Saftu Says Interest Rate Hikes Will Have A Negative Effect In The Country
Written by Mduduzi Phungula on 27 January, 2023
By: Staff Writer
The South African Federation of Trade Unions (SAFTU) says it opposes the latest rate hike, as it will have a negative impact on the living standards of workers, and a devastating blow on small business enterprises.
The South African Reserve Bank’s Monetary Policy Committee has hiked the interest rates by 25 basis points, bringing the repo rate to 7.25 percent.
Saftu’s spokesperson, Trevor Shaku, says interest rate hikes have contributed to the worsening of living standards, as the cost of living increases with every increase in rates.
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