Unravelling confusion over SA exchange control rule change and non-resident status – Graham Barratt

In 2023, the South African Treasury responded to the outflow of private capital from the country with a regulation change just before the long weekend in May that some commentators labelled as ‘sneaky.’ This raised questions about what this means for South Africans wishing to move money out of the country. Graham Barratt from Sable International says that while there was a lot of confusion about exchange control rules, he believes that the change was not very meaningful. In this interview with Biznews he demystifies the implications of these changes and emphasises that exchange control, far from being abolished, remains a fixture in the country. He also discusses the timing of transferring money out of South Africa, suggesting that the uncertainty typically preceding an election has already been factored into the value of the rand. Barratt also outlines the necessary steps for those seeking to externalise their assets or transfer money abroad.