FX.co ★ South African Rand Maintains Upward Momentum

The South African rand has seen gains, trading below 17 per USD, marking its strongest level since January 2023. This upswing is fueled by investor optimism surrounding the budget review, a weakening dollar, and rising gold prices. On November 12, Finance Minister Enoch Godongwana delivered a positive and credible budget speech, highlighting the nation's sound fiscal path and dedication to stabilizing public debt. Significant announcements included a major policy shift to a 3% inflation target with a 1% tolerance band, supplanting the earlier 3–6% range, along with a ZAR 1 trillion infrastructure investment plan over the next three years. This narrower band is intended to bolster price stability, aiding consumers and businesses in making long-term investment decisions with enhanced certainty.