GIWUSA calls on SARB to drastically cut the interest rate [SOUND]

# The General Industries Workers Union of South Africa is calling on the South African Reserve Bank to drastically cut the interest rate. South Africa’s current repo rate remains at 7.5-percent, after SARB chose to keep rates unchanged at its March Monetary Policy Committee meeting. This decision followed three consecutive 25-basis-point cuts. The prime lending rate for commercial banks stands at eleven-percent. GIWUSA president, Mametlwe Sebei, says the current interest rate is a brutal attack on the economy and jobs: