Rate Cuts 2024 South African Government. South africa's central bank reduces benchmark interest rate by 25 basis points to 8% in response to global easing expectations. Federal reserve's decision on wednesday to begin lowering rates, and makes south africa the latest emerging market to embark on.

The south african rand firmed on friday against a weaker dollar, as markets weighed up bets on the size of a rate cut expected in the world’s biggest. South africa’s central bank cut its main lending rate by 25 basis points, becoming the latest central bank to embark on a cutting cycle.