Listen to ABR

South Africa's Apex Bank Injects liquidity to Support The Economy

Mar 20, 2020 04:13 PM
South Africa's Apex Bank Injects liquidity to Support The Economy Africa Business Radio, South Africa, Reserve Bank, Liquidity, Coronavirus, Africa Business News, Pretoria

The South African Reserve Bank has announced emergency liquidity measures in a bid to ease the stress on banks caused by the coronavirus outbreak. The measures announced on Friday, include a lower rate for commercial banks to borrow money from the SARB. In a statement, the bank said the Standing Facilities lending rate will be adjusted lower to the repo rate, from the prevailing rate of the repo rate plus 100 basis points. It said the measure will support banks to facilitate their flow of money market liquidity without being penalized. Meanwhile, South African telecommunications company, MTN, has agreed to reduce the cost of its monthly data bundles of 1 gigabyte and below by between 25 percent and 50 percent from April. The telecoms company, on Friday, says the decision follows findings that the country’s mobile data prices were the highest on the continent. MTN South Africa said the price of its 1GB monthly data bundle will fall by 33 percent to 99 rand from 149 rand.

0:00 / 0:00

Get the latest headlines and unique ABR stories, sent every weekday.

BCX Brand Positioning-Awake Online_Voice-300x250-12-2019-Tracking Ad-BUS01034

Upcoming Events

Wed 17

ABR social sensitization on HIV & AIDs

Jul 17 @ 07 AM - Jul 24 @ 05 AM

Job Listing

Software Developer



News Updates

  • G20 leaders pledge to inject 5 trillion into the global economy

  • China offers help to US against Coronavirus

  • United State surpass China and Italy with new cases of Coronavirus

  • Toyota Motor Corporation in Asia seeks credits line

  • Asian shares continues stock rally

  • European shares falls to 1.8%

  • UK Prime Minister tests positive for COVID0-19.

  • Africa Development Bank seeks record 3-billion-dollar debt issue to fight coronavirus;

  • National bank of Ethiopia makes plan to inject 15 billion birr into private banks

  • South Africa records more than 1,000 cases of COVID-19