South Africa's Financial Stability Review: External risks dominate while domestic resilience holds

SOUTH AFRICA - Report 06 Jul 2026 by Iraj Abedian

The latest (June 2026) Financial Stability Review by the South African Reserve Bank signals an important shift in South Africa's macro-financial environment. While it continues the SARB's comprehensive assessment of both domestic and international risks to financial stability, the balance of risks has shifted materially in recent months. The escalation of geopolitical tensions, rising energy prices and tighter global financial conditions have significantly increased the importance of external developments in shaping South Africa's financial stability outlook. Consequently, although domestic macroeconomic fundamentals have continued to improve, global developments are likely to play a more prominent role in determining the performance of South African financial markets over the near term.

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