Release your blocked Rands and cents
The holders of an estimated R25 to R30 billion in blocked rands will be welcoming the announcement in yesterdays mid-term budget speech of the proposed changes to the exchange control regulations.
With exchange control having been in force for four decades, emigrants have always had to contend with limitations on how much of their assets they could transfer out of South Africa. What remained was placed under the control of an authorised agent (in many cases a bank), where it has long since sat probably depreciating in value.
We have seen a relaxing of the exchange control regulations (in terms of the amount which emigrants could transfer out of the country) in the last few years, but yesterdays announcement proposes a complete end to any restrictions.
There is little doubt most emigrants would prefer to have the blocked funds transferred to their new countries and under their control.
When this legislation comes into force there will be much rejoicing in Canada, New Zealand, Australia, the UK and the many other countries that South Africans now call home.
Emigrants can keep themselves up to date with developments by e-mailing firstname.lastname@example.org.