There are an increasing number of individuals looking to expatriate their local funds (in rands) to foreign currency (US dollars, UK pounds, euros etc). This is for a host of reasons such as:
- Concerns with the state of the local economy.
- Corruption at all levels including among senior government officials.
- The concerns associated with prescribed assets whereby you could be forced to allocate some of your funds to state-owned entities.
- To get the extra benefit of the rand’s depreciation against most other foreign currencies.
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