‘Business to feel pinch as interest rate rises again’

The South African Chamber of Commerce and Industry chief executive Alan Mukoki said the Reserve Bank’s decision to raise the cost of credit would result in people having less disposable income and many are no longer going to be able to afford to buy houses and cars and bare necessities.

A prominent entrepreneur who runs shopping centres and other types of businesses across the country, said the rising interest rates were affecting his businesses as well hitting his tenants hard. He did not want to be identified for commercial reasons. “Anyway, I am trying to be okay, I am soldiering on under difficult circumstances. These interest rate hikes are even difficult on those who have made it in life. Life is such that when you borrow in hundreds you suffer in hundreds. When you borrow in billions you suffer in billions. There is no way you can run from the interest rate hikes,” he said.

The entrepreneur said the country should instead focus on infrastructure development projects and creating jobs.

Another interest rate hike.. Ridiculous. Where is this going to? We are slammed again with an interest rate that is impossible to manage. With houseowners not be able to make the payment and yet another increase. Eish!!

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Luno mulls public listing as long-time CEO steps down | BusinessCryptocurrency exchange Luno, one of the few South African-founded tech companies with a global footprint, is considering a public listing. | News24_Business _Business Well Done Luno you guys went far lol 🙏🏽❤️🤗🚀 Let's Get it straight they are the broker Basically the middle man that makes one transaction possible over to another with a click They the sailing post office ship at hyper speed
Source: News24 - 🏆 4. / 80 Read more »

Mbamba's gamble in business pays offMbamba's gamble in business pays off: Evans “Mamba” Mbamba has gone from being a professional boxer and fitness trainer at the famed gym of the late Nick “Mthakathi” Dudandt in Norwood, Johannesburg, to being a multimillionaire businessman in the…
Source: SABreakingNews - 🏆 41. / 51 Read more »

Mbamba's gamble in business pays offEvans “Mamba” Mbamba has gone from being a professional boxer and fitness trainer at the famed gym of the late Nick “Mthakathi” Dudandt in Norwood, Johannesburg, to being a multimillionaire businessman in the cleaning industry.
Source: SowetanLIVE - 🏆 13. / 63 Read more »

'Business as usual' following Richards Bay civic centre blazeThe City of uMhlathuze says it will be business as usual at its Civic Centre offices in Richards Bay ECR_Newswatch KZN
Source: ecr9495 - 🏆 38. / 51 Read more »

Six-year-old Hailey is thriving with her handmade jewellery businessHailey Lindemann, a six-year-old girl who has her own business called Hailey's Handmade Goodies, is a young entrepreneur with a passion for handmade jewellery.
Source: ecr9495 - 🏆 38. / 51 Read more »