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Ideas · Cross-border payments and currency
Reform · South Africa

Capital Flow Management Regulations to replace the 1961 exchange-control regulations

Record ZAF-R-0007 · draft, not yet reviewed by a person

Status by track

RulesConsulted · 15 May 2026sources checked 26 Oct 2026

National Treasury published draft Capital Flow Management Regulations for comment on 17 April 2026. They would repeal the regulations of 1 December 1961 and take effect on publication in the Gazette. Treasury extended the comment deadline to 30 June 2026 and said it and the Reserve Bank would then revise the draft. Final regulations were not found in the sources read.

  • Draft Capital Flow Management Regulations, 2026 · undated
    "The Regulations published by Government Notice R. 1111 of 1 December 1961, are hereby repealed." "The Regulations published by Government Notice R. 1111 of 1 December 1961, are hereby repealed."Draft Capital Flow Management Regulations, 2026 (regulations under section 9(1) of the Currency and Exchanges Act, 1933) · regulation 32(1) (PDF page not determined; the reader returned no page breaks)not yet checked by a person
    Draft Capital Flow Management Regulations, 2026 (regulations under section 9(1) of the Currency and Exchanges Act, 1933) · regulation 32(1) (PDF page not determined; the reader returned no page breaks) · not yet checked by a person
  • Draft Capital Flow Management Regulations, 2026 (publication for comment) · 17 Apr 2026
    the draft regulations appeared in Government Gazette No. 7375 on 17 April 2026 and would replace the Exchange Control Regulations of 1961; Treasury described a move to a "positive bias" approach, with fewer transactions needing prior approval and more emphasis on reporting and on monitoring high-impact and high-risk transactions the draft regulations appeared in Government Gazette No. 7375 on 17 April 2026 and would replace the Exchange Control Regulations of 1961; Treasury described a move to a "positive bias" approach, with fewer transactions needing prior approval and more emphasis on reporting and on monitoring high-impact and high-risk transactionsDraft Capital Flow Management Regulations out for public comment (SAnews) · article text · 17 Apr 2026paraphrase, not a quotationSecondary source: the Gazette and Treasury's own statement of 17 April were not read; SAnews is the government's news agency
    Draft Capital Flow Management Regulations out for public comment (SAnews) · article text · paraphrase, not a quotation
  • Draft Capital Flow Management Regulations, 2026 (comment period) · 15 May 2026
    the deadline for public comment was extended from 18 May 2026 to 30 June 2026, "following requests to allow stakeholders additional time to review"; after it, National Treasury and the Reserve Bank will review the comments and revise the draft the deadline for public comment was extended from 18 May 2026 to 30 June 2026, "following requests to allow stakeholders additional time to review"; after it, National Treasury and the Reserve Bank will review the comments and revise the draftMedia statement, extension of deadline for public comment on the draft Capital Flow Management Regulations · PDF p.1 of 2 · 15 May 2026not yet checked by a person
    Media statement, extension of deadline for public comment on the draft Capital Flow Management Regulations · PDF p.1 of 2 · not yet checked by a person
Not established
  • Whether the regulations have been finalised or published in final form. Not found in the sources read; the draft says they take effect on publication in the Gazette (regulation 33).
  • SAnews gives 10 June 2026 as the original comment deadline; Treasury's own statement gives 18 May 2026. Not reconciled.
  • Which allowances and approval thresholds the Reserve Bank would set under the new regulations, and whether they differ for investment elsewhere in Africa. The draft leaves limits to determinations not yet read.
  • What section B.2(C) requires above R5 billion a year, and its conditions on financing and reporting; only its first paragraph was read.

