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South African Reserve Bank
 
 
     
 
 

General Information 

  • What are exchange controls?

    (i) Exchange controls can take many forms, but their immediate aim is to restrict the buying and selling of a national currency or to preserve foreign currency reserves.
    (ii) Controls might include a ban on the conversion of the proceeds of certain assets or by certain categories of person, an obligation to surrender foreign exchange proceeds to the central or local bank, authorisation requirements, quantitative limits or indirect methods.
    (iii) Exchange controls are most commonly imposed because of concerns about outward flows, but controls can also be imposed to restrict inward flows, for e.g. an influx of funds risks damaging an economy.
  • What is the purpose of exchange controls?

    (i) To prevent the loss of foreign currency resources through the transfer abroad of real or financial capital assets held in SA; and
    (ii) constitute an effective system of control over the movement into and out of SA of financial and real assets, whilst simultaneously avoiding interference with the efficient operation of the commercial, industrial and financial system.
  • What is an Authorised Dealer?

    An Authorised Dealer is a bank registered with the Registrar of Banks that is subsequently authorised to deal in foreign exchange. A list of Authorised Dealers is available from the South African Reserve Bank website www.reservebank.co.za by following the links: Regulation and supervision > Financial surveillance and exchange controls > Authorised Dealers in foreign exchange > Authorised Dealers in foreign exchange.
  • What is an Authorised Dealer in foreign exchange with limited authority (ADLA)?

    Authorised Dealers in foreign exchange with limited authority including Bureaux de Change, are authorised by Treasury to deal in certain designated foreign exchange transactions, including travel related transactions. A list of Authorised Dealers is available from the South African Reserve Bank website www.reservebank.co.za by following the links: Regulation and supervision > Financial surveillance and exchange controls > Authorised Dealers in foreign exchange > Authorised Dealers in foreign exchange with limited authority (ADLAs).
  • How do I submit an application to the Financial Surveillance Department of the South African Reserve Bank?

    Any request to the Financial Surveillance Department of the South African Reserve Bank must be channelled through an Authorised Dealer. You must, therefore, approach your South African bankers who will be in position to assist you further as far as exchange controls are concerned.
  • How long does it take the Financial Surveillance Department to process my application, submitted by my Authorised Dealer?

    The processing time for applications submitted to the Financial Surveillance Department is between two to four weeks, depending on the nature and complexity of the application. This does not include the processing time that the application undergoes whilst at the respective Authorised Dealer, prior to the submission thereof to the Financial Surveillance Department.
  • How long does it take to receive a response to online queries and emails submitted to the Financial Surveillance Department?

    The Financial Surveillance Department will respond to general online queries and emails within a period of four to six weeks. However, during certain times of the year, high volumes of queries are received by the Financial Surveillance Department and in this regard the response time can be longer.
     
     
 
 
 
     
 
 
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