IFP MEDIA STATEMENT BY: 
MR HENNIE BEKKER MP
IFP SPOKESPERSON ON ECONOMIC AFFAIRS

11th April 2008

The Inkatha Freedom Party would like to express its disappointment with the latest increase in the repo rate. 

It is a major blow to households and the SA economy, under siege by external factors.

We agree that stability and predictability is needed in the SA economy, and whilst the IFP believes in inflation targeting, the current 3-6% band is not appropriate if the current unstable economic environment is taken into consideration. 

The IFP believes that today's increase will cause further undue hardship on cash-strapped South Africans, particularly in the lower and middle income groups. 

Government must stop punishing struggling South Africans and rather consider adjusting the inflation band upwards.