Saftu: Interest rate hike regressive & will further sabotage the economy

JOHANNESBURG - The South African Federation of Trade Unions has hit out at the reserve bank's decision to hike interest rates, accusing the central bank of choking small businesses.Governor Lesetja Kganyago on Thursday announced the latest changes following deliberations with the Monetary Policy Committee.

Saftu spokesperson Trevor Shaku said that he did not believe that the decision was made in the best interests of the economy.Shaku said that higher mortgage costs could drive small and medium businesses to default on payments. "Even worse, he is pushing most of these workers out of work, since the small and medium enterprise workers will retrench workers when they go out of business due to defaults on their loan and credit facilities," Shaku said.

If the interest rate hike is to protect the rand which the man in the street is paying for, what is the government doing to protect the rand when they introduce policies like EWC ?

SASAWU_National unions sabotage and hurt the economy.

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