Labour Federations Slam Reserve Bank’s Interest Rate Hike

Union federations have criticised the South African Reserve Bank following its decision to raise the repo rate by 25 basis points to 7%. The increase pushes the prime lending rate to 10.5%, adding further pressure on consumers already grappling with high living costs. The South African Federation of Trade Unions (SAFTU) described the Monetary Policy Committee’s decision as economically reckless and socially destructive. SAFTU spokesperson Asive Dyani said the rate […]