THE decision by the South African Reserve Bank on Thursdayto keep the repo rate steady at 6.75%, as well as the expected decrease in the price of petrol and diesel, will give deeply indebted consumers a welcome break after the body blows of last year’s string of downgrades and fuel price increases.
Neil Roets, CEO ofDebt Rescue, the large debt counselling company, said the fuel price decrease was especially welcome with petrol expected to decrease by 41e/1, while diesel would probably drop by 26¢/l in the first week of February.
“We are by no means out of the woods yet. Prospects for real economic growth look slim, while unemployment and poverty will almost certainly be on the rise for the rest of the year,” Roets said. – Staff Reporter