Drop exchange controls: SARB's Mboweni

South African Reserve Bank (SARB) governor raised some eyebrows on Wednesday evening, when he told a conference audience in Cape Town that the country's remaining foreign exchange controls have become "purposeless" should be abolished.

"The cost of exchange control administration and the inconvenience that goes with managing (them) might not be worth the exercise", Mboweni said.

The South African Treasury has slowly been dismantling foreign exchange controls since the late 1990s and recent

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