The rand strengthened slightly on Wednesday after South Africa's mid-term budget statement, despite the proposal for tax measures next year to raise additional revenue as budget deficits are projected to widen over the next three years.
At 1300 GMT, the rand traded at 18.625 against the dollar , about 0.16% stronger than its previous close, having initially strengthened around 0.3%.Finance Minister Enoch Godongwana announced that revenue collections in the current 2023/24 fiscal year were below estimates in the main February budget.through spending cuts and unspecified tax revenue measures, as well as a reconfiguration of government that would involve the merging or closure of state-owned entities .
Major constraints on South Africa's economic growth in the past decade have been rolling power cuts, as utility Eskom struggles with breakdowns of its ageing coal plants, and underperformance at state-owned logistics company Transnet. Longer-dated notes rose the most, with the 2052 maturity up 0.544 cents on the dollar to 78.24 cents at 1330 GMT.
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