To get a sense of how best to assess finance minister Enoch Godongwana’s first budget, it is perhaps instructive to look at the market’s response. And movements in the bond and currency market may indicate that investors barely noticed.

The rand, one of the most volatile currencies in the emerging market universe, barely moved and was little changed at just above R15/$. Currency traders can go back to concentrating on the implications of the Russian aggression in Ukraine...

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