Related Articles
Top Stories
May 27 2012 11:21
There's a price war raging between South Africa's cellphone networks after Cell C lowered the rates of its prepaid calls by more than 34%.
May 28 2012 07:53
The City of Cape Town has spent R175m running the Myciti bus service since the Soccer World Cup compared to an income of R35m, a report says.
May 27 2012 13:09
The oversupply of golf estates has claimed another victim.
Cape Town - The finance spokesperson for the
opposition Democratic Alliance, Dion George, on Thursday welcomed the 100
basis point cut in the repo rate announced by the SA Reserve Bank governor.
"The DA welcomes the reduction and supports the view that this relief
will not encourage consumers to increase their indebtedness, given the
virtually static rate of credit extension over the past few months," George
said. "South African consumers have been battered by the local effects of
the global economic crisis and are likely to take this opportunity to reduce
their debt and, hopefully, increase their savings."
George also took the opportunity of urging the banks not to cut their
own interest rates "in lock step" with each other.
"Will one or more banks take the bold step of reducing their lending
rates by more than 1%?" he asked. "There is no reason why lending rates
should be equal across the banking sector; nor is it necessary to reduce the
rate of return paid to people who hold deposits, such as pensioners and
other savers.
"The banking sector now ought to demonstrate that it understands the
pressures facing customers."
-
I-Net Bridge