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GOLD & FOREIGN EXCHANGE CONTINGENCY RESERVE ACCOUNT: DEFRAYAL AMENDMENT ACT GAZETTED
- 13 June 2024
- New Legislation
- SA Legal Academy
Please note: On 14 June 2024, National Treasury published the settlement agreement itself, which was signed on 2 June 2024.
Legislation reforming the gold and foreign exchange contingency reserve account settlement framework has been gazetted and is now in force.
Giving practical effect to an agreement between National Treasury and the South African Reserve Bank, the Gold & Foreign Exchange Contingency Reserve Account Defrayal Amendment Act is unpacked in a document published by National Treasury when the Bill concerned was tabled in Parliament with the 2024/25 Budget. The Bill was passed in May 2024.
According to the document, the new legislation is expected to:
- facilitate the account’s ‘orderly long-term management’
- maintain ‘adequate but not excessive buffers’, and
- reduce the ‘scope for uncertainty and contention’.
Please click the links below for more information:
Published by SA Legal Academy Policy Watch
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