The South African Reserve Bank has lowered interest rates in South Africa to 10.5%.

Governor Tito Mboweni said: "The MPC [Monetary Policy Committee] has decided to reduce the repo rate by 50 basis points to 7.0% pa with immediate effect." This means that the interest rate drops to 10.5%

He added: "When inflation is under control, the central bank has room to manoeuvre to contribute towards the economy."