CD South Africa: Budget 2015 in a nutshell
Currencies Direct February 26th 2015 - < 1 minute read
Slightly positive for the rating agencies, negative for economic growth and neutral for the rand — this was the sentiment towards Minister Nene's Budget yesterday. The rand appears to have shrugged off any negative news, outperforming its emerging market peers this morning and breaking through the 11.40/$ level. So what did the minister have to say?
Petrol is up 80.5c/litre as of April, if you earn more than R181 900 annually you will be paying 1% more in taxes, sin taxes are up (but not too much) and National Treasury is only forecasting GDP growth for 2015 at 2%. Another exciting development is the partial relaxing of exchange control as of 1 April (contact us for more details). As for now, we reckon it's a great time to sell some rands…
Commentary by Gareth Frye