Why Raising Interest Rates by 50 Basis Points Was a Terrible Idea: And What South Africans Can Do About It

The problem with today’s decision, is that it assumes South Africans are not all that clever and are better off having the Reserve Bank do their thinking for them. This is in sharp contrast with previous South African Reserve Bank (SARB) governors Titu Mboweni and Gill Marcus, who found appeals to the public exceptionally effective.

The thing is, you can’t just keep telling people to tighten their belts and not tell them how. There is simply not that much that can be tightened in most households anymore.