Archives For SA Reserve Bank

banner4Transport Forex, created by Inter Africa Bureau de Change, a registered bureau de change with the South African Reserve Bank has created an unique online banking system for the transport industry.

With branches at all of South African border posts, the company has expanded operations into Namibia, Botswana, Zimbabwe, Mozambique, Zambia, the DRC and Tanzania with offices on all the major border posts between these countries.

Transport Forex is an online ordering system where the transport manager can deposit money in South Africa into the relevant account therefore ensuring when drivers arrive at the relevant border posts there is enough money for them to pay the relevant duties. At the same time, this ensures enough cash is in the account for drivers to purchase fuel at key petrol stations or even pay for a service on-route in one of the partner countries.

Once the monies have been deposited into the account, an order number is sent via SMS to the driver who then presents it at the relevant Transport Forex office to draw the necessary funds required.

In the same way you can book and pay for diesel for your truck on any of the major transport routes in Namibia, Botswana, Zimbabwe, Mozambique, Zambia, the DRC and Tanzania. Transport Forex has negotiated with partner fuel suppliers for better prices and passes this discount directly to the transport company.

A new Payment Service was introduced in 2013 for clients. Should additional unforeseen funds be required for an emergency while the driver is on the road then monies can be made available for drivers almost immediately. This prevents valuable time from being lost.

Transport Forex is also in negotiations with several government institutions so relevant duties and taxes for operators’trucks can also be paid through the system in advance.

To join Transport Forex simply log onto www.transportforex.co.za, and click on “Create Account”. Registration is free, and there are no monthly charges.

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SA Reserve Bank, PretoriaSince the recent implementation of the Import Verification System (IVS) by the South African Reserve Bank (SARB), local traders would have come to realise that processing a forex transaction at the local bank has come more and more under scrutiny. Why is this? For one, all import and export trade transactions processed through Customs are relayed electronically to the Reserve Bank. Historically, the Bank has been responsible to ensure that South Africa maintains good account in terms of its balance of payments, ensuring that fiscal inflows and outflows are fully and lawfully accounted for. For government to operate accurately, it needs to know exactly what is occurring in this space. On the one hand trade statistical information provides both the Bank and National Treasury vital information which informs its fiscal policies. Trade and Industry (DTI) likewise use trade statistics to maintain a grip in terms of trade policy which governs the duty structure on imported goods as well as oversee the effectiveness of various duty relief (rebate and drawback) schemes. Like all things new,  the South African importer and exporter’s experience with the local commercial bank might prove a bit tedious and painful, given the added scrutiny and awareness of bank officials. These controls are however necessary and in keeping with government’s broader objective to ensure that fiscal and trade control measures compliment new enhanced supply chain security initiatives. To this end, SARB and SARS have initiated a dedicated line of support to facilitate query resolution.