March 21, 2020 / 9:50 AM / 15 days ago

Africa's eSwatini delivers 100 bps rate cut amid COVID-19 outbreak

MBABANE, March 21 (Reuters) - The Central Bank of eSwatini decided to cut its main lending rate by 100 basis points to 5.5%, citing global and domestic economic developments, including the impact of coronavirus, the country’s central bank said in a statement late on Friday.

The central bank said the reduction was to ensure the equal pegging of the local currency with the South African rand after the South African Reserve Bank (SARB) cut its main lending rate by 100 basis points to 5.25% on Thursday.

The small land-locked Southern African country has one confirmed case of COVID-19. (Reporting by Lunga Masuku Writing by Tanisha Heiberg Editing by Louise Heavens)

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