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South Africa’s newly-minted head of state, President Cyril Matamela Ramaphosa, has won wide acclaim for securing billions of dollars in foreign direct investment in the aftermath of a resoundingly successful international road show that he and his team embarked upon.
On 2 August 2018, FinSurv issued Exchange Control Circular No.12/2018 (Circular 12/2018) and on 20 August 2018, it issued Exchange Control Circular No.13/2018 (Circular 13/2018), setting out changes made to the Currency and Exchanges Manual for Authorised Dealers (Manual).
Generally South African residents are prohibited in investing in a foreign company, which in turn invests back into South Africa. This is called a so-called loop structure.