South Africa: Rand Weakens.

The South African rand fell toward 16.4 per USD, as traders sought refuge in the US dollar amid heightened inflationary risks from the Iran conflict. The rand has been under pressure recently, weighed down by global risk aversion and volatile oil prices, a particular concern for South Africa as a net fuel importer. This adds complexity to the country’s inflation outlook ahead of the next South African Reserve Bank meeting on March 26. Meanwhile, the latest data showed the South African economy recorded its fifth consecutive quarter of growth in Q4 2025, expanding by 0.4%, slightly above analysts’ forecasts of 0.3%. Full-year economic growth reached 1.1%, showing signs of recovery after challenging years of load shedding, though below the Treasury’s 1.4% and the Reserve Bank’s 1.3% estimates.