The UDM, Costu, ActionSA and Build One South Africa BOSA have welcomed the decision by the South African Reserve Banks Monetary Policy Committee MPC not to increase interest rates.
The MPC announced today it would cut the repo rate by 25 basis points.
The organisations say the cut will bring much needed relief to many South Africans who are already drowning in debt due the rise of living costs.
BOSA leader Mmusi Maimane applauded the MPCs decision to reduce interest rates.
"As Build One South Africa, we welcome the decision by the MPC to reduce the interest rate by 25 basis points. This is important for our economy. Many South Africans are struggling and are finding themselves unemployed. And more than anything, South Africans who are working are finding more and more of their money is spent on servicing debt. This means South Africans are getting poorer," says Maimane.