Saftu criticizes Sarb’s move to increase repo rate to 7.25%

Trade union federation Saftu has again hit out at the reserve bank following its decision to increase the repo rate by 25 basis points.

The repo rate now sits at 7.25%, while the prime lending jumps to 10.75%.

The central bank blamed high inflation, the impact of power cuts on economic growth, and other international factors for its decision.

It’s the eighth consecutive increase, which will see consumers pay more for their home loans, car finance, and other debts.

Saftu spokesperson, Trevor Shaku, said that the federation was worried that the reserve bank was still going to pile on the increases, adding to consumer woes.

“Saftu remains opposed to the imported inflation targeting policy.”

Shaku added that the union federation was worried that the decision would leave households high and dry.

“The immediate effect of this is on their spending behaviour: they must decide which household essentials to prioritize and which to drop.”

-EWN

In other news – Connie Ferguson’s ex-hubby, Neo Matsunyane bags a role on Kings of Joburg

Mzansi actress and businesswoman, Connie Ferguson’s ex-husband Neo Matsunyane is set to star in the second season of Netflix’s hit series Kings of Joburg dropping on Friday 27 January.

According to Zimoja Lezinto, Neo will appear in the first episode of the series and he was even present at the star-studded launch of the series in Rosebank, Johannesburg, on Saturday night. As reported by the publication, an insider said Connie and Neo have a healthy relationship “What a lovely bunch of people. They have a very healthy relationship.” Learn More