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Media Centre | COSATU Press Statements
COSATU WELCOMES THE REDUCTION IN INTEREST RATES
26 JUNE 1996
COSATU welcomes the latest decision taken by the rest of the banks in reducing their interest rates to the levels they were before May 30.
This proves the position taken by COSATU, the Tripartite Alliance and the range of organisations who formed a Coalition Body to fight the increment of bank rates was correct. The decision by the banks to follow the example of Absa is therefore a victory for all citizens of our country. We hope that Standard Bank and others have now learnt a lesson that our people will not tolerate being strangled in pursuit of huge profit margins.
As COSATU we hope the reaction of the public towards the recent increase in interest rates shows that consumers in South Africa can no longer fold their arms when their hot won salaries are eroded or taken.
We now call on Dr Chris Stals to study the recent developments including the reaction of the consumers and see if he can't ease their burden on interest rates. COSATU and the coalition of organisations believe that the current interest rates are still very high. The coalition of organisations against the high interest rates seek an urgent meeting with Dr Stals to discuss these issues.
COSATU call on the Edna Sithema-Molewa Committee and parliament to speed up their investigations.
We will be convening a meeting of the Coalition early next week to assess our approach in the light of the recent drops on interest rates. The decision to call off or carry on with the with marches on the 13 July 1996 will be discussed and decided upon in the coalition meeting.
Nowetu Mpati COSATU Head of Communications
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