8. Foreign Currency Holdings

8.1 Foreign assets and the retention of foreign currency balances abroad

Business entities are not permitted to place their foreign assets at the disposal of third parties normally resident in South Africa, without the specific prior approval of the Financial Surveillance Department (i.e. the sale in Rand or foreign currency of legally held foreign assets, gifts, donations.

Foreign currency may not be retained abroad unless specific approval is obtained from the Financial Surveillance Department or as provided for in the Authorised Dealers Manual. A serious view will be taken by the Financial Surveillance Department of any unauthorised retention of foreign currency balances, whether with foreign banks, overseas principals, agents or shippers.