Here are the do’s and don’ts on Level 4, starting on 1st May, as outlined by the president:

• Some business will be allowed to resume operations under specific conditions.
• Every business will have to adhere to detailed health and safety protocols to prevent their employees, and workplace plans will be put in place to enable disease and prevent the spread of the infection.
• All businesses that are permitted to resume operations will be required to do so in phased manner, first preparing that workplace for a return to operations, followed by the return of the workplace in batches of no more than one-third.
•  In some cases, a sector will not be able to return to full production during level 4 while the risk of infection remains high.
• These will be spelled out the following days a final round of consultations.
• Businesses will be encouraged to adopt a work-from-home strategy where possible.
• All staff who can work remotely must be allowed to do so.
• The relevant ministers will provide details on the process for the phased re-opening of schools and other educational institutions.
• Our borders will remain closed to international travel, except for the repatriation of South African nationals and foreign citizens.
• No travel will be allowed between provinces, except for the transportation of goods and exceptional circumstances such as funerals.
• Public transport will continue to operate, with limitations on the number of passengers and stringiest hygiene requirement,including that all passengers must wear a face mask.
• The public is encouraged to stay at home, other than for essential personal movement, doing essential work and work in sectors that are under controlled opening. People can exercise under strict public health conditions.
• All gatherings, apart from funerals and for work, will remain prohibited.
• Those who are elderly, and those with underlying conditions, must remain at home and take additional precautions to isolate themselves.
• The sale of cigarettes will be permitted.
• The range of goods that may be sold will be extended to incorporate certain additional categories. These will be detailed by the relevant ministers.
• Bars and shebeens (unlicensed establishment or private house selling alcohol) will remain closed
• Conference and convention centers, entertainment venues, cinemas, theaters, and concerts will remain closed.
• Concepts, sporting events and religious, cultural and social gatherings will not allowed until it is deemed safe for them to continue.

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The bank decided to ease policy even after a recent sell-off in markets that pushed the rand to new lows of worse than R17/$ and 10 year bond yields to double digits.

The bank now joins its peers in several countries who have injected various forms of monetary policy support into their their economies in recent weeks – including the European Central Bank (ECB) and US federal Reserve – as the Covid 19 continues to stalk its way around the globe bringing in its wake a likely worldwide recession.

The bank has cut the interest rate by 100 basis points. This is the first time since 2012 that the interest rate is cut by over 50 basis points. The Repo rate will be at 5.25% while Prime lending Rate moves to 8.75%.

In simple terms, this means you will be paying less interest on debts such as home loans, motor vehicle finance, credit card and others.

“Despite the general rise in risk, the significantly lower forecast for headline inflation has created space for monetary policy to respond to the rapid deterioration in economic conditions” said Lesetja Kganyago.

The bank sees inflation averaging 3.8% in 2020, way below the mid point of its 3% to 6% target range. Inflation will then accelerate to an average of 4.6% in 2021, before slowing to 4.4% in 2022. At its January meeting, where it cut rates by 25 basis points, it saw inflation averaging 4.7% for 2020, 4.6% for 2021 and 4.5% for 2020.

Though the government has promised a package of economic support measures, which are yet to be outlined – there is limited room in the fiscus which was already under pressure before the virus struck.

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