May 23, 2020 / 2:17 PM / in 13 days

eSwatini cuts rates further in response to virus

MBABANE, May 23 (Reuters) - The central bank of eSwatini has cut its main lending rate by 50 basis points to 4%, its latest reduction in recent months in response to the outbreak of the coronavirus.

In a statement on Friday, the bank cited the impact of the pandemic on its growth prospects, with the economy expected to shrink by 6.16% in 2020 under a pessimistic scenario.

Its rate decisions have also aligned with those in neighbouring South Africa, which also cut its main lending rate by 50 basis points on Thursday. eSwatini’s local currency is pegged to the South African rand. (Reporting by Lunga Masuku; editing by Emma Rumney and David Evans)

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