Evidence

  • rule in force on capital transfers abroad
    "Except as provided for in subsections (B) to (J) below, residents are not allowed to transfer capital" to countries outside the Common Monetary Area; other applications are considered on their merits "Except as provided for in subsections (B) to (J) below, residents are not allowed to transfer capital" to countries outside the Common Monetary Area; other applications are considered on their meritsCurrency and Exchanges Manual for Authorised Dealers (version 1.1.36) · section B.2(A)(i), page 47 of 323 (footer 7/2020)not yet checked by a person
    Currency and Exchanges Manual for Authorised Dealers (version 1.1.36) · section B.2(A)(i), page 47 of 323 (footer 7/2020) · not yet checked by a person
  • rule in force within the Common Monetary Area
    "Investments and transfers of funds in Rand from/to South Africa to/from other CMA countries" do not require the approval of the Financial Surveillance Department "Investments and transfers of funds in Rand from/to South Africa to/from other CMA countries" do not require the approval of the Financial Surveillance DepartmentCurrency and Exchanges Manual for Authorised Dealers (version 1.1.36) · section A.3(E)(iv), page 32 of 323not yet checked by a person
    Currency and Exchanges Manual for Authorised Dealers (version 1.1.36) · section A.3(E)(iv), page 32 of 323 · not yet checked by a person
  • allowance in force for private individuals
    resident individuals may invest abroad up to "a total amount of R10 million per calendar year per private individual"; larger amounts need an application resident individuals may invest abroad up to "a total amount of R10 million per calendar year per private individual"; larger amounts need an applicationCurrency and Exchanges Manual for Authorised Dealers (version 1.1.36) · section B.2(B)(i)(a), page 49 of 323 (footer 12/2025)not yet checked by a person
    Currency and Exchanges Manual for Authorised Dealers (version 1.1.36) · section B.2(B)(i)(a), page 49 of 323 (footer 12/2025) · not yet checked by a person
  • limit in force for companies' foreign direct investment
    under "Foreign direct investments not exceeding R5 billion per applicant company", Authorised Dealers may approve investments by "mandated state-owned companies" and by "companies wishing to make bona fide new outward foreign direct investments" where the total cost "does not exceed R5 billion per company per calendar year"; the passage read sets no separate limit for investment elsewhere in Africa under "Foreign direct investments not exceeding R5 billion per applicant company", Authorised Dealers may approve investments by "mandated state-owned companies" and by "companies wishing to make bona fide new outward foreign direct investments" where the total cost "does not exceed R5 billion per company per calendar year"; the passage read sets no separate limit for investment elsewhere in AfricaCurrency and Exchanges Manual for Authorised Dealers (version 1.1.36) · section B.2(C)(i)(a), page 54 of 323 (the text after the page 53 footer)not yet checked by a person
    Currency and Exchanges Manual for Authorised Dealers (version 1.1.36) · section B.2(C)(i)(a), page 54 of 323 (the text after the page 53 footer) · not yet checked by a person
  • treatment of the Common Monetary Area
    the definition of "foreign currency" excludes "the currencies of the Kingdom of Lesotho, the Republic of Namibia and the Kingdom of Eswatini"; regulation 9(1) refers to destinations "in the same monetary area" the definition of "foreign currency" excludes "the currencies of the Kingdom of Lesotho, the Republic of Namibia and the Kingdom of Eswatini"; regulation 9(1) refers to destinations "in the same monetary area"Draft Capital Flow Management Regulations, 2026 (regulations under section 9(1) of the Currency and Exchanges Act, 1933) · regulation 1 (definition of "foreign currency"); regulation 9(1)not yet checked by a person
    Draft Capital Flow Management Regulations, 2026 (regulations under section 9(1) of the Currency and Exchanges Act, 1933) · regulation 1 (definition of "foreign currency"); regulation 9(1) · not yet checked by a person
  • general rule on foreign currency transactions
    the draft keeps a permission rule: "a person may not, except with the permission of the National Treasury or an authorised person" carry out the transactions it lists the draft keeps a permission rule: "a person may not, except with the permission of the National Treasury or an authorised person" carry out the transactions it listsDraft Capital Flow Management Regulations, 2026 (regulations under section 9(1) of the Currency and Exchanges Act, 1933) · regulation 4(1)not yet checked by a person
    Draft Capital Flow Management Regulations, 2026 (regulations under section 9(1) of the Currency and Exchanges Act, 1933) · regulation 4(1) · not yet checked by a person
  • crypto assets
    the draft defines crypto assets and brings buying, selling, borrowing and lending them within the regulations the draft defines crypto assets and brings buying, selling, borrowing and lending them within the regulationsDraft Capital Flow Management Regulations, 2026 (regulations under section 9(1) of the Currency and Exchanges Act, 1933) · regulations 1 and 3paraphrase, not a quotation
    Draft Capital Flow Management Regulations, 2026 (regulations under section 9(1) of the Currency and Exchanges Act, 1933) · regulations 1 and 3 · paraphrase, not a quotation

Blockers

Institutions named

A role is shown only where a quoted source says what the institution does on this reform.

Reach: 0 cross-border links, 1 blockers, 2 institutions in 1 country. Counted from the records.