Soft approach on forex expected

Manuel is expected to tackle the issue of Forex controls when he unveils the 2006/7 Budget on Wednesday. Iraj Abedian, CE of Pan-African Capital, said he believed that while the abolition of exchange controls in their entirety would be an unwise course of action, it would also be ill-advised to leave international exchange restrictions as they are, reports I-Net Bridge. ‘Each restriction on its own requires careful consideration. In their current form controls are not there to obstruct the majority of daily foreign exchange transactions, so looser controls will not necessarily have any impact on the daily volatility of the currency,’ he observed. Full I-Net Bