March to SARB averted

A march to the Reserve Bank by members of the National Union of Mineworkers of South Africa next week has been averted - for now.

Numsa's officials met governor Tito Mboweni "over interest rates" at the bank's headquarters in Pretoria yesterday. Mboweni said: "The agenda was not exhausted due to time constraints and it was agreed that a further meeting will be held as soon as possible. The discussions were constructive and informative."

He said the discussions related to various issues relating to the monetary policy framework of South Africa.

Numsa general secretary Irvin Jim said a follow-up meeting would take place in the first week of July.

"The second meeting will be a battle of ideas because there are different class interests in our discussion," Jim said.

The union will decide after their second meeting whether it will continue marching to the bank every time the Monetary Policy Committee meets.

Numsa marched to the bank last month demanding that Mboweni cuts interest rates by 200 basis points.

Controversy reigned on May 28 when Mboweni refused to accept a written statement from the union which had marched to his office to protest against inflation targeting, among other things.