Rand performance: Will the strength hold in 2026?

Loading player...
GUEST – Andre Cillier, Currency Strategist at TreasuryONE

The rand has delivered one of its strongest performances in years, rallying around 13% against the US dollar to trade near R16.50 even as South Africa’s domestic economy shows clear signs of strain. In this interview, currency strategist Andre Cillier unpacks the growing disconnect between a firm rand and weak local fundamentals, including a manufacturing sector in contraction and GDP growth that remains subdued.

We explore what’s really driving the currency: global risk appetite, a softer US dollar, attractive carry trades and improving inflation dynamics rather than strength on the factory floor. The conversation looks ahead to 2026, examining whether US interest-rate policy, recession risks, commodity prices and South Africa’s maturing currency framework can keep the rand supported, or whether rising risk premiums and fragile growth could test the sustainability of its rally.
12 Jan 2PM English South Africa Business News · Investing

Other recent episodes

Momentum Paid R6.88bn in Claims: What 2025 Reveals About SA’s Real Risks

Momentum Life Insurance’s Joretha Bothma breaks down the insurer’s 2025 claims data — from the surge in critical illness claims to the rise in disability and income protection payouts. She highlights the protection gap, the risks facing younger South Africans, and why holistic financial planning is becoming essential in a…
1 Jun 3PM 18 min

Dis‑Chem's FY2026 Mixed as Revenue Climbs, Earnings Dip

Dis‑Chem CEO Rui Morais unpacks a results set showing strong revenue growth but pressure on headline earnings. He explains the Group’s R445m investment into its healthcare ecosystem, the performance of Better Rewards, margin pressure in dispensary and wholesale, and how the Store of the Future will reshape customer experience and…
1 Jun 3PM 15 min

Unpacking SA’s Slow Manufacturing Recovery: Absa PMI Slips to 50.8

Absa Economist Sello Sekele analyses the latest PMI print, revealing weakening demand, a sharp drop in business activity, and rising inventories. He explains what’s driving the slowdown, the risks for Q2 GDP, and whether South Africa’s manufacturing sector can regain momentum in 2026.
1 Jun 3PM 10 min

SARB Hikes Rates to 7%: Economists Debate Inflation, Growth & What Comes Next

The Reserve Bank has raised the repo rate by 25bps to 7% as fuel inflation spikes and global risks intensify. PwC’s Lullu Krugel and Momentum’s Tshiamo Masike join our panel to unpack the split MPC vote, the downgrade to SA’s growth outlook, and the rising threat of imported inflation. We…
29 May 6AM 21 min

Why Burgers Cost 30% More in 2026

Beef inflation has surged nearly 30% year‑on‑year, driven by South Africa’s worst foot‑and‑mouth outbreak in decades. Eighty20’s Andrew Fulton breaks down why burger ingredients are rising faster than inflation, why a Big Mac now costs R70.90, and how consumers are shifting toward cheaper proteins like chicken. We also explore fast‑food…
29 May 6AM 11 min