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MEDIA RELEASE Thursday 12 June 2008
UNION CONDEMNS REPO RATE HIKE

Sasbo, the Finance Union, a COSATU affiliate, is condemning the latest hike in interest rates.

'The latest 50 basis point increase in the repo rate is futile as it will not dampen fuel and food price pressures and the inflation rate will continue to be above the Reserve Bank's CPIX target for the year as the current high levels of inflation are largely due to exogenous factors beyond the control of the Reserve Bank', says Shaun Oelschig, general secretary of Sasbo.

'The latest increase will, we believe, instead cause a retail recession, hurt the consumer further, cause job losses, especially in the banking and retail sectors, and will continue to result in many more South Africans not being able to afford food, transport, or electricity. We will also see a dramatic increase in personal bankruptcies.'

Sasbo is of the view that the correct decision would, at this stage in the cycle, have been to stop increasing interest rates and allow the impact of the past increases to continue to filter through.

'Sasbo is in the process of planning further protest actions, ' says Shaun Oelschig.

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"WE UNDERSTAND YOUR STRESS"
Stress is one of the modern life's biggest killers. Ongoing work related stress can lead to an increase in heart disease and stroke as well as depression and relationship problems. It's important to take control today and work towards lowering your stress levels. SUPPORT YOUR STRESS SURVEY.
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