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SA relaxes forex controls. (Investment).

South African companies with an eye on investing in Africa can now afford to be a lot more expansive. They can use up to R2bn to fund direct foreign investment on the continent, up from a limit of R750m, through new relaxed foreign exchange controls announced by the SA Reserve Bank. Also eased is the restriction that limited investment to new ventures. Companies are now allowed to 'top-up' capital for existing projects in Africa. Reserve Bank governor, Tito Mboweni, does not expect major capital flight as a result of this relaxation of foreign exchange controls. "Experience shows existing levels are not being exhausted' he reports. South Africa's principal investments in Africa are in the mining and oil exploration and production sectors.
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Publication:African Business
Date:Jan 1, 2003
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