Cosatu says the repo rate cut is a much-needed reprieve for many workers and their families [SOUND]

# Cosatu has welcomed the decision by the South African Reserve Bank’s Monetary Policy Committee to reduce the repo rate by 25 basis points. The repo rate, at which the central bank lends money to commercial banks, now stands at seven-percent, while the prime lending rate has been lowered to 10.5-percent. Cosatu’s spokesperson Zanele Sabela says this repo rate cut will help stimulate economic growth, create jobs and begin to eat away at the 43.1-percent unemployment rate: