Smaller borrowers can, of course, also negotiate loans on a bilateral basis with one of the many foreign banking institutions that provide their services in the South African markets. It is fairly easy for reputable and established South African organisations at this stage to raise foreign funds.
Non-residents are no longer affected by the remaining exchange controls, and accept the credibility of the South African authorities in their determination gradually to remove the remaining controls. One major constraint, however, is provided by the volatility of exchange rates, even amongst the major currencies of the world.