukanyo Mnyanda Editor: Business Day

The Reserve Bank is “behind the curve” on the economic outlook and will probably drop interest rates three more times in 2020, according to the head of FirstRand, one of the country’s biggest financial services companies.

Governor Lesetja Kganyago and the rest of the monetary policy committee (MPC), who delivered a one percentage point cut in the repo rate last week — twice what analysts had expected — will probably reduce it by another 0.75 percentage points in three steps of 25 basis points each, said FirstRand CEO Alan Pullinger.

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