What the bank is more likely to do (than cut rates) is intensify its moral suasion in support of a more competitive exchange rate.
While an environment in which the rand remains strong is always appropriate for something more creative, the National Treasury is unlikely to deviate from its consistent path of removing exchange controls gradually.
This has, however, since been replaced by a cycle of higher trending growth, underpinned by record confidence; the lowest consumer interest rates since 1983; almost R89bn in personal income tax cuts since 1995; and generally sound macroeconomic, monetary and fiscal stability.
Apart from placing upward pressure on the yields in these markets, short-term rates may also respond, higher.
Despite the odd shortcoming, this Budget is on balance good. It entrenches South Africa's good fiscal record.
It's a modest number but it could be better were it not for the rand. The sector is growing on strength of local demand and it does look as though global manufacturing is pulling itself out of a slump - but we are not out of the doldrums yet.
The SARB will probably do nothing with interest rates when it meets next week.
The relative size of the mining sector is dwarfed by the contribution of the finance, real estate and business service sector's 19,5%.
The stance the committee has taken probably provides a useful reminder that the easier interest-rate cycle has bottomed.
It's likely to be a pro-growth budget in line with the government's target of reaching annual GDP growth of 6% by 2010.
