Exchange controls - Capital constriction

South Africa has gradually relaxed its exchange controls over the past 10 years, with further liberalisation expected in the coming months. But restrictions are still proving a burden for the country's domestic banks. By John Ferry

The inauguration of South African president Nelson Mandela in May 1994 represented a seismic shift in the country's political structure. It also heralded a major transformation of its financial system. Until that point, the government had relied on restrictive foreign exchange controls in an attempt to stem the flow of capital out of the country. But the new political dawn brought renewed confidence from the government and from investors.

The South African government returned to the international

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