Africana Periodical Literature 
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 Periodical article |
 Leiden University catalogue |
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| Title: | The Collapse of the Rand in 2001 and the Effectiveness of Exchange Controls in South Africa |
| Author: | Gidlow, Roger |
| Year: | 2005 |
| Periodical: | South African Journal of Economic History |
| Volume: | 20 |
| Issue: | 2 |
| Period: | September |
| Pages: | 1-18 |
| Language: | English |
| Geographic term: | South Africa |
| Subjects: | monetary policy foreign exchange Economics and Trade History and Exploration |
| External link: | https://doi.org/10.1080/10113430509511184 |
| Abstract: | In an effort to furnish support for the beleaguered rand, which had fallen by roughly 12 percent against the dollar in 2000 and 19 percent in 2001, the South African authorities imposed a freeze on new offshore investments undertaken by South African financial institutions. In a further effort to discourage foreign investment, the Minister of Finance in his February 2002 budget statement announced that the exemptions limit of interest and dividend income received from abroad from income tax was set at only R1000 compared with R6000 for interest income received from domestic sources. This article reviews the official moves on the exchange control front in 2001 and 2002, and assesses the effectiveness of the exchange controls in general in an environment where siginificant partial relaxations in exchange controls had transpired and the rand had been a structurally weak currency. It argues that, in the process, the exchange control authorities were facing mounting difficulties in effectively administering the remaining exchange control system, which in turn called into question the rationale for exchange controls at all. Ref. [ASC Leiden abstract] |
