Numsa, Sarb meeting on hold

Johannesburg - A meeting between the National Union of Metalworkers of South Africa (Numsa)and the South African Reserve Bank (Sarb) on inflation targeting has been postponed, the union said on Sunday.

Spokesperson Alex Mashilo said in a statement that the meeting, scheduled for Monday, had to be cancelled as reserve bank Governor Tito Mboweni was urgently needed in Cape town on Monday. No new date has been set for the meeting.

"(Numsa) is pressing ahead with the campaign to ensure that the Reserve Bank of South Africa prioritises employment and economic growth and sustainable development," Mashilo said.

"We remain convinced that scrapping the policy of inflation targeting, drastically lowering interest rates and protecting the workers and the poor by tightly regulating and closely monitoring the activities of commercial banks will among others make a positive impact."

Mashilo said the meeting was initially agreed upon by both Numsa and the Sarb after Numsa's march and picket protest at the bank in April and May.

Numsa will discuss a new date to propose to the Sarb tomorrow.

"This meeting must take place sooner, rather than later," said Mashilo.

- Sapa