Raymond Pani
18 March 2016
In a statement issued, Cosatu says it is
shocked and totally condemns the decision by the Reserve Bank monetary
committee to increase the repo rate by 25%.
Cosatu’s National Spokesperson
Sizwe Pamla said “this is the most
unhelpful, unwarranted and destructive interest rate hike by the South African
Reserve Bank, considering the fact that we need to find ways to grow the
economy, this is going to sabotage those efforts.
The whole
concept of increasing the repo rate means people are going to pay more and those
who are working are going to spend a huge chunk of their salaries paying their
bonds and loans. This will leave them with less money to spend and this economy
needs people to spend.”
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