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Union welcomes rate meeting

19 Mar 2009

Solidarity has welcomed the SA Reserve Bank's decision to bring forward the date of its meeting for the adjustment of interest rates, the trade union said on Wednesday, 18 March 2009.

Earlier the central bank announced that its Monetary Policy Committee would meet on 23 - 24 March, four weeks ahead of schedule.

Solidarity said the table had been set for lower interest rates by weaker gross domestic product, lower consumer inflation as well as weaker levels of manufacturing and mining production.

"Solidarity has often appealed to the Reserve Bank to call a meeting and believes that the Bank's decision to bring forward the meeting by about a month can hopefully reduce the stranglehold on consumers earlier than expected," the union said.

Solidarity also welcomed the Reserve Bank's decision to meet every month from now on, except in July.

"This will finally ensure that monetary policy is adjusted more timeously," the union said.

Solidarity said while the Reserve Bank was already successful in its mandate to control inflation, sustained high interest rates were placing "unnecessary strain on efforts to encourage vital economic growth."

Source: Sapa

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