2026–2027 research priorities span inflation and stablecoin risks
The South African Reserve Bank (SARB) set out its 2026–2027 research agenda on October 21, 2026. Five themes cover monetary policy, climate risks, fiscal coordination and growth, financial services competition and stablecoins.
Inflation meets structural constraints
The SARB will study inflation drivers, public communication and expectations, including media intermediation and changing links between activity, wages and prices.
Operational research covers its 2022 transition to a surplus-based implementation framework, balance sheet resilience, external shocks and monetary-macroprudential coordination.
Climate research covers physical and transition risks to inflation, investment, bank liquidity and sovereign bonds, alongside insurance gaps and the global move away from fossil fuels.
Fiscal research examines debt, borrowing costs and monetary transmission.
It also considers inequality, unemployment, wage dynamics and reforms to productivity, competition, infrastructure and logistics that can expand policy space.
Competition beyond traditional banking
Competition research will examine banking and insurance at a granular level, barriers to entry, consumer welfare and non-bank payments.
It covers digital business models, monitoring data and activity-based regulation.
Act 9 of 2017 assigns competition duties to the Financial Sector Conduct Authority; the National Payments System Bill assigns payments competition duties to the SARB.
Stablecoin research focuses on foreign currency pegs, predominantly the US dollar, and risks to market liquidity, monetary transmission, currency sovereignty and capital flow controls.
Questions rather than policy commitments
The agenda sets research questions, not policy changes or empirical findings.
The SARB describes current domestic stablecoin stability risks as limited while identifying channels that warrant monitoring.
Its stated aim is stronger evidence for price and financial stability decisions, supported by stakeholder collaboration.
Source: SARB Research Agenda 2026–2027
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