Medium term budget: Easing of Exchange Controls

[synack]

See the following announcement released from Reserve Bank, including SA companies now being allowed to open foreign bank accounts and not being required to repatriate earned forex within 180 days anymore. They also talk generally about updating the investment framework and encouraging SA companies to go international. Seems good things may be afoot.

Reserve Bank statement on easing of Exchange Controls

From my understanding of this (which is limited, big words confuse me), this should make it easier for South African companies, as you can no easily open a account overseas, then use a system like PayPal to pay into that account to charge for services, or get clients to pay directly to your account. It's then on you to get the money into South Africa, rather than on the client, which usually puts them off doing business with South African companies.

A step in the right direction I think.

SynAck