South Africa's central bank has decided to lower the benchmark interest rate by a cautious quarter-point, bringing it down to 7.75%. This reduction aligns with the expectations of all 20 economists surveyed by Bloomberg and follows a previous rate cut.

Governor Lesetja Kganyago announced the decision during a briefing in the northern part of Johannesburg, stating that the bank's modeling suggests there may be further reductions in the future. However, he also acknowledged the highly uncertain economic outlook, which reflects the complexities of the current financial environment.