An economic justice organisation has called for the role of the Reserve Bank to be scrutinised. The Pietermaritzburg Economic Justice and Dignity Group has conducted a Household Affordability Study in South Africa.
The survey found that household expenses are far above the low wages and low social grants. Unemployment levels remain one of the highest in the world, with approximately 10 million people of working age not having a job.
With the cost of living constantly on the increase, Mervyn Abrahams from the Dignity Group has raised questions about the value of the rand and role of the Reserve Bank.
” We have to actually continue this debate around the Reserve Bank and the cost of money and whether the interest rate as it currently is, whether that is actually helping with economic growth or whether it is retarding economic growth.”