Latest News / Information

There are certain snippets of news and information that we also look for at some point in time which have relevance in our lives. Below we have tried to supply as complete a listing of these items as possible. Please feel free to contact us should we have ommited to list an item which you feel we need to include in our listing and we will review your request for submission.

Repo Rate

The Current Repo Rate as defined by the South African Reserve Bank is 5.50% . The next Monetary Policy Commitee meeting is set for 19 & 21 Jul 2011.

Monetary policy stance (12 May 11)

Policy Since the previous meeting of the Monetary Policy Committee, the inflation outlook has deteriorated further, mainly as a result of external cost-push factors. Underlying demand conditions remain relatively restrained, and are not seen to pose a significant risk to the inflation outlook at this stage. However there are elevated risks that these external price shocks could ultimately feed through to more generalised inflation. The full report can be viewed at www.resbank.co.za/Publications/Detail-Item-View/Pages/Publications.aspx?sarbweb=3b6aa07d-92ab-441f-b7bf-bb7dfb1bedb4&sarblist=21b5222e-7125-4e55-bb65-56fd3333371e&sarbitem=4082.

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Prime Lending Rate

The Current Prime Lending Rate as defined by the South African Reserve Bank is 9.00% . The next Monetary Policy Commitee meeting is set for 19 & 21 Jul 2011.

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Inflation Rate information

As at May 2011

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Tax season for Individuals and Trusts

The following are important Tax deadlines which should be adhered to by all Individuals and Trusts.

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What is Exchange Control?

Exchange Control was first introduced in South Africa during the Second World War as a means of protecting South Africa's foreign exchange reserves and extends over the territories of Lesotho, Namibia, South Africa and Swaziland (‘the Common Monetary Area’ / ‘the CMA’) .

Recent years have seen a relaxation in exchange control regulations in South Africa. The dual currency system of the financial and commercial rand was abolished on 13 March 1995. Any investment or repatriation of capital is now through the medium of the rand.

The Currency and Exchanges Act 9 of 1933 empowers the President to make regulations in regard to any matter directly or indirectly relating to, or affecting, or having any bearing upon, currency, banking or exchanges. The regulations made under the Currency and Exchanges Act are contained in the Exchange Control Regulations, Orders and Rules of 1961, as amended (‘the Exchange Control Regulations’).

The Treasury has delegated the administration of exchange control to the South African Reserve Bank (SARB), which is responsible for the day to day administration and functioning of exchange control. The Exchange Control Department of the SARB (Excon) has a wide discretion, but exercises its powers within certain policy guidelines.

The SARB has, in turn, delegated some of its powers to deal with exchange control matters to certain banks, who are known as ‘authorised dealers’ in foreign exchange.

The SARB has compiled an exchange control manual. The purpose of the manual is to give guidance to authorised dealers, their clients, and other interested parties regarding the operation of the exchange control system in the Republic of South Africa and the CMA. The manual serves only to explain the workings of the exchange control system; it does not replace the Regulations, the Rulings, or the Circulars by which they are amended.

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