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COSATU calls on Reserve Bank to cut interests by 100 basis points amidst Covid-19 outbreak

COSATU calls on Reserve Bank to cut interests by 100 basis points amidst Covid-19 outbreak

The Congress of South African Trade Unions (COSATU) has welcomed the repatriation of 132 South Africans from China and asked the Reserve Bank to cut interests by 100 basis points.

In a statement on Saturday, 14 March 2020, the Congress of South African Trade Unions welcomed the repatriation of 132 South African nationals from China. The congress commended the government for the job well done and urged people to stay calm as panic and alarm would not have any positive contribution in the issue at hand. COSATU also emphasised education and awareness as the best strategy to prevent the spread of the virus and misinformation about it.

“The Federation recognises that education and awareness remain our best strategy in the fight against the virus. This the reason why the federation is working with the health department and institutions like the National Health Laboratory Services to develop a program that will focus on educating our members through training programs for shop stewards and social communications campaigns,” read the statement.

Considering this, the congress announced that it would hold a special National Economic Development and Labour Council (NEDLAC) meeting today, 16 March 2020, to discuss the roles each constituency in NEDLAC can play in stopping the spread of the virus. “The meeting will also resolve on steps to be taken to prop our ailing economy in the face of recession and the outbreak of the coronavirus. COSATU would like to see the Reserve Bank cutting the interests by 100 basis points, just like other reserve banks around the world. Commercial Banks should also do likewise to give relief to consumers and businesses,” the statement continued.

Abenathi Gqomo
[email protected]

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