South Africa: DA Welcomes Drop in Interest Rates

press release

The DA welcomes today's announcement by the South Africa Reserve Bank's Monetary Policy Committee (MPC) to cut the interest rate by 25 basis points. This is a timely relief to many South Africans grappling with debt and a rising tax burden, especially Value Added Tax (VAT).

The MPC announcement follows the decision on Friday by credit rating agency, Moody's, to hold South Africa's sovereign credit rating at "Baa3", with a "stable outlook". These 'green offshoots' in the economy require a pragmatic economic programme of action by President Cyril Ramaphosa and Finance Minister Nhlanhla Nene to ensure that momentum is not lost.

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