The IFP welcomes the decision taken by the Monetary Policy Committee of the South African Reserve Bank to cut the repo rate by 100 basis points.
This is a second welcome sigh of relief for all South Africans bringing the repo rate to 4.25%.
South Africans are in desperate need of economic relief and the additional savings in personal disposable income will certainly aid in continuing to stimulate the economy as we face grave uncertainty amid the Covid-19 pandemic.
As much as we welcome this reduction in the repo rate and the relief for consumers; we call on private sector businesses to desist from inflating the costs of essential items or any goods which are in high demand during this crisis.
We cannot allow some to breathe a sigh of relief while others are choking due to the higher cost of living.
We urge each and every South African to play their part in ensuring that each working day is spent trying to compliment the initiatives taken by government during this lockdown and fight against the spread of Covid-19. One such action can be to donate any amount to the Solidarity Fund – as every cent counts.
We can only win this fight against the spread of Covid-19 in country when all South Africans work together.
Inkosi Mzamo Buthelezi MP
IFP Deputy President and Spokesperson on Finance
072 390 6112