Stals backs Mboweni
By Thabiso Thakali
Former Reserve Bank governor Chris Stals has rallied behind his successor amid growing discontent over the latest interest rate hike, saying it was necessary to ensure sustainable economic growth in the long term.
Stals defended Governor Tito Mboweni and his monetary policy committee on Friday, stating that untenable high demand for bank credit emanating from the private sector is pushing up interest rates in the market place.
The credit crunch is not over yet. The demand for credit products is still too high and we can expect a further increase in interest rates. There are a number of options available to help you pay off your debt. Compare credit cards, as some will offer you a balance transfer to a better rate. Check that your savings accounts and bank accounts are giving you the best rate of return. Consolidate your debt and consider debt management.