LFN Raises the Red Flag: Can the Minister Legally Replace the Exchange Control Regulations?
Can the Minister of Finance lawfully repeal South Africa’s 1961 Exchange Control Regulations and replace them with an entirely new Capital Flow Management framework? LFN believes this is not merely a technical drafting issue, but a fundamental question of constitutional legality and the rule of law. In its formal submission to National Treasury, LFN raises concerns that section 9(1) of the Currency and Exchanges Act, read together with the Interpretation Act and confirmed by the Constitutional Court, vests the regulation-making power in the President, not the Minister. Before South Africa embarks on a new era of exchange control, the public deserves a clear answer: who really has the legal authority to rewrite the rules?





