The EFF condemns repo rate hike decision by the SA Reserve Bank
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The EFF says the decision by the South African Reserve Bank to increase the repo rate by 50 points basis shows their lack of commitment to helping improve the economy and the lives of ordinary citizens.
The Reserve Bank Governor Lesetja Kganyago announced that they have decided to hike the repo rate by 50 points basis.
To which the EFF condemned and said it shows the ignorance of the current conditions our country finds itself in.
“The EFF is appalled by the SARB’s ignorance of the dire economic conditions experienced by the majority of South Africans, who continue to grapple with rising food prices, stagnant wages, and mounting costs of living. Hundreds of workers are already struggling to meet their debt obligations, and we suspect collusion between banks and senior officials within the SARB to impoverish as many workers as possible, repossess their houses and cars, and resell them.”
“We struggle to find any plausible and practical reasons for this nonsensical approach to monetary policy that benefits only the white dominated banks.”
The party said the decision will further drive the already poverty stricken citizens further into poverty.
“We call on the South African Reserve Bank to abandon its flawed inflation targeting policy and instead focus on incentivizing the increased money supply into the productive sector to create jobs suitable for millions of low skilled workers who can become consumers.”
“The continued exploitative profiteering is a social and security threat to the stability of South Africa, and the SARB’s mismanagement of monetary policy will only trigger more unrest and violence, as witnessed in July 2021.”
“The EFF also calls for immediate lifestyle audits on members of the monetary Policy Committee, as these people operate above scrutiny, answer to their own dogmatic views and beliefs, and are seemingly influenced by their handlers. Such audits will help uncover any potential conflicts of interest and ensure that monetary policy decisions are made in the best interests of the South African people” said the EFF.
The party further said they commit themelves to relentlessly pursuing economic justice for all South Africans and will hold the SARB and other financial institutions accountable for their actions.
They also called on radical monetary policy plan that serves the interests of the working class, poor and marginalized communities.
