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South African lawmakers approve the Emergency Reserve Act for Gold and Foreign Exchange.
Release time:
2024-04-01
Source:
On Tuesday, March 26, South Africa’s National Assembly passed the Emergency Reserve Act for Gold and Foreign Exchange, enabling the government to withdraw some funds from accounts held by the central bank to repay debt. This legislation will now be submitted to the National Council of Provinces for approval. The account will be restructured over a three-year period, releasing 150 billion rand (US$7.9 billion).
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