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Agreed. The optimistic tone is good, but without addressing the SOE drain and continued social spending, it's hard to see sustained improvement in the Rand. How do you see the global risk sentiment playing into this as well?

It's interesting you bring that up; I was just reading about the budget. How much do you think the ongoing power crisis with Eskom plays into the 'underlying structural issues' you mentioned, beyond just the SOE spending?

The budget numbers might look better on paper, but if they aren't addressing the core SOE issues and actual growth, it's just window dressing. I'd be wary of any sustained strength.