South Africa’s foreign direct investment inflows more than doubled in the second quarter of 2026 to about $3.03 billion from about $1.2 billion in the previous quarter. According to the South African Reserve Bank, the increase was driven by a local telecommunications company receiving debt funding from its non-resident parent. The central bank declined to name the firm because the deal is not public. The stronger direct investment performance contrasted with portfolio flows, which reversed into an outflow of $548 million during April-June after recording a similar inflow in the first quarter. Foreign investors sold $2.08 billion of domestic equities while purchasing $1.53 billion of domestic debt securities. However, the debt purchases were partly offset by the government’s redemption of a $1.25 billion international bond.