ANNOUNCEMENT 29 Oct 2009

On 29 October 2009, the South African Minister of Finance announced the relaxation of exchange controls in an effort to 'lower the cost of doing business, while managing risks in a volatile international environment' and to contribute in making South Africa an attractive investment destination.

NUMBER OF INTERVENTIONS

1

  • 0 harmful
  • 0 neutral
  • 1 liberalising

SOURCE



Ministry of Finance, Republic of South Africa. 2009. 'Medium Term Budget Policy Statement.' October 27, pp. 14-15. http://www.treasury.gov.za/documents/mtbps/2009/mtbps/speech.pdf

Isa, M. 2009. 'Gordham cuts forex controls to curb Rand.' AllAfrica.com. October 28. http://allafrica.com/stories/200910280006.html


Inception date: No inception date

Controls on commercial transactions and investment instruments

Among measures proposed are: 1. Removal of various restrictions on rand conversion of export proceeds and advance payments for imports. 2. Increases in the rand thresholds applicable to outward investments by South African companies. The Reserve Bank of South Africa will come out with further details on the above measures.

Regarding regional economic integration, the Ministry of Finance stipulates the following measures: 1. Relaxation of approvals required for investing in Southern African Development Community (SADC) countries to promote regional integration. 2. Review of the current exchange control regulatory framework for approving inward investment.

AFFECTED SECTORS

 
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AFFECTED PRODUCTS

 
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