SARB Issues Draft Exchange Control Reform Circulars for Comment
Brought to you by SA Legal Academy: The South African Reserve Bank (SARB) has invited public comment on nine draft circulars intended to implement exchange control reforms.
In terms of the Currency and Exchanges Act, No. 9 of 1933 and the Exchange Control Regulations, 1961, the SARB has issued draft circulars to amplify proposals contained in Annexure E of the 2026 Budget Review. These documents provide the regulatory detail necessary to transition toward the modernised capital flow management framework announced by National Treasury.
The draft circulars cover various aspects of the exchange control regime, providing technical specifications for Authorised Dealers and market participants. Stakeholders are required to submit their input on the proposed changes by no later than 17 March 2026.
What this means for you, your business, or your clients
- For yourself: No direct individual obligations; impact is channelled through firm-level compliance and the provision of updated advisory services to clients.
- For your business: Firms acting as Authorised Dealers or financial services providers must review the nine draft circulars to assess required updates to internal reporting systems, compliance manuals, and transaction monitoring protocols before the 17 March 2026 deadline.
- For your clients: Clients engaged in cross-border trade or offshore investment should be advised on how these technical shifts in capital flow management may alter their future reporting requirements and the administrative processes for moving funds out of the Republic.
Originally published at https://legalacademy.co.za/news/read/exchange-control-reforms-draft-prudential-authority-circulars-out-for-comment