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2025 Market Overview-the year that was
09 January 2026
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Ashburton Fund Managers (Proprietary) Limited is a licensed Financial Services Provider ("FSP") in terms of the Financial Advisory and Intermediary Services Act, 37 of 2002, FSP number 40169, and Ashburton Management Company RF (Pty) Ltd is an approved manager of Collective Investment Schemes in terms of Collective Investments Scheme Control Act, 45 of 2002 by the Financial Sector Conduct Authority (FSCA) and is also a full member of the Association for Savings and Investment SA (ASISA).
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written by the FNB Wealth and Investments Research team
“Uncertainty” was among the top contenders for the word of the year in financial market circles in 2025, reflecting just how often the term was used in reference to the global economic environment and financial markets.
Indeed – it was a year marked by the start of a second Trump presidency that has, among others, included sweeping tariffs by the United States (US) on friend and foe alike, a gutting of federal departments, threats to the independence of the Federal Reserve, the BIG BEAUTIFUL BILL, wavering commitment to support NATO allies in their defence efforts, and the longest federal government shutdown on record. All the while, the AI thematic continued to gain traction and likely protected US growth and equity market returns. Elsewhere there were major leadership shakeups in large economies including Japan and Germany and continued political chaos in France and the United Kingdom (UK).
RMB and FNB have jointly been awarded as the Best Foreign Exchange Provider in South Africa for the fifth year in a row in the annual World’s Best Foreign Exchange Provider awards hosted by the Global Finance magazine.
The winners were selected from 122 countries globally using criteria which included, but weren’t limited to, transaction volumes, market share, scope of global coverage, customer service, competitive pricing and innovative technologies. Global Finance magazine also considered input from industry analysts, corporate executives and technology specialists.
RMB and FNB facilitate foreign exchange transactions and cross-border payments through a single Foreign Exchange business unit that offers a range of solutions suitable to a client’s unique needs and requirements.
Anthony Grant, CEO of Foreign Exchange at RMB and FNB says: “Being named the Best Foreign Exchange Provider in South Africa for the fifth year in a row affirms our commitment to helping customers, and is a tribute to a team that prides itself in developing innovative foreign exchange solutions. The award recognises our efforts to offer the best solutions to a wide range of clients ranging from individuals to corporates and financial Institutions.”
"As a trusted platform-based business, technology has enabled us and transformed the forex landscape in recent years, putting the power in the hands of the bank’s corporate and individual clients — not only in forex dealing but also in forex payments. It gives our clients the flexibility to manage their currency risks and cash flows, making inward and outward cross-border payments easier, quicker and more transparent. Whatever our clients’ foreign exchange needs, we take care of them in a few simple steps whenever they need it, from anywhere in the world,” continues Grant.
“We would like to extend our appreciation to our clients for their continued support and Global Finance for presenting us once again with this prestigious award. This award cements our commitment to provide innovative, convenient, simplified, market leading and world-class foreign exchange services and solutions,” concludes Grant.
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