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Mboweni and Numsa expected to meet today

By Kea' Modimoeng | Jun 18, 2009 | COMMENTS [ 0 ]

RESERVE Bank governor Tito Mboweni and the National Union of Metalworkers of South Africa are expected to meet this morning at the Bank's headquarters in Pretoria.

Numsa has marched on the Bank twice while a monetary policy committee meeting was in progress and handed over memorandums demanding "a decisive interest rate cut" to relieve the ailing economy.

According to the union Mboweni failed to receive the memorandum and on one occasion sent a representative - a move that was later condemned by Cosatu general secretary Zwelinzima Vavi.

Vavi said at the time the federation would appreciate it if Mboweni "personally received the memorandum instead of sending some junior bureaucrat".

Numsa spokesperson Alex Mashilo said yesterday: "Within this context we reiterate our conviction that scrapping the policy of inflation targeting, drastically lowering interest rates, tightly regulating and closely monitoring capital flows and the activities of commercial banks and other financial institutions will, among other things, position the [bank] to meet its constitutional obligation.

"We are unshaken in our belief that if nothing changes a sustained mass strike will ultimately make a difference," Mashilo said.


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