“Millions of South Africans who are already battling to afford the basic
essentials are reeling from the news,” Neil Roets, CEO of Debt Rescue, wrote
in his statement on the decision.
“The rate hike itself is just the tip of the iceberg. Higher borrowing costs
affect households directly, but they also flow through to small businesses –
a critical part of South Africa’s economy. Pressure on business cash flow
can constrain expansion and hiring, while increasing the risk of job losses.”
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