Legislation

The current set of Exchange Control Regulations was promulgated by Government Notice R.1111 of 1 December 1961 and amended from time to time. In terms of the Exchange Control Regulations, the control over South Africa’s foreign currency reserves, as well as the accruals and spending thereof, is vested in the Treasury. The Treasury is defined as “in relation to any matter contemplated in these regulations, means the Minister of Finance or an officer in the Department of Finance (National Treasury) who, by virtue of the division of work in that Department, deals with the matter on the authority of the Minister of Finance”.

The Minister of Finance issues Orders and Rules under the Exchange Control Regulations. The current set was published in Government Notice R.1112 of 1 December 1961 and have been amended from time to time. The Orders and Rules contain orders, rules, exemptions, forms and procedural arrangements.

Manuals

The Currency and Exchanges Manual for Authorised Dealers contains the permissions and conditions that apply to transactions in foreign exchange that may be undertaken by Authorised Dealers and/or on behalf of their clients in terms of Exchange Control Regulations 2(2), details of related administrative responsibilities as well as the Financial Surveillance Department's reporting requirements. The manual must be read in conjunction with the Exchange Control Regulations. Authorised Dealers may transact without referring to the Financial Surveillance Department, provided such transactions are permitted in terms of this manual.

The Currency and Exchanges Manual for Authorised Dealers in foreign exchange with limited authority contains the permissions and conditions that apply to transactions in foreign exchange that may be undertaken by Authorised Dealers in foreign exchange with limited authority (ADLAs) and/or on behalf of their clients in terms of Exchange Control Regulations 2(2), details of related administrative responsibilities, the Financial Surveillance Department’s reporting requirements as well as the requirements of the Financial Intelligence Centre Act, 2001 applicable to ADLAs. The manual must be read in conjunction with the Exchange Control Regulations. ADLAs may transact without referring to the Financial Surveillance Department, provided such transactions are permitted in terms of this manual.

Circulars 

Exchange control circulars are issued by the Financial Surveillance Department to Authorised Dealers and/or ADLAs and other role players. These circulars set out the conditions, permissions and limits that apply to foreign exchange transactions undertaken by Authorised Dealers, ADLAs and/or on behalf of their customers, as well as amendments to related administrative responsibilities.

Click here to view archive circulars.

Directives

Directives will be made available here when issued in future. 
 

Guidance notes

Guidance notes will be made available here when issued in future. 
 

Disclaimer

The Financial Surveillance Department reserves the right to amend, grant or impose new or additional permissions or conditions, which the department will communicate on the SARB website.