Following upon the political and social reforms in the country and the withdrawal of punitive international economic actions, the Reserve Bank and the Department of Finance started with a gradual phasing out of the exchange controls.
A major constraint remained an acute shortage of foreign exchange reserves which were completely depleted by the time the Government of National Unity came into power in April 1994. Looking back over the past three years, good progress has nevertheless been made with the gradual phasing-out of the exchange controls.