|The name of the Exchange Control Department will be changed to the Financial Surveillance Department with effect from 2010-08-02.
The Minister of Finance has delegated to the Governor and/or a Deputy Governor as well as to the General Manager of the Financial Surveillance Department (and to other officials in the department), all the powers, functions and duties assigned to and imposed on the Treasury under the Exchange Control Regulations (with certain exceptions). The Financial Surveillance Department is, therefore, responsible for the day-to-day administration of exchange controls. The Minister of Finance has also appointed certain banks to act as Authorised Dealers in foreign exchange. This appointment gives these banks the right to buy and sell foreign exchange, subject to conditions and within limits prescribed by the Financial Surveillance Department. Authorised Dealers are not agents for the Financial Surveillance Department but act on behalf of their customers. Policy is determined by the Minister of Finance (or even government/cabinet in the broader sense). The South African Reserve Bank, therefore, merely acts as an adviser to the Minister of Finance.|