Cape Town —
Biggest Interest Rates Hike Since 2016 Announced
The Reserve Bank’s monetary policy committee has increased the repo rate by 50 basis points to 4.75%. Four members of the committee voted for the increase, while one voted for a 25 basis point hike. The decision was based on the inflation rate in April hit 5.9% for the third time in five months. The R eserve Bank targets an inflation rate of between 3% and 6%. South Africa has seen a massive surge in the petrol price, following the international boycott of oil from Russia, after its invasion of the Ukraine, with oil now at U.S.$110 a barrel, opposed to U.S.$70 the same time last year. A surge in the price of foodstuffs and electricity is adding to household woes.
“Cancel This Thing” Ramaphosa Tells Arts Minister on Monumental Flag
President Cyril Ramaphosa at a black tie business event last night, spoke of the controversial flag idea, cooked up by Arts and Culture Minister Nathi Mthetwa which would have cost a whopping R22 million! South Africans never wasted any time lambasting the hare-brained idea. The minister, according to Ramaphosa, called him and said “the people were not happy”. According to reports, the president then told the minister to “cancel the idea”, saying the government listened to the people. Question now is whether the government will listen when South Africans call for the minister’s firing!
Stellenbosch University Student Charged With Rape, Released on Bail
A Stellenbosch University student who was arrested on May 19, 2022 is accused of the rape of a first-year student on campus. The student who faces two counts of rape, made an appearance at the Stellenbosch Magistrate’s Court where he was granted R1,000 bail. This case follows an incident at student residence Huis Marais, where a white student urinated on the desk, books and laptop of a black student.