The South African Reserve Bank published South Africa’s international investment position for the first quarter of 2026, showing that the country’s positive net international investment position increased to ZAR 2.060 trillion at end-March 2026 from a revised ZAR 2.018 trillion at end-December 2025. The increase was driven by a larger decline in foreign liabilities than in foreign assets. The bank noted that the rand’s depreciation, reflected in a 2.0% fall in the nominal effective exchange rate during the quarter, had a larger impact on foreign assets than on foreign liabilities. Foreign assets fell 1.0% to ZAR 10.215 trillion, with declines across all functional categories except other investment and reserve assets. Direct and portfolio investment assets decreased mainly because of valuation effects linked to lower share prices of dual-listed companies headquartered abroad, while other investment rose as domestic banks and private non-banking firms extended more short-term loans and deposits to non-residents. Reserve assets increased mainly بسبب valuation effects from the weaker rand and a higher gold price. Foreign liabilities fell 1.7% to ZAR 8.155 trillion, mainly because lower portfolio investment liabilities and financial derivatives more than offset increases in direct and other investment liabilities. Portfolio liabilities declined as the FTSE/JSE All-share Index fell 1.5% in the quarter and higher domestic bond yields reduced the market value of non-resident rand-denominated bond holdings. As a share of annual gross domestic product, foreign liabilities fell to 104.8% from 108.6%, foreign assets fell to 131.3% from 135.0%, and the net IIP edged up to 26.5% from 26.4%. The South African Reserve Bank said South Africa’s IIP as at end-June 2026 will be released on its website at the end of September 2026.
South African Reserve Bank2026-06-30
South African Reserve Bank says South Africa’s net international investment position rose to ZAR 2.06 trillion in the first quarter of 2026
The South African Reserve Bank reported that South Africa’s positive net international investment position increased to ZAR 2.060 trillion at end-March 2026 from a revised ZAR 2.018 trillion at end-December 2025. Foreign liabilities fell 1.7% to ZAR 8.155 trillion, more than the 1.0% decline in foreign assets to ZAR 10.215 trillion. The next IIP release, covering end-June 2026, is scheduled for the end of September 2026.