Trade Unions Urge SARB to Cut Interest Rate as MPC Meets

As the South African Reserve Bank’s Monetary Policy Committee (MPC) meets on Thursday (29 May), trade unions are intensifying pressure on the bank to implement a significant interest rate cut, warning that persistently high rates are crippling both workers and the broader economy. The country’s repo rate currently stands at 7.5%, unchanged since the March MPC meeting, following three consecutive 25-basis-point cuts. The prime lending rate for commercial banks remains […]