Saftu slams Reserve Bank governor’s interest rates remarks as irresponsible

todayOctober 9, 2023 72

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Saftu’s Trevor Shaku has slammed, as irresponsible, the Reserve Bank Governor, Lesetja Kganyago’s assertions that interest rates don’t affect the poor.

Responding to a question at PSG’s Financial webinar on Thursday, the governor said the unemployed are not affected by the high interest rates.

Kganyago did explain, however, that inflation affects everyone.

Shaku says while the governor’s remarks are correct at face value, the millions of South Africans who are unemployed do bear the brunt of the high interest rates.

He says the high rates affect businesses, which in turn has an impact on everyone.

Social media users have also blasted Kganyago over his assertions, saying he is out of touch with reality.

The Reserve Bank recently kept its main lending rate unchanged at 8.25%, a little comfort for South Africans who are struggling to make bank repayments amid the high cost of living and stagnant salaries. Article by Noni Harris


Written by: Lindiwe Mabena

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