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Feb 13 2012 07:58
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Johannesburg - The decision by the Monetary Policy Committee of the SA Reserve
Bank to leave the repurchase rate unchanged was "disappointing,"
trade union UASA said on Thursday.
"The decision is particularly disappointing in the light of the
shocking announcement of the National Energy Regulator of SA
(Nersa) earlier today [Thursday], granting Eskom a tariff hike of
31.3%," said spokesperson André Venter.
"Consumers were pinning their hopes on a drop in interest rates
to find relief in difficult economic circumstances, many on the
brink of losing their homes or vehicles because it has become
impossible for them to keep up payments."
Even if the MPC had reduced the repo rate after the Nersa
announcement, "it would have made little difference, as only 1.5
million people with home loans would have benefitted from it
compared to the 6.5 million people that will be hit by the Eskom
hike," Venter said.
- Sapa