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South African Rand: Fiscal discipline supports SAGBs – Societe Generale

Reported · Written up by our desk · Major Pairs

Societe Generale analysts highlight that SAGBs outperformed and the ZAR strengthened after South Africa’s mini‑budget, although some gains were surrendered the following morning. The deficit target for 2026/27 was trimmed to 3.9% of GDP, issuance was reduced, and a bond buyback programme announced, with the government signalling a proposed fiscal anchor and raising the prospect of a medium‑term return to IG status.

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