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'Stimulus package will benefit businesses that were doing well before COVID-19'

22 May 2020 8:52 AM
Tags:
Xhanti Payi
South African Reserve Bank Governor
Economist Xhanti Payi bemoans how red tape impacts the informal economy.

The Reserve Bank's monetary policy committee voted to reduce the repo rate for the fourth time this year, from 4.25% to 3.75%. As a result of the cut, the prime lending rate will fall from 7.75% to 7.25%. The repo rate is the benchmark interest rate at which the Reserve Bank lends money to other banks.

Reserve Bank Governor Lesetja Kganyago said at a briefing on Thursday afternoon that the central bank now expects SA's GDP to shrink by 7% this year.

Will this make a difference to the consumer? How are they helpful in the current climate?

Bongani Bingwa speaks to economist Xhanti Payi to find out about this, the stimulus package and more.

We have a set of rules regarding the stimulus package but it is directed at viable businesses, those that were doing well before COVID-19.

Xhanti Payi, Economist

I was one of those people who said leave the informal business alone. Why put red tape around it? make it easier for people to do business.

Xhanti Payi, Economist

Payi says government involvement in businesses and it will be helpul for people to work collectively towards common solutions. Buyig local will also go a long way.

Listen below for more ...


22 May 2020 8:52 AM
Tags:
Xhanti Payi
South African Reserve Bank Governor

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