2/3  BIS central bankers' speeches  South Africa entered the COVID-19 crisis with stable and low inflation rates and moderate inflation expectations, giving the SARB significant policy space to provide support to households and firms, primarily through the reduction in the repurchase (repo) rate. The repo rate was cut by a cumulative 275 basis points between March and July 2020.
The scenarios produced by the NGFS, with appropriate tailoring to local conditions, have been incorporated in climate change analysis by the European Central Bank (ECB) as well as by financial regulators in Canada, France, and the United Kingdom.