South Africa: How the Mini-Budget Relaxed Exchange Controls

analysis

Attracting foreign investment and positioning South Africa as a financial hub for investment into Africa requires a regulatory overhaul. The National Treasury has started the process, announcing in the mini-budget new steps which will start the process of fundamentally changing exchange controls.

The National Treasury has, since 1955, slowly unwound the tangled web of legislation that governs South Africa's exchange control regulations. But 2020 has seen an acceleration of this process as the government works to attract inward investment and position the country as an African financial hub.

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