South African Rand (ZAR)

South Africa — South African Reserve Bank

South African rand — high-beta EM commodity currency closely tied to gold, platinum, and global risk.

FX Session:
London
ZAR/USD
0.06111
ZAR/USD Exchange Rate
Economic Indicators
Indicator Latest Previous Change Date
Policy Rate 7.25 7.0 +0.25 2025-05-30
Inflation 2.82 3.02 -0.20 2025-05-31
Gdp 4714497.88 4728597.14 -14099.26 2025-06-30
Unemployment 33.2 31.9 +1.30 2025-06-30
Trade Balance 20028.0 22041.0 -2013.00 2025-05-31
Retail Sales 0.0 -0.21 +0.21 2025-05-31
Ppi 0.1 0.59 -0.49 2025-05-31
South African Reserve Bank Press Releases
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ZAR Quick Links
ZAR Pairs

About the South African Rand (ZAR)

The South African rand (ZAR) is the official currency of South Africa and several neighbouring countries in the Common Monetary Area. It is one of the most-traded EM currencies and serves as a popular global proxy for risk sentiment, EM commodity exposure, and platinum-group-metal prices.

South African Reserve Bank: monetary policy framework

The South African Reserve Bank (SARB) Monetary Policy Committee sets the repo rate at six scheduled meetings per year, targeting 3–6% CPI inflation with a preferred mid-point of 4.5%. Each decision is accompanied by a press conference and a Monetary Policy Review twice a year.

What moves the ZAR?

  • SARB repo rate and MPC press conferences.
  • South Africa CPI and core CPI.
  • Gold, platinum, and palladium prices.
  • Eskom load-shedding and broader power-supply news.
  • Global risk sentiment and EM currency flows.
  • Domestic political and fiscal-policy headlines.

Key data and events to watch

  • SARB repo-rate decision and MPC statement.
  • South Africa CPI release.
  • Quarterly GDP and current-account data.
  • PGM (platinum-group-metals) price moves.
  • USD/ZAR spot and SAGB yields.

Frequently asked questions about the South African Rand

Why is ZAR considered a high-beta currency?
South Africa has a small and open economy, deep liquid local-currency bond markets, a sizeable platinum-group-metals export base, and high real interest rates. These features make ZAR very sensitive to global risk-on / risk-off rotations.
What inflation target does SARB use?
SARB targets a 3–6% CPI inflation range, with a preferred mid-point of 4.5%. The MPC's policy decisions are framed around bringing inflation back toward the mid-point on a forward-looking basis.
How does platinum affect the rand?
South Africa is the world's largest producer of platinum and a major producer of palladium and rhodium. Strength in platinum-group-metals prices typically supports ZAR through improved terms of trade and current-account flows.
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