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THE SMART NEWS SOURCE | Feb 11 2012 02:36 | LAST UPDATED Feb 11 2012 02:36 |
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 There was no need for further relaxation in foreign exchange controls on individuals or companies as no one had been to the Treasury to request that the limits be raised, according to Finance Minister Trevor Manuel.
Although there had been much public speculation of an easing in foreign exchange controls on individuals, and possibly on institutions, to be announced in the 2005-06 Budget, no such measures were announced. Currently individual limits are set at R750 000, while pension funds can only invest 15% of their assets outside South Africa and unit trusts are limited to 20%. In the October Medium Term Expenditure Framework the government announced a surprise lifting of all controls on offshore investment by companies, although they must still be approved by the South African Reserve Bank. Speaking at a media briefing ahead of his presentation of the government's 2005/06 Budget in Parliament on Wednesday, Manuel said that to his knowledge, no companies or individuals had made any arguments to the National Treasury recently for the controls to be eased further. "Until the controls are seen as an obstacle then you won't see it keeping us awake at night," he commented. - I-Net Bridge  CONTINUES BELOW TOPICS IN THIS ARTICLE
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