High-quality research supports effective central banking by strengthening evidence-based policy decisions, improving macro-financial risk measurement and clarifying trade-offs and uncertainty.

^{21 October 2026}

Central banks worldwide publish research agendas that support their mandates and contribute to the broader policy and academic debate.

The South African Reserve Bank’s (SARB) 2026–2027 research agenda aligns with those of peer central banks and comprises five interconnected themes: monetary policy design, transmission and communication; the macroeconomic and financial implications of climate- and nature-related risks; macroeconomic policy coordination, fiscal-monetary interactions and growth; the functioning, access and competitiveness of financial services and payment systems; and the macroeconomic and financial stability implications of stablecoins.

Monetary policy efficiency and implementation. This theme examines how the SARB can strengthen policy effectiveness by improving its understanding of inflation dynamics, communication strategies, the monetary policy implementation framework, balance sheet policy and the coordination of monetary and macroprudential policy.

Climate change and central bank mandates. This theme investigates the physical and transition risks that climate change poses to price stability and financial stability in South Africa, including the implications of climate-related risks for financial markets.

Enhancing policy coordination and promoting economic growth. This theme explores the links between fiscal and monetary policy, labour market dynamics and inequality as well as the structural conditions needed to expand policy space and raise potential growth.

Financial services competition and inclusion. This theme assesses competition in financial services, the evolving role of non-bank participants in payments and the implications of digital transformation for consumers and the payment system.

Stablecoins and digital currency risks. This theme examines the macroeconomic and financial stability implications of foreign currency-pegged stablecoins for South Africa.