Numsa will be marching to Pretoria

THE National Union of Metalworkers (Numsa) plans to put its feet where its mouth is and march on the Reserve Bank headquarters in Pretoria today.

THE National Union of Metalworkers (Numsa) plans to put its feet where its mouth is and march on the Reserve Bank headquarters in Pretoria today.

The union will demand that the bank drastically cut interest rates, "stop complaining" and regulate the spread between repo and prime rates, scrap the policy of inflation targeting and prioritise employment, growth and sustainable development.

The Numsa action is endorsed by the mavericks of the Young Communist League, who also demand the scrapping of inflation targeting, cutting of interest rates and the prioritisation of jobs creation, growth and sustainable development.

"The YCLSA strongly believes that the strategic mandate and focus of the Reserve Bank should be reviewed and be redefined to focus on job creation and to mitigate the impact of the global and capitalist meltdown crisis now being felt by ordinary South Africans," the league said in Cape Town.

"In South Africa, thousands of jobs are being lost and families are losing breadwinners. Cars and houses are being repossessed by the capitalist banks as a result of capitalist financial crisis. The inflation targeting framework underpinned by capitalist principles and logic has failed to address the developmental needs of our country," it said.

The Reserve Bank's Monetary Policy Committee will announce its interest rate decision on Thursday.

Governor Tito Mboweni is widely expected to announce another 100 basis point cut in the repo rate to 7.5percent, putting more money back into consumers' pockets. - I-Net Bridge

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