Larry Claasen
2 minute read
25 Nov 2020
9:08 am

Exchange controls notice halted

Larry Claasen

The review is 'limited to providing clarification on the scope of changes to the announcement related to the reclassification of inward-listed instruments'.

"For millions of Americans, cash is the only form of payment and cash transactions rely on coins to make change," the United States Mint said. AFP/JIM WATSON

National Treasury, the SA Reserve Bank (Sarb) and the Financial Sector Conduct Authority (FSCA) are in effect withdrawing a circular on exchange controls, which broadened how much South Africans could invest offshore. In a joint statement released on Monday, they said they were reviewing the circular to provide clarification on the reclassification of inward-listed instruments. “[They] intend to review Exchange Control Circular 15/2020 issued by the Sarb, following the announcement by the minister of finance in the Medium-Term Budget Policy Statement (MTBPS) Speech on 28 October 2020,” it stated. They say the review is “limited to providing clarification on the...