GOOD Media Statement by Brett Herron,
GOOD Secretary-General & Member of Parliament
20 July 2023
The GOOD party welcomes today’s announcement by the South African Reserve Bank that the Repo rate remain unchanged at 8.25%, with the prime lending rate remaining steady at 11.75%
This announcement follows 10 consecutive increases by the Monetary Policy Committee.
Yesterday Stats SA announced that inflation had cooled to 5,4%, finally sinking below the upper limit of the SARB’s monetary policy target range.
We hope this is a turning point for the rampant inflation we have faced as a country.
Consumers have felt the mounting pressure of the rising cost of living in South Africa.
With low and middle-income households struggling to make ends meet.
The pause on interest rates paid on home loans and other financing, will provide some much-needed relief.
Citizens have already been dealt a heavy blow this month with municipal rates and electricity tariffs increasing as of 1 July.
We welcome the respite being offered to South Africa’s consumers and its economy.
Media Enquiries:
Brett Herron, GOOD Secretary-General & Member of Parliament
Cell: 082 518 3264
Email: bretth@forgood.org.za
Samantha Jackson, GOOD Acting Media Manager
Cell: 083 550 9875
Email: media@forgood.org.za