The South African Reserve Bank’s monetary policy committee has reduced its policy rate to a further historic low, with its fourth cut of the year.

The MPC voted by three to two on May 21 to cut the repo rate by 50 basis points to 3.75%. The move followed a 100bp rate cut in the MPC’s April emergency meeting. That decision had also cut the rate to what was then its lowest-ever level.

In previous decisions this year, the committee had unanimously agreed on the size of the reduction, but on May

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