The South African rand strengthened further, trading below 17 per USD, its highest level since January 2023, propelled by investor optimism over the budget review, a subdued dollar and rising prices of gold. Finance Minister Enoch Godongwana delivered an optimistic and credible budget speech on November 12, underscoring the country’s strong fiscal trajectory and commitment to stabilizing public debt. He also announced a major policy shift, introducing a 3% inflation target with a 1% tolerance band, replacing the previous 3–6% range, and unveiled a ZAR 1 trillion infrastructure investment programme over the next three years. The tighter band aims to strengthen price stability and help consumers and businesses plan long-term investments with greater confidence. According to the National Treasury, the lower price-growth target is likely to curb inflation and inflation expectations over time, paving the way for lower interest rates, while also improving competitiveness.