Headwinds are set to hinder the rand

- By FX Markets Staff
- @FXMarkets_
- 30 Oct 2006

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Somehow, South Africa has done it again. Despite a largely expected downgrade to the 2006 GDP growth forecast, from 5.0% to 4.4%, significantly improved projections for the budget balance were unveiled in the medium-term budget.

News of revenue overruns this fiscal year had already been built into market expectations, but the eventual announcement still provided a positive surprise. In the 2006/07 fiscal year, the budget deficit is expected to decline to only -0.4% of GDP from an initial

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