A paradigm shift in exchange control is under investigation. In the new planned philosophy most transactions will be permitted, except for certain specified exclusions. Emphasis will be placed on the accurate reporting of cross-border transactions. The completion of this study should improve the compilation of the balance of payments and provide more details of transactions in services with non-residents.
The first stage of the implementation of this reporting system is envisaged for 2001. Briefing sessions in this regard have already been held with authorised dealers in foreign exchange and the other members of the Common Monetary Area. Like many other central banks, the Reserve Bank is seeking to enhance its effectiveness and efficiency by focusing on its core activities.