Introduction

The proceeds from exports, must be remitted to South Africa. Foreign currency earnings may be retained for up to 180 days from date of shipment. However authorised dealers could extend credit terms of up to twelve months if conditions in a particular market warranted such terms. Exporters of capital goods, on application to The Exchange Control, may be allowed to extend credit terms in excess of twelve months.

The controls are administered by the South African Reserve Bank through its agents, namely authorised dealers in foreign exchange (with a foreign exchange licence). It must be borne in mind that all exchange control rulings are subject to change without notice.