Latest interest rate hike is poorly timed

The Sarb’s priorities are badly skewed, writes Derek Kirsch from Linden.

The interest rate rise of 0.25% imposed by the SA Reserve Bank (Sarb) can quite justifiably be seen as a crime against the poor and indigent in this country. How the Sarb can have seen fit to levy such an increase at a time when the minds of all sane people are geared to reducing unemployment and generating some degree of growth in a relatively stagnant economy defies belief.

How on earth can you put the fear of modest inflation ahead of the dire need to rescue an ailing situation?

It’s a situation which has all the potential to lead to some form of social explosion unless drastic measures are taken to address the needs of our people.

Quite frankly, this must rank among one of the all-time economic blunders.

Shame on you, Sarb, you have made the plight of many poor people even worse.

Your priorities are at best badly skewed, at worst utterly divorced from practical realities on the ground.