South Africa

ATM slams Reserve Bank over unchanged interest rates

depositors money reserve bank

The African Transformation Movement (ATM) is not impressed by the South African Reserve Bank (SARB) Monetary Policy Committee’s decision to leave interest rates unchanged.

Cost of borrowing too high

In a statement ATM president Vuyo Zungula said the cost of borrowing in South Africa was expected to remain high, making it more difficult for already struggling citizens.

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Zungula said more needed to be done to help consumers and the refusal to provide South Africans with a safety cushion by lowering the repo rate was hurting trust in the Reserve Bank.

Zungula said the recent revelations about Wesbank overcharging its clients highlight the urgent need for a people-centred approach.

“The impact of these practices on the livelihoods of ordinary South Africans cannot be ignored. The ATM calls for immediate action to address these exploitative practices and ensure the protection of consumers’ interests,” he said.