South Africa's central bank sees economy contracting 6.1% in 2020

South Africa's central bank expects the economy to contract 6.1% this year due to the COVID-19 pandemic, Governor Lesetja Kganyago said on Tuesday.

The bank earlier unexpectedly cut its main lending rate by 100 basis points to a record low 4.25%, after moving forward its monetary policy committee (MPC) meeting scheduled for May.