Tag Archives: SARB

South Africa in the Tech News – Something to take your mind off politics!

1. The merging of Kalahari.com and Takealot.com

comI would never have thought that I would see the day when these two mega on-line shops merge. Especially not so early in my life either! Kalahari.com has been South Africa’s only online retailer for almost 10 years before Takealot.com surfaced, and due to immense radio and TV advertising, Takealot.com has grown in sales tremendously while sales for Kalahari.com had grown stagnant. This merge comes in the wake of an American company investing US$100m into takealot.com. Under the deal, Naspers (Kalahari.com) will acquire shares from Tiger Global( company investing in takealot.com) such that the two companies have an equal shareholding in the merged business. They will each hold about 41% of the equity.

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Important information about Foreign Exchange in South Africa

With a favourable exchange rate for many international currencies, you will find South Africa an inexpensive destination. And an easy one – our financial institutions are world-class, with no shortage of banks, bureaux de change and automatic tellers.

All foreign exchange transactions in South Africa are regulated by the South African Reserve Bank (SARB). Thus, the SARB works on exchange controls and all capital in and out flows. The SARB also looks after the delegation of authorities to local authorized dealers to supervise transactions under their contract. Additionally, you have the opportunity to use the service of a currency trading company. These companies are trading via authorized dealers like banks. Nevertheless, they are able to provide better rates in regards of bulk transfer processes and do not charge additional fees for administration processes such as banks.

For individuals exchange control regulations are effected by the amount of money transferred out of South Africa and the reasons behind such transfer. Moreover, all regulations in regards of FOREX only apply to South African residents.

Payments of companies to a foreign party are also governed by the regulations. Thus, justification for passing Continue reading

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