South Africa: Interest Rates Skyrocket to 7% - South African News Briefs - November 24, 2022

GCIS
Governor of the South African Reserve Bank Lesetja Kganyago (file photo).
24 November 2022
allAfrica.com
By Esther Rose

Cape Town —  

Update as at 16h30 SAST

Reserve Bank Ups Interest Rates To Six-Year High

Interest rates are now at their highest level since 2016, after the SA Reserve Bank today hiked rates by 75 basis points, for the third meeting in a row this year. The  move brings the repo rate to 7%, and the prime rate to 10.5%. It will also impact other necessities like food and transport costs.

Western Cape Taxi Strike Cost Learners Vital Exam Time

The Democratic Alliance's MEC for Education in the Western Cape, David Maynier, has said that this week's two-day taxi strike on November 21 and 22 in the Western Cape, cost just more than 10% of the province's school pupils' vital exam time, Eye Witness News reports. Approximately 120,000 pupils and around 2,000 staff missed school as taxi drivers stayed home. The province also experienced the burning of busses in Khayelitsha and other incidents of violence.

Eskom Receives Diesel, Load Shedding Reduced to Stage 3

Power utility Eskom has said that power cuts will be reduced to stage 3 tonight, following its receipt of a supply of diesel by PetroSA this week, Eye Witness News reports. The power utility's Sikonathi Mantshantsha said that load shedding is being reduced from stage 4 between 4pm and 5am daily until Monday morning. Daytime load shedding will be maintained at stage 2 from 5am until 4pm. This is daily until further notice, he said.

Police Must Fight Fire With Fire - Bheki Cele

Members of the South African Police Service are expected to fight fire with fire over the festive season. Police Minister Bheki Cele delivered the second quarter crime statistics yesterday. The recent numbers show that most categories of crime including murder, rape and sexual assault were significantly higher in the second quarter of 2022 than in 2021.

DA Leader Steenhuisen Denied Access to Kusile Power Station

Democratic Alliance (DA) leader John Steenhuisen said that he was disappointed with government after he was denied access to Eskom's Kusile power station in Mpumalanga yesterday, Eye Witness News reports. Steenhuisen said that he was set to conduct an oversight visit at the power station in his capacity as a member of Parliament. He said that the visit was meant to be part of measures to address the country's dire energy crisis.

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