“A Rupture in the Global Order”Governor Kganyago’s statement painted a stark picture of the international landscape confronting South Africa’s nascent economic stability. “Last year was marked by extreme global uncertainty, and 2026 has begun with a new round of shocks,” Kganyago stated. The Domestic Glimmer: Steady Growth, Falling ExpectationsAgainst this bleak global backdrop, South Africa’s own story is one of tentative hope. Inflation, at 3.2% for 2025, is tantalizingly close to the new 3% target, and long-term inflation expectations have fallen to record lows. South Africa’s recovery is real, but the SARB has declared it too precious to risk on the volatile seas of 2026.