Finance minister Tito Mboweni finds himself in a rather curious position. On Wednesday, he is supposed to deliver what may well be the most difficult — if not the most important — budget since the advent of democracy. Yet he won’t be burdened by oversized market expectations.

Sure enough, markets have been tanking in recent days and the rand is trading near its weakest levels since October above R15/$.  Stocks on the JSE were taken to the cleaners on Monday, with the all share index posting its biggest intraday decline since the depths of the global financial crisis in 2008...

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