Quarterly Report | Q4 ’24
Introduction
October marked the first month of negative performance since the formation of the Government of National Unity (GNU). The medium-term budget set a cautious tone going forward, as fiscal deficits and national debt are set to increase over the next three years. Inflation continued to decrease towards the end of the year, now below 3% and within the South African Reserve Bank’s (SARB) target. This enabled the SARB to further cut interest rates by another 25 basis points to 7.75% during its November meeting.
Bonds also experienced slight losses in December, but recorded a strong annual performance for 2024. Business confidence continued to rise and reached its highest level since 2015. The rand had a volatile run during 2024, starting the year at R18.78/USD and reaching R17.60/USD in December.
Previous Reports
Quarterly Report | Q1 ’25
The South African Reserve Bank (SARB) decreased interest rates by 25 basis points at the January Monetary Policy Committee (MPC) meeting.
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