Union calls for interest-rate cut

2011-10-26 11:13

The government should cut interest rates and bring back capital control, trade union Numsa said today.

“This will go a long way to creating employment and jobs in the country as people with money will invest in productive sectors of the economy,” said secretary-general Irvin Jim.

He was speaking at the National Union of Metalworkers of SA’s job summit in Randburg, northwestern Joburg.

Jim said the government should devalue the rand, describing it as the “overvalued currency”.

“In addition, government should put a tax on short term capital inflow.”

Jim said the macroeconomic policies after 1994 did not work.

“Government cannot continue with macro-economic frameworks that are not working. It is time for government to be bold and intervene.”

“Gear (Growth, Employment and Redistribution) did not work,” he said.

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