Interest rate intervention at SARB

GAUTENG – The ANC has instructed finance minister Enoch Godongwana to speak with the South African Reserve Bank on how it can manage inflation without further raising interest rates. Since November 2021, the SARB has raised interest rates ten times. ANC secretary general Fikile Mbalula said that the NEC was concerned that rising interest rates were eliminating all disposable income in the country, leading to subdued consumer activity, which is hurting economic growth.