NEWS ANALYSIS: Did the president not know forex isn’t legal tender in SA?
Foreign currency cannot be used as legal tender without meeting stringent requirements
President Cyril Ramaphosa’s explanation that the alleged stash of foreign currency stolen from his Limpopo farm was from animal sales throws up more questions than answers.
For starters, sales of wild game and the Ankole cattle the president breeds, are typically conducted via auctions that involve formal processes and electronic payment. The notion that foreign buyers simply flew into SA or drove across the border to Limpopo, loaded up some big game on a truck and paid in cash with a bag full of dollars is unconvincing to the point of being laughable. That much is clear when one considers the onerous customs and excise, foreign exchange and disease prevention regulations put in place by the very bureaucracy Ramaphosa leads...
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