JacoE Posted July 19, 2007 Report Share Posted July 19, 2007 (edited) I found this exchange control endorsement in an old passport. On 20 Oct 1993 I paid R1700.22 for Aus$ 760.00, that is about R2.2371 for one dollar. Edited July 19, 2007 by JacoE Quote Link to comment Share on other sites More sharing options...
Mara Posted July 19, 2007 Report Share Posted July 19, 2007 Enlarge it and frame it! All your SA mates already in Aus will check it out in amazement! Quote Link to comment Share on other sites More sharing options...
Cindylou Posted July 19, 2007 Report Share Posted July 19, 2007 Hey Jaco,I also travelled to Aus end 1993, must go and check out my passport! I remember that I was converting at 0.44 to the rand.C'Lou Quote Link to comment Share on other sites More sharing options...
woodag Posted August 12, 2007 Report Share Posted August 12, 2007 I found this exchange control endorsement in an old passport. On 20 Oct 1993 I paid R1700.22 for Aus$ 760.00, that is about R2.2371 for one dollar.There is another aspect to the exchange rate at that time.1993 was in the second "Financial Rand" era (1985 to 1995). If you emigrated at that time you could only transfer up to the travel allowance at the normal commercial exchange rate (which must be what is reflected in the above figures). The remainder of your funds, up to a limit, had to be transferred via Financial Rands which acted as a kind of emigration tax. The amount of this "tax", or the "Financial Rand discount" varied, depending on the perceived political risk in SA, from about 8% to as much as 53% (reference, Table 1 on page 19 at http://www.oecd.org/dataoecd/60/20/30889558.pdf ). Quote Link to comment Share on other sites More sharing options...
Pixi Posted August 13, 2007 Report Share Posted August 13, 2007 Woodaq thnks for that piece - interesting. Just yesterday in the newspaper there was an article where the IMF recomended that SA releases its exchange control further. Quote Link to comment Share on other sites More sharing options...
Springbok Posted August 13, 2007 Report Share Posted August 13, 2007 Just yesterday in the newspaper there was an article where the IMF recomended that SA releases its exchange control further.that's what they said 10 years ago too:http://www.btimes.co.za/97/0928/btmoney/btmoney.htm Quote Link to comment Share on other sites More sharing options...
Cindylou Posted August 13, 2007 Report Share Posted August 13, 2007 For the last few years the Reserve Bank has openly held a "future aim" of removing Exchange Control completely, but has declined to set a firm date when this will happen. In the interim they state they are following a "gradual process of exchange control relaxation" which is good news for those people wanting to take more than the premissable amounts out: In the future they would be able to access the remainder of their funds without paying any penalties. Quote Link to comment Share on other sites More sharing options...
Pixi Posted August 13, 2007 Report Share Posted August 13, 2007 that's what they said 10 years ago too:http://www.btimes.co.za/97/0928/btmoney/btmoney.htmSeems me they are keeping there word: from Woodaqs document, to the R750 000 to last years change of R2 000 000 to the no penalty! Quote Link to comment Share on other sites More sharing options...
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