IFP welcomes repo rate cut amid COVID-19 pandemic
14 April 2020
The IFP welcomes the decision taken by the Monetary Policy Committee of the South African Reserve Bank to cut the repo rate by 100 basis points.
This is a second welcome sigh of relief for all South Africans bringing the repo rate to 4.25%.
South Africans are in desperate need of economic relief and the additional savings in personal disposable income will certainly aid in continuing to stimulate the economy as we face grave uncertainty amid the Covid-19 pandemic.
As much as we welcome this reduction in the repo rate and the relief for consumers; we call on private sector businesses to desist from inflating the costs of essential items or any goods which are in high demand during this crisis.