The ANC said it has instructed Finance Minister Enoch Godongwana to engage the South African Reserve Bank (Sarb) on how it can manage inflation without raising interest rates.
Since November 2021, the central bank has raised the repo rate in ten consecutive meetings with a cumulative 475 basis points.
The governing party hosted a media briefing in Johannesburg on Sunday to share the outcomes of a recent national executive committee meeting.
ANC secretary general Fikile Mbalula said the NEC was concerned that rising interest rates were wiping out the disposable income of millions of South Africans.
He said this trend subdued consumer activity which was critical for economic growth
“The NEC therefore directed the minister of finance to urgently hold discussion with the South African Reserve Bank as mandated by the Constitution to explore other measures to manage the current economic challenges other than raising interest rates.”
The Sarb is expected to announce a decision on the repo rate on Thursday.
-EWN
In other news – Skeem Saam actor Clement Maosa (Kwaito) reacts to the new Tbose
South African actor Clement Maosawho plays the character of Kwaito Seakamela-Maputla on Skeem Saam took to Twitter on Thursday, 13 July to defend actor Hungani Ndlovu’s character, Tbose Maputla, who debuted in the soapie on Monday, 3 July episode.
The talented actor Clement Maosa revealed that the new Tbose Maputla has every right to change because he lived overseas for long. Learn More