Free State Development Corporation

Exchange control was first introduced in South Africa in 1939. Section 9 of the Currency and Exchange Act (Act No 9 of 1933) empowers the President to make regulations on the currency, banking or exchange.

The purpose of exchange control  is two-fold:

  1. To ensure that foreign currency acquired by residents of South Africa through transactions of a current or of a capital nature is allowed into the South African banking System.
  2. To ensure that foreign currency resources in the form of real or financial capital assets held in South Africa are not lost abroad due to transfers.

Exchange Control monitors the movement of financial and real assets (money and goods) into and out of South Africa, simultaneously avoiding interference with the performance of the commercial, industrial and financial systems of the country.

The controls are administered by the South African  Reserve Bank through the authorized dealers available at every South African bank. All the monies transferred from overseas into South Africa or from South Africa into another country, have to be declared with the reserve bank.

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FDC Head Office

33 Kellner Street

Tel: 051 4000 800
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Fast Facts

  • Capital: Bloemfontein
  • Languages: 64.4% Sesotho
    Languages: 11.9% Afrikaans, 9.1% isiXhosa
  • Population density: 23 people per km²
  • Area 129, 480 km²
  • Share of total SA area 10.6%

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