23 Nov

UASA Media Release: 23 November 2023

Statement by Abigail Moyo, spokesperson of the trade union UASA:

UASA welcomes the Monetary Policy Committee (MPC) of the South African Reserve Bank’s (SARB) decision to keep the interest rate unchanged at 8.25% for a third consecutive time.

To the relief of most consumers with home and other loans, the prime lending rate of commercial banks remains at 11.75%. This means for the first time in four years, consumers with credit will enter the festive season with less additional financial pressure, allowing them to enjoy their festive break.

While the unchanged rates are a relief, consumers remain financially challenged and in survival mode due to interest rate hikes and other increases that eat into their disposable income.

Various challenges, including load shedding, failing infrastructure, a shrinking economy, high inflation rate and cost of living, have been a trigger to many. Workers constantly adjusting to worsening economic circumstances should never be a norm.

Surging food, fuel prices, and inflation rates have been a nightmare for workers, resulting in financial pressure throughout the year. Thus, UASA encourages its members and fellow South Africans to use this opportunity to make sound financial decisions by always saving a little something for tomorrow, considering that further expenses and increased rates might await us in the New Year.

We trust our government will present us with better economic solutions for 2024. Workers deserve better financial circumstances to thrive and lead affordable lives.

For further enquiries or to set up a personal interview, contact Abigail Moyo at 065 170 0162.








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