The Independent Municipal and Allied Trade Union (IMATU) is elated by the decision of the Governor of the South African Reserve Bank (SARB), Gill Marcus, to cut the repo rate by 0.5 basis points from 5.5% to 5.0%.
“Given the prevailing inflation stability, an interest rate cut will give our financially strapped members some much needed economis reprieve. This decision will also encourage an increase in consumer spending. Whiles there is been a significant reduction in the price of petrol and diesel since the last Monetary Policy Committee (MPC), this decease as well the general decreases reported in the lattest Consumer Price Index (CPI) figures released by Statistics South Africa does not necessarily translate into taingible savings for our members. South Africans are stilbattling to meet high food, fuel and electricity prices,” commented IMATU General Secretary, Johan Koenn.
IMMATU is please that South Africans has been given some much needed financial breathing room.