IFP PRESS STATEMENT RELEASED BY: 
Mr Hennie Bekker MP
IFP's Spokesperson on Economic Affairs

14th August 2008

The Inkatha Freedom Party would like to welcome the South African Reserve Bank's decision today to leave interest rates unchanged, said Mr Hennie Bekker MP, IFP Economic Spokesperson. 

Mr Bekker commented: "We realise that it must have been a difficult decision. Therefore, the IFP would like to congratulate Governor Tito Mboweni and the Reserve Bank's monetary policy committee for making the right decision by keeping interest rates unchanged, and for displaying fiscal prudence for the sake of economic growth. 

"Any further increases in the interest rate would have had a detrimental effect on the already stressed South African economy. 

In conclusion Mr Bekker said: "The trying economic conditions have seen cash-strapped South Africans struggling to cope financially. Another increase would have caused further undue hardship in the lower and middle income groups." 
 

For more information:  
Mr Hennie Bekker MP: 083 255 4520 
Liezl van der Merwe: 083 611 7470