As expected, the Monetary Policy Committee (MPC) announced yesterday afternoon that the repo rate would be left unchanged.
With the economy still weak for workers and business, producers cannot pass on the hike in VAT and fuel to the public as workers will simply be unable to afford it.
Therefore there is no inflationary pressure and no reason for the Reserve Bank to increase interest rates.
UASA is pleased with the outcome of today’s MPC meeting as it means no extra burden on consumers as yet.
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