/ 30 June 2000

SWAZILAND EASES EXCHANGE CONTROLS

THE Central Bank of Swaziland said on Thursday it has eased exchange controls in a bid to boost foreign investment in its capital market. The bank said it has scrapped the requirements that non-residents seek its approval to invest in quoted companies and repatriate their profits. Non-residents still have to seek central bank approval to invest in unquoted stocks and to transfer loan funds into the country from outside the Common Monetary Area, but could then dispose of their investment without seeking the bank’s approval. The Common Monetary Area comprises Swaziland, South Africa, Lesotho and Namibia.