South Africa cuts by 100 basis points

The South African Reserve Bank chopped 100 basis points off its key rate for the second month in a row on Tuesday.

The move, which was widely expected, leaves the repo rate at 9.5%, its lowest level since August 2007.

It comes after Tito Mboweni, the governor of the Reserve Bank, said last week that its Monetary Policy Committee would meet every month rather than bi-monthly. But Mboweni said on Tuesday that it would be wrong to expect cuts at every meeting

Razia Khan, the head of research for