Kganyago announces repo rate cut to 5.25%

Governor of the SA Reserve Bank Lesetja Kganyago

The cut takes United Kingdom interest rates to an all-time record low, below even where they sat in the wake of the financial crisis.

The bank also cut rates by the same 0.25 percent on accommodations with collateral to 1.5 percent and on accommodations without collateral to 3.375 percent.

The Monetary Policy Committee (MPC) of the Central Bank of Iceland has made a decision to lower the Bank's interest rates by 0.50 percentage points.

Alongside the interest rate cut, the Bank of England said it would buy an additional £200bn ($244bn) of United Kingdom bonds in a bid to calm debt markets.

"What will make a big difference are the two other measures announced by the bank - a massive 45 percent increase in the quantitative easing programme to £645bn, and even more money to the funding schemes that can get cash to consumers and small businesses".

See here further the statement of the Monetary Policy Committee 18.

"I just want to emphasise that we are not abandoning the, I think, very clear central bank philosophy in terms of monetary financing, because history tells us where that leads".

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The surprise measures follow a rush of selling in United Kingdom government debt and the pound.

Yields on British government bonds fell sharply, reversing some of a steep rise that sharply accelerated on Wednesday.

The move comes as global investors are trying to secure more cash, in particular dollars.

"We have to take into consideration what the likely scale of government financing is, because that's clearly going to amplify through the markets", Bailey told reporters.

The policy measures had an immediate positive effect. Mark Carney, who was until Sunday Bank of England governor, announced a stimulus package worth "north of 1%" of GDP last week.

BNP Paribas senior economist Jeff Schultz said the co-ordinated global central bank action in the past week had opened the door to a bolder cut from the SARB.

It is the second cut this month as the three policy committees held their second emergency meeting to deal with the crisis.

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