JOHANNESBURG, Feb 19 (Reuters) – South Africa’s rand was little changed early on Wednesday, ahead of the 2025 national budget speech to be delivered by the finance minister.

At 0712 GMT, the rand traded at 18.4050 against the dollar, near its previous close.

Investors are keenly awaiting the budget speech at 1200 GMT by South Africa’s Finance Minister Enoch Godongwana for clues on the coalition government’s fiscal priorities, its roadmap to tackle debt and economic reforms.

“A well-received budget could push USD-ZAR below 18.3000,” said Andre Cilliers, currency strategist at TreasuryONE.

However, he said the local currency could come under pressure over lack of reforms and concerns over spending discipline and taxation.

On the stock market, the Top-40 index was flat.

South Africa’s benchmark 2030 government bond was weaker in early trading, with the yield up 3 basis points to 9.155%.

(Reporting by Bhargav Acharya; Editing by Bernadette Baum)