# The South African Federation of Trade Unions has called on the Monetary Policy Committee of the South African Reserve Bank to cut interest rates. This comes as the MPC announces their latest decision on interest rates today. Spokesperson Trevor Shaku argues that the current 11.75-percent prime lending rate significantly increases the financial burden on the working class. Shaku argues that this leads to higher debt servicing costs, increased consumer defaults, and pressure on small businesses. He urges the Reserve Bank to reconsider its inflation-targeting approach.
Union urges Reserve Bank to cut interest rates to ease burden on working class