The Reserve Bank extended relief for SA’s embattled consumers and businesses by cutting rates on Thursday, but cautioned that its approach to any future softening will be highly data-dependent.

The repo rate reduction, which was not a unanimous decision, brings the benchmark rate to 3.5%, making it the lowest policy rate implemented by the central bank in almost 47 years. It was accompanied by further downward revisions to its growth forecasts for the year.

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