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The Inkatha Freedom Party has welcomed Reserve Bank Governor Tito Mboweni's decision today to lower interest rates by 50 basis points.
"The interest rate cut is a welcome relief for struggling South Africans. The current international economic conditions coupled with the recession has seen many poor South Africans falling further into abject poverty - whilst middle income families have been struggling to keep food on the table and keeping up with bond and other loan repayments," said Narend Singh, the IFP's economic spokesperson.
Singh said that today's rate cut will go some way in helping the domestic economy to recover and has called on the monetary policy committee to cut interest rates further.
"For those individuals with bonds and loan repayments today's interest rate cut will free more money to spend on goods and services - which in turn will reduce the decline in demand. This will provide work for workers producing those commodities, which will stimulate and assist with the recovery of our economy. It is therefore crucial that the Reserve Bank cut interest rates further when they meet again," said Singh.
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