In my own view, whilst one can argue about the exact timing of certain decisions, I doubt that the trajectory of monetary policy would have been any different. 4. Monetary policy in South Africa during the crisis  The global financial crisis resulted in the widespread adoption of more accommodative monetary policy globally.
South Africa’s monetary policy easing began in December 2008, and since then the repurchase rate was reduced by 500 basis points to 7 per cent, which is the same as the low point of the interest rate cycle reached in 2005, and the lowest nominal policy rate since the late 1970s.