The South African Reserve Bank published South Africa’s international investment position (IIP) showing the country’s positive net IIP declined from a revised ZAR2,362 billion at end September 2025 to ZAR1,988 billion at end December 2025, as foreign assets edged down while foreign liabilities increased. Foreign assets decreased 0.1% to ZAR10,314 billion, with declines in direct investment and other investment partly offset by higher portfolio investment, financial derivatives and reserve assets. Foreign liabilities rose 4.5% to ZAR8,325 billion, driven mainly by valuation effects linked to a 7.3% increase in the FTSE/JSE All-Share Index in the fourth quarter of 2025; a 3.7% rise in the nominal effective exchange rate over the same period had a larger negative impact on foreign assets than on foreign liabilities. As a share of annual GDP, foreign assets fell to 135.0% and foreign liabilities increased to 108.9%, reducing the net IIP from 31.3% to 26.0%. The Reserve Bank indicated that South Africa’s IIP as at end March 2026 will be released at end June 2026.
South African Reserve Bank 2026-03-31
South African Reserve Bank reports South Africa’s net international investment position fell to ZAR1,988 billion at end December 2025
The South African Reserve Bank reported that South Africa’s positive net international investment position (IIP) declined from a revised ZAR2,362 billion at end September 2025 to ZAR1,988 billion at end December 2025, as foreign assets edged down and foreign liabilities increased. Foreign assets fell 0.1% to ZAR10,314 billion while foreign liabilities rose 4.5% to ZAR8,325 billion, driven mainly by valuation effects from higher domestic equity prices and a stronger rand, reducing the net IIP from 31.3% to 26.0% of GDP.