GIWUSA says the SARB rate cut is welcomed but still insufficient [SOUND]

# The General Industries Workers Union of South Africa has welcomed the decision by the South African Reserve Bank’s Monetary Policy Committee to cut interest rates by 25 basis points. The repo rate, at which the central bank lends money to commercial banks, now stands at seven-percent, and the prime lending rate has been lowered to 10.5-percent. GIWUSA president, Mametlwe Sebei, says this minor adjustment, however, remains grossly inadequate against the structural crisis devastating working-class communities: