Interest Rates remain again unchanged

The South African Reserve Bank (SARB) has yet to give up its stance of defiance under the false pretence of expected economic growth. While any significant growth is not yet a reality and only lip-service by clueless politicians private households and small businesses are suffering from current restriction as well as the ill-performed lockdown in 2020. But that does not concern thsoe in cushy jobs in the ivory tower of SARB as the Monetary Policy Committee (MPC) has again voted against lowering interest rates.

The repo-rate, the interest for which commercial banks borrow money from SARB, remains at 3.5% and hence prompting the commercial lenders to offer loans at a prime lending rate of 7.0%.

The MPC has given the increased vaccination progress as a reason for an anticipated economic growth of 6.0% and by that justified the unchanged repo-rate. A fairytale? Fairytales have happy endings, the clownbs of the MPC have rather drafted a cartoon of South Africa’s fiscal policy as the vaccination in South Africa is one of the slowest progressing in the world! While most countries boast about having reached 20%, 50% and even 100% of vaccination already, South Africa’s Minister of Health is continuing to lie about any progress. To date not even 0.5% (sic!) of the South African Population is vaccinated and the operations at the 87 vaccination stations country-wide (sic!) are at a stage of ultimate disarray and cueues of entitled and pre-booked residents have to spend the whole day to receive a vaccine that nobody knows if it has been stored peoperly.

Minister Mkhize is laughing, as he has sold so far all vaccines received to the African Union and made a nice payday for himself, while South Africans are banned to travel.

Top Honcho Ramaphosa better speeds up his cleaning campaign in government, one “Ace” does not free the government from any level of corruption!

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