The Treasury and the Reserve Bank withdrew a circular liberalising exchange control measures for JSE-listed companies when it was realised that the changes might have the unintended consequence of enabling pension funds to take all their assets offshore, the Reserve Bank revealed on Friday.

The measures, among those announced by finance minister Tito Mboweni in his October medium term budget speech, were intended to create a neutral situation for JSE-listed companies with foreign assets between raising debt and raising equity capital on the bourse...

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