No-show Tito Mboweni angers Numsa protesters

EFFORTS by the National Union of Metalworkers of SA to have their memorandum received by a Reserve Bank official yesterday were unsuccessful.

The memorandum was instead received by police commissioner David Mbambo, who is expected to forward it to the Presidency.

About 800 Numsa members marched to the Reserve Bank in Pretoria, demanding that governor Tito Mboweni cut interest rates.

They protested against high bank charges and inflation-targeting.

The four-hour protest that started at 11am almost became violent when protesters broke through a police cordon and attempted to force their way into the building.

They were, however, stopped in their tracks by armed police.

The marchers were incensed by the fact that no one from the bank would receive their memorandum.

Among other issues, the memorandum stated that while central banks across the world continued to lower their rates as a way of stimulating their economies, South Africa's interest rate is still consistently higher than that of competitors.