The South African Reserve Bank has revised its Currency and Exchanges Manual for Authorised Dealers to update the branches permitted to perform specified exchange control functions and amend balance of payments reporting categories. The changes cover branches appointed as Authorised Banks for securities control, branches nominated to transact insurance business and reporting categories affected by the implementation of Southern African Development Community Harmonised Balance of Payments codes within the Common Monetary Area. Authorised Dealers should use the revised branch lists when processing securities control and foreign currency insurance transactions. They must also apply the amended balance of payments categories when reporting affected cross-border transactions through the Financial Surveillance Reporting System.
South African Reserve Bank updates authorised bank and insurance branch lists and amends balance of payments categories
The South African Reserve Bank has updated the authorised branch lists for securities control and insurance transactions. It also amended balance of payments categories following implementation of harmonised Southern African Development Community codes within the Common Monetary Area.