Exchange Control Approvals

The Exchange Control Regulations, 2003, govern dealings in gold and foreign currency. The regulations also address the treatment of financial transactions between residents and non-residents involving exports and imports and various capital transactions such as the purchase, sale and transfer of property and securities, and the borrowing and lending of funds.

The Exchange Control Unit of the Research Department aims to ensure that national foreign currency reserves are used for the benefit of everyone. As a result, certain rules and general guidelines have been instituted not only to guide inflows into the banking system, but also to ensure that foreign exchange is used for legitimate transactions and that funds are available to residents when they need to make payments abroad.