Reserve Bank Governor Tito Mboweni opined that the quotas were an irrational concept that had no economic basis and could fail anytime.
However, Cosatu Trade Union disagreed with him and spokesman Patrick Craven retorted that Mboweni had unique views that conflicted with majority of the citizens.
Craven said "It is regrettable that the Reserve Bank governor appears not to share this view and we would challenge him to say what policies make better economic sense than those designed to create jobs and save an important manufacturing industry.”
He welcomed quota agreement with China and believes it to be major step in protecting and creating jobs.
Get Free Weekly Market Insights Newsletter
Receive daily prices and market insights straight to your inbox. Subscribe to AlchemPro Weekly!
marketing@alchempro.com
