Tag: foreign currency

South Africa will always be facing change and challenges. There is a positive change from the point of view of business and leisure travel returning to normal and being less challenging and our foreign trade from both an import and export perspective is active and buoyant. On the negative side though we still face much internal political conflict, unrest and of course the inconvenience of load shedding, which is quite crippling for some businesses.

Russia is inching towards a debt default. We look at which emerging markets might be most at risk of contagion and whether investors should be concerned. Russia’s invasion of Ukraine continues to have a devastating human impact.

Standard Bank, Africa’s largest bank by assets, has introduced Inward Telegraphic Transfers (ITTs) to its internet banking platform, offering a convenient, simple and fast way to process incoming funds from beyond South Africa’s borders.

A generally weakening Rand and mounting inflationary pressures have meant that the South African Reserve Bank (SARB) has once again raised interest rates - to the distinct detriment of the weakest members of our society.

The trouble with forex controls is that they are far more effective at keeping money 'out' than at keeping it 'in'. Almost every historical case shows that forex controls were conceived in shamed and weakened circumstances. In every case they have ultimately proven to be unalloyed failures.

The transition from the old emigration regime to the current regime - ceasing of tax residency, came with some relief. However, there were some silent changes that went unnoticed. The most notable change has been the requirement of a SARS Tax Compliance Status (TCS PIN) for every capital transfer a Non-Resident/Non-Tax Resident makes to offshore.

Lebanon is facing a financial meltdown so severe that the World Bank has branded it as one of the worst since the mid-19th century. The country is fast spiralling into a dangerous situation of state failure, marked by violent riots, escalating blackouts and spiking fuel price increases.

As digitalisation fast forwards and people reach out for convenient digital experiences, Standard Bank has focused on delivering solutions that meet client needs and improve their client experience. Their digital International Payment Solutions are an example of how they provide convenience and give clients control over their International Payments.   

Digitisation and increased mobility in the workplace are making the world more accessible by the day. With a paradigm shift towards working remotely, many South Africans are looking for ways to do this while travelling the globe. An accompanying spike in people wanting to emigrate or find work overseas, means there are a lot of South Africans abroad, or on their way soon.

Mauritius is of serious significance to countries in the Africa sphere. Its high ranking means that the economy of the country is organised in a manner that brings great benefits to its inhabitants. This island country is ranked 7th out of 162 countries in the Economic Freedom of the World Report 2020.