SAFTU pickets at SARB headquarters over rates
Updated | By Nushera Soodyal
Members of the South African Federation of Trade Unions (SAFTU) staged a picket outside the offices of the South African Reserve Bank on Thursday.
The bank's Monetary Policy Committee has been meeting this week to decide on a rates adjustment.
Governor Lesetja Kganyago will announce the MPC's decision in the afternoon.
Many economists believe the repo rate will be hiked by 25 basis points, while others are not ruling out 50 basis points.
READ: SARB to announce rate decision
SAFTU spokesperson Trevor Shaku says they are protesting the fact that the SARB will likely raise interest rates.
"In our view, the interest rates, as proven by the experience of our workers, are regressive in so far as the livelihoods of workers are concerned.
"Workers are confronted with inflation, and are confronted now with increasing costs as a result of interest rate hikes. So we are opposed to that because we do not think that interest rates are a better way and a better tool to try and fight inflation."
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