Convertible currency, high real rates; exposure is commodity mix and power cost, not FX access.
Layer one — macro, structured
as of Aug 2026CPI YoY
4.4%
mid-band
Policy rate
7.25%
repo
USD/ZAR
17.4
range-bound
Parallel prem.
n/a
fully convertible
Reserves
$65b
gross
Sov. spread
296bp
over UST
Layer one — regulatory, unstructured
- 2024Exchange control loop-structure relief extendedSARB circular
- 2024Carbon tax escalation schedule confirmedNational Treasury
- 2026AfCFTA tariff phase-down implementationSARS notice
- 2026Electricity tariff determinationNERSA decision
USD/ZARJan 22 → Sep 25
18.915.2
Jan 22Sep 25
Indicative monthly path reconstructed for illustration — pin exact fixes to central bank data before client use.
Covered names — by market capitalisation
2 names · drill into a name for its exposure vector| Ticker | Name | Sector | Mkt cap (USD bn) | Net exposure | Status | Leads |
|---|---|---|---|---|---|---|
| NPN | Naspers Ltd | Technology | 42.0 | +0.28 | WATCH | 2 |
| SOL | Sasol Ltd | Energy / Chemicals | 6.0 | -0.34 | ACT ON WINDOW | 4 |