Deputy Reserve Bank governor Kuben Naidoo says that while SA is taking steps to open up its financial markets, there are good reasons to retain some prudential limits on capital leaving the country.

This comes after the recent debacle around exchange controls due to the Bank circular issued after finance minister Tito Mboweni’s medium-term budget policy statement (MTBPS) in October, which reclassified inward-listed instruments, such as exchange-traded funds (ETFs) as domestic assets, provided they were listed locally and rand-denominated...

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