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SAFTU: SAFTU calls for a fall of at least 3% in interests rates to begin a long overdue economic recovery!

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SAFTU: SAFTU calls for a fall of at least 3% in interests rates to begin a long overdue economic recovery!

SAFTU: SAFTU calls for a fall of at least 3% in interests rates to begin a long overdue economic recovery!

18th July 2019

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believes that the July 18 rate cut must exceed the tokenistic 0.25% widely predicted. Our situation is so dire, that we desperately need both a kickstart to economic growth and relief for poor and working people who can’t pay our bills. We demand a major adjustment of the interest rate, even if it requires tighter exchange controls to offset resulting capital flight.

We have nothing to fear from inflationary tendencies. The current ‘real’ (after-inflation) rate of 2.3% - given the first quarter of 2019’s -3.2% GDP shrinkage – is far too high. As The Economist records, South Africa’s interest rate compares unfavourably with other emerging markets, with only four countries out of more than 50 that issue 10-year state bonds paying a higher price to borrow internationally.

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