The rand maintained its gains on Wednesday after finance minister Enoch Godongwana delivered what analysts viewed as a “balanced” budget.  

With debt the biggest threat to SA’s fiscal stability, Godongwana said the National Treasury would tap the Gold & Foreign Exchange Contingency Reserve Account (GFECRA) by drawing down R150bn to reduce borrowing costs (https://www.businesslive.co.za/bd/national/2024-02-21-budget-wrap-r150bn-windfall-from-reserve-bank-to-slash-sas-debt-burden/). After many years of rand depreciation, the GFECRA now contains R506bn...

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