Contents
- Executive summary
- Namibia
- South Africa
- Zambia
- Zimbabwe
- Quarterly & annual data tables
Executive summary
Southern African markets closed November on a cautiously positive note, with most economies balancing improving macro fundamentals against structural constraints. Zimbabwe stands out for a steep disinflation, with annual inflation falling to 19% in November from 32.7% in October, supported by a stabilising Zimbabwean gold currency and tight monetary policy, even as a 35% policy rate constrains credit conditions. Namibia’s inflation eased to 3.4% and remains close to its new 3% target, while Zambia’s inflation fell to 10.9%, marking a seventh consecutive month of slowdown, and South Africa’s price growth, at 3.6%, is edging higher but remains contained.
Exchange-rate dynamics are mixed. Zimbabwe’s gold unit appreciated slightly on strong gold inflows and policy credibility. The Namibian dollar and Zambian kwacha weakened in November amid reserve pressures and higher forex demand, while the South African rand firmed on improved
