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Etymologies
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Examples
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Bank's foreign exchange department (Excon) on November 13, permitting a new class of institutional investors to invest a portion of their funds offshore.
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"However, the effectiveness of exchange control is dependent on the willingness and capabilities of Excon, authorised dealers and corporates to properly administer their responsibilities."
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Excon said the hearings were kept confidential for policy reasons, because the proceedings fell within section 33 of the SARB
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The statement was released after Excon and Deutsche held an in camera hearing at the commission.
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"Excon is of the opinion that the review proceedings have resolved the concerns which have been raised by Excon and, accordingly that this matter has now been satisfactorily finalised," Ginsberg read.
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"Excon is of the opinion that the review proceedings have resolved the concerns which have been raised by Excon and, accordingly that this matter has now been satisfactorily finalised," the statement said.
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The commission resumed an hour later with SARB's legal representative, Phillip Ginsburg, reading a statement from the central bank's exchange control department (Excon).
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The SARB's exchange control department (Excon) issued a statement to the rand commission saying they had resolved concerns with Deutsche Bank Johannesburg and Deutsche Securities about the details of structured finance deals worth over R3-billion undertaken by Deutsche's London branch on behalf of Sasol, Nampak and M-Cell.
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The statement said Excon had resolved its concerns with Deutsche
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Excon said the hearings were kept confidential for policy reasons, because the proceedings fell within section 33 of the SARB
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