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Shuttleworth ruling paves the way for exchange control review

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The High Court in Pretoria’s decision to declare certain sections of the Currency and Exchanges Act unconstitutional opens a door for a parliamentary review of the country’s “antiquated” exchange control system, the DA said on Sunday.

Democratic Alliance MP Tim Harris said he would write to the chairman of the Standing Committee on Finance to ask that it urgently convene public hearings on exchange controls with a view to amending the act and making recommendations about overhauling the associated regulations.

On Thursday, the court dismissed an application by billionaire entrepreneur Mark Shuttleworth to have the country’s entire exchange control system declared unconstitutional.

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