SA says to relax exchange controls further
South Africa’s Treasury said yesterday it would relax exchange controls further, with individuals being allowed to take more money abroad in the latest government attempt to weaken the rand.
At a briefing, central bank Governor Gill Marcus said she would give details next week, but could not estimate how much money would leave South Africa due to the easing of controls.
“The question of the amount that would flow out depends on what people want to do. By the end of next week circulars will go out,” she said.
Following are some of the proposals given by the National Treasury:
“It is proposed that qualifying international headquarter companies be allowed to raise and deploy capital offshore without exchange control approval. This regime will be effective from January 1, 2011 in line with the implementation data for the tax proposals.” “South African emigrants are currently allowed to remit up to [continue reading]