South Africa: Improving access and competition in cross-border money remittances
Description
On 25 October 2011, the South African Reserve Bank published a circular in relation to a liberalisation of the country’s foreign exchange policy.
The Exchange Control Circular No. 15/2011 “Improving access and competition in cross-border money remittances” announces the abolition of ownership restrictions on foreign participation in Authorised Dealers in foreign exchange with limited authority.
Any Evidence-Based Deliberation:
| Question | Result |
|---|---|
| Is there anything in the public record to suggest that evidence of the effectiveness of the proposed measure was considered during official deliberations? | |
| Is there any evidence that alternatives to the proposed measure were considered? | |
| Is there anything in the public record that suggests that empirical evidence informed the comparison across the alternatives available to government? | |
| Was such evidence identified? | |
| Is such evidence publicly available? | |
| Did the official decision-maker in question provide an explanation as to why a chosen measure was favoured over alternatives? | |
| Is there any evidence to suggest that potentially affected trading partners were consulted before the measures were taken? | |
| Is there any evidence that safeguards have been put in place to ensure that implementation of the initiative is transparent and non-discriminatory? | |
| Did the government state its intention to review the measure within one year of implementation? |
Date Discovered:
Implemented: Yes
Date of inception: 25 Oct 2011
GTA Evaluation: Green
Source:
Exchange Control Circular No. 15/2011, South African Reserve Bank, 25 October 2011.
Government Response:
- 494 reads
