The General Industries Workers Union of South Africa (GIWUSA) is calling on the South African Reserve Bank’s Monetary Policy Committee to drastically reduce the repo rate to 3.5%, a level last seen in the 2000s, following a sharp drop in inflation to 2.7%, the lowest since 2020. The union argues that such a move is essential to reviving the manufacturing sector, boosting employment, and easing the financial burden on the […]
The South African Reserve Bank (SARB) Monetary Policy Committee has decided to keep the repo rate steady at 7.5%, maintaining the prime lending rate at 11%. SARB Governor Lesetja Kganyago cited economic uncertainty, and inflation risks as key factors behind the decision. “The global economy is facing extreme uncertainty. Trade tensions have escalated, and longstanding geopolitical relationships are shifting abruptly. Under these conditions, the economic outlook remains unpredictable,” Kganyago stated. […]
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 […]
The South African Reserve Bank has reduced the repo rate by 25 basis points to 7.50%, which is in line with expectations as inflation continues to decline. This decision, supported by four out of six members of the Monetary Policy Committee (MPC), reflects a December inflation rate of 3.0%, well below the 4.5% target. The move is aimed at stimulating economic growth and easing financial pressures on consumers. Independent Economic […]
By Loushe Jordaan Gilbert The repo rate was lowered by 25 basis points to 7.5% by the Reserve Bank's monetary policy committee. Consequently, the prime loan rate will drop to 11%. The Reserve Bank claims that a steep drop in agricultural output was the primary cause of the economy's third-quarter contraction. Speaking on VOC Breakfast on Friday morning, Economist Dawie Roodt said there are suggestions this could be the last […]
The South African Reserve Bank’s Monetary Policy Committee (MPC) announced a 25-basis-point reduction in the repo rate to 7.75% on Thursday. This follows data released on Wednesday, which showed inflation falling to 2.8% in October, below the bank’s target range of 3% to 6%. As a result, the prime lending rate now stands at 11.25%. Economist Dawie Roodt noted that the rate cut was widely anticipated, particularly after the positive […]
By Loushe Jordaan Gilbert Statistics South Africa (Stats SA) released data on Wednesday showing that July's inflation figure is the lowest it has been in three years, since July 2021. Several product categories, such as food and non-alcoholic drinks, as well as transportation, showed lower yearly rates. The drop in inflation from 5.1% in June to 4.6% in July has been enthusiastically observed by the South African Federation of Trade […]
By Lee-Yandra Paulsen Annual consumer inflation continued its downward trend in April, as the consumer price index (CPI) recorded a year-on-year increase of 5.2%, down from 5.3% in March and 5.6% in February. Statistics South Africa reported that while general food inflation has slowed, the prices of vegetables, fruit, and hot beverages have remained elevated. Specifically, inflation for food and non-alcoholic beverages eased to 4.7% in April from 5.1% in […]
By Ragheema Mclean The South African Reserve Bank’s (SARB’s) Monetary Policy Committee (MPC) has kept the repo rate unchanged for a third straight meeting. This means that the interest rates that consumers will pay on their credit will remain unchanged for now. This decision, in tandem with economist forecasts, keeps the repo rate at 8.25%, with the prime lending rate at 11.75%, ensuring stability in the interest rates for consumers, […]
VOC became the first Muslim radio station in South Africa when a special events license was granted to the station in Ramadan/January 1995. Subsequent temporary broadcast licenses were granted, permitting the station to broadcast for 24 hours.
