Balance of payments
Cross-border foreign exchange transactions executed by Authorised Dealers on behalf of their customers are reported via an on-line same source system directly to the Financial Surveillance Department on a daily basis. These are called reportable transactions.
If sufficient detail of a specific transaction, which entails the transfer of funds overseas, is provided, the transaction can be traced in our records.There is no minimum threshold and all cross-border transactions, irrespective of the value, are captured and reported to the Financial Surveillance Department.
Export monitoring process
All transactions are categorised in terms of the requirements of the International Monetary Fund.
The paper-based monitoring system of exports (Form F178) was replaced with a more efficient electronic system.
The Financial Surveillance Department formally implemented the electronic export monitoring system on 2011-01-03. Consequently, exporters are exempted from the provisions of Exchange Control Regulation 6(10)(a) and Authorised Dealers will no longer be required to confirm the receipt of export proceeds, unless directed to do so by the Financial Surveillance Department.
For the assistance of the general public, guideline documents are published to address specific exchange control issues.
Details regarding the Imports Undertaking registration process.