Concept

Financial rand

Summary
The South African financial rand was the most visible part of a system of capital controls. Although the financial rand was abolished in March 1995, some capital controls remain in place. These capital controls are locally referred to as "exchange controls", although the system has since 1995 moved towards surveillance — recording and reporting to the authorities of foreign currency transactions — rather than control. Capital controls have been in place in South Africa in various guises on an uninterrupted basis since the outbreak of World War II, when Great Britain and its dominions implemented the Sterling area. Following the 1960 Sharpeville massacre, South Africa experienced significant outflows of foreign exchange on the capital account of the balance of payments and instituted an additional level of capital controls, known as the Blocked Rand system. This had the principal effect of blocking outflows of capital to the other countries in the Sterling Area, notably Britain. To
About this result
This page is automatically generated and may contain information that is not correct, complete, up-to-date, or relevant to your search query. The same applies to every other page on this website. Please make sure to verify the information with EPFL's official sources.
Related publications

Loading

Related people

Loading

Related units

Loading

Related concepts

Loading

Related courses

Loading

Related lectures

Loading