"It wouldn’t have happened in the old days," muttered a top financier in the FM’s ear at a function last week. Given the National Treasury’s withdrawal that day of a controversial circular that had been heralded as a huge relaxation of exchange controls, the banker was understandably aggrieved by the lack of professionalism shown by the National Treasury, the Reserve Bank and the Financial Sector Conduct Authority (FSCA).
The merits of the circular aside, the fact that it was ambiguous and failed to take into proper consideration the existence of SA’s prudential framework has had many wondering if the authorities were asleep on the job...
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