In a few days’ time from today, the RBM will also be launching another scheme, whereby for any payment above a particular threshold, say K5 million, from Government resources, an alert in form of a text message will be sent to the Minister of Finance, the Secretary to the Treasury, the Accountant General and the Budget Director and the respective Minister from which the transaction is being charged, the Principle Secretary in that Ministry, the Head of Finance and all those who need to know about the transaction will be informed by way of their mobile phones so that where the transaction is dubious, immediate corrective measures can be taken.
Secondly, will the remaining exchange controls be removed to provide a further stimulus to the development of the South African financial markets? Here again, the answer must be in the positive. The removal of exchange controls is a one-way process that should not be reversed, not even when international capital flows go against the country, as happened in the past year.