Over the past two weeks, there have been two credit rating downgrades, with the rand plunging to record lows against major currencies.

In its bi-annual monetary policy review, the Reserve Bank said growth was unlikely to exceed 1% next year.

It said there were downside risks to the country's forecasts should the lockdown be extended or if the global economy weakened more than expected.

The economy was already under pressure before the pandemic hit the country, recording its second recession in two years.

On Friday, ratings agency Fitch cut the country's credit rating deeper into sub-investment territory, forecasting a 3.8% contraction to the economy this year.

The week before, Moody's also cut the country's rating to junk.

EWN