All eyes on Mboweni as the rand is set for rocky ride

Business

All eyes on Mboweni as the rand is set for rocky ride

Economists will be on the lookout for a credible plan from the minister to cut spending or boost revenue

Karl Gernetzky

Fresh from a run of weekly gains pushing it to its best monthly gain since January, the rand could be in for a rocky ride as investors await details of finance minister Tito Mboweni’s plans to fix SA’s fiscal position and appease credit-rating agencies.

Mboweni’s medium-term budget policy statement on Wednesday will probably confirm that a weak economy, tax-collection shortfalls, and bailouts for state-owned enterprises such as Eskom will saddle SA with its widest budget deficit in a decade.

Economists will be on the lookout for a credible plan from the minister to cut spending or boost revenue...

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