October 24, 2018 / 3:17 PM / 22 days ago

South African finmin says markets will recover after studying budget

CAPE TOWN, Oct 24 (Reuters) - South Africa’s Finance Minister Tito Mboweni said the negative financial market reaction to Wednesday’s budget speech would be reversed once traders fully digested the document.

South Africa’s rand was down 1.75 percent at 14.51 to the U.S. dollar by 1508 GMT.

“I think on the second reading of the speech (markets) will come down,” Mboweni told reporters. “Once the markets look overall at what is contained in the statement, I think they will get a sense of the balance.”

Reporting by Olivia Kumwenda-Mtambo; Writing by Joe Brock Editing by James Macharia

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