PSA urge reserve bank to consider further reductions in repo rate

To boost demand and economic activity, the Public Servants Association (PSA) is pleading with the South African Reserve Bank to consider more repo rate decreases. The Reserve Bank lowered interest rates by 25 basis points last week.

Speaking across VOC’s airwaves, acting Deputy General Manager at the PSA Claude Naiker has urged the government to enact laws that specifically address the workers’ cost-of-living crisis.

“A stable political environment remains key to ensuring economic certainty and further monetary policy adjustments that benefit workers and consumers. However, despite lower inflation, many essential goods and services remain unaffordable for public servants and the working class. The cost of transport, food, and electricity continues to rise, outpacing salary increases. The PSA echoes the sentiment that there is still room for additional interest rate cuts in coming months to further alleviate financial pressures on households,” he added.

Listen to full audio below:

Picture of Loushe Jordaan Gilbert
Loushe Jordaan Gilbert

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