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Tighten the belts further

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Right now, cash-strapped South Africans would gladly take every cent they can get

File image: IOL

SOUTH Africans are seemingly a damned lot. For a few hours on Thursday, it looked like our fortunes were changing for the better.

The rand strengthened. So, too, had the oil price. It meant that come December, there was every likelihood that fuel would fall by between 170 AND 180 cents.

For a car with a 50-litre tank, that translated into a saving of between R85 and R90. It would not have been enough to make us millionaires, but right now, cash-strapped South Africans would gladly take every cent they can get.

However, the joy was short-lived. A few hours later, the oracles on the Monetary Policy Committee of the Reserve Bank were in no mood for festive cheer. They acted like it was a tough decision, but the outcome was the same – pay more for your debt.