The Reserve Bank’s financial surveillance department is probing foreign-exchange transactions undertaken by President Cyril Ramaphosa and received a response from his legal advisers about the foreign currency allegedly found at his Phala Phala game farm.

The Bank administers SA’s exchange control regulations and investigates contraventions. It is probing allegations made by former State Security Agency boss Arthur Fraser that $4m was found stuffed into a couch on the farm. The matter is also being investigated by the Hawks and has been reported to the public protector...

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