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Media Centre | COSATU Press Statements
Campaign Against Bank Rate Increases
25 June 1996
The coalition of organisations operating under the umbrella of the campaign against the Bank Rate Increase welcomes today's announcement from ABSA of a one percent decrease in its interest rates. This move is in line with the immediate demand of our coalition.
We now call on all of the other banks to follow the ABSA example. When the one percent hike was originally imposed, the banks assured us that there was no collusion. "No bank can move independently of the others", we were told.
We therefore expect a favourable reaction from the other banks ... and we promise not to allege collusion this time round!
In welcoming the latest development, we believe that the process now under way from the side of the Parliamentary Portfolio Committee, under Edna Sethema-Molewa, must continue.
Nowetu Mpati COSATU Head of Communications
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