If the rationale is to keep inflation under control, this would be a fair proposition, and something that people would welcome, but if it impoverishes the people, what is there to celebrate? The Madiba ideal of a better life for all becomes illusory. Governor Lesetja Kganyago’s decision to raise rates by 50 basis points to 8.25% will drastically affect the poor. No, Mr Kganyago, your Monetary Policy Committee’s decision to hike interest rates has the effect of further impoverishing the poor, who are mainly black. Mr Governor, how are we to breathe?
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