UASA Media Release: 19 May 2022
Statement by Abigail Moyo, spokesperson of the trade union UASA:
The Reserve Bank’s monetary policy committee (MPC) has announced an increase in the repo rate by 50 basis points scaling the repo rate from 4.25% in March 2022 to 4.75%.
This is the fourth consecutive increase in the repo rate and the largest hike since 2016, bringing the prime rate to 8,25%. The repo rate is now 125 basis points higher than its low point of 3.50%.
Coupled with a consumer price inflation of 5,9% and the expected fuel hikes in June the repo rate hike will see workers digging deep in their pockets to make ends meet while pensioned workers will benefit as their retirement investments grow.
UASA encourages its members and all workers to keep a tight budget, keeping in mind the effect of inflation and increased interest rates on their disposable income.
For further enquiries or to set up a personal interview, contact Abigail Moyo at 065 170 0162.