Cosatu wants the South African Reserve Bank (Sarb) to further lower the repo rate by 50 basis points when its monetary policy committee next meets, and for commercial banks to “come to the party” in helping make credit affordable.
South African Reserve Bank Governor Lesetja Kganyago said that there were a number of positive factors after a very difficult 2020.
South African Reserve Bank Governor Lesetja Kganyago said that domestic GDP was expected to grow by 4.2% this year from 3.8% in March.
At a media briefing on Thursday, a fiery Sexwale - armed with emails and a bank account number - attempted to substantiate his claims that money has been stolen at the Reserve Bank.
Business magnate and ANC stalwart Tokyo Sexwale held a media briefing on 22 April 2021 in order to explain his claim that money had been stolen from the so-called heritage fund he managed and which was meant to assist the country. #TokyoSexwale #HeritageFund #TokyoScammed
This comes after he appeared on eNCA saying that the fund had brought a huge sum of money into the country, which was held by the South African Reserve Bank.
During an interview with eNCA recently, Sexwale said that money meant to fund several needs in the country, including education, had been stolen.
During an interview with eNCA recently, Tokyo Sexwale said that money meant to fund several needs in the country, including education, had been stolen.
National Treasury and the Reserve Bank say there is no trace of billions of rands deposited to the central bank as claimed by Tokyo Sexwale.
Businessperson and former Gauteng Premier Tokyo Sexwale alleged that a portion of the monies within the Heritage Fund, of whom he is one of two mandate holders, had been 'pilfered'.
The Sarb said it found weaknesses in the bank’s money laundering control measures following an inspection conducted in 2019 in terms of the Financial Intelligence Centre Act.
This come after the bank's Monetary Policy Committee cut the repo rate by 275 basis points last year to try and counter the effects of negative growth due to COVID-19.
He said the Guptas went to great lengths to help him realise the vision of a black-owned bank.
The South African Reserve Bank's monetary policy committee announced on Thursday that rates would remain unchanged while the economy shows some signs of picking up.
Prior to Thursday's announcement, the bank's Monetary Policy Committee had cut the repo rate by 275 basis points this year to try and counter the effects of negative growth due to COVID-19.
Kganyago made the announcement during a briefing on Thursday afternoon.
The Sarb has reduced the interest rate by 300 basis points so far this year in an effort to promote growth amid an economy suffering under the effects of the COVID-19 lockdown.
He was speaking at the Cape Town Country Club on Wednesday where he said he won't be drawn on whether there will be any further rate cuts to further cushion South Africans from the devastating effects of COVID-19.
