Rand Little Changed as MTBPS Headlines Inline With Expectations

• The Treasury release the headline details of the Medium-Term Budget Policy Statement, with the details showing debt/GDP ratio peaking at 71.4% in 2023.
• The Treasury now expects the first primary budget surplus in 15 years.

Other details include:

• Social relief grant extended for a further year to March 2024
• Gross tax revenues revised higher by R83.5bln, pushing the gross borrowing requirement lower to R411.2bln from R484.5bln previously.
• Largely, as expected for the early headlines from the Treasury - although the debt peak projection below 72% next year is a little lower than expected.
• No material reaction in ZAR on these headlines - USD/ZAR still close to the day's lows of 17.9577 at pixel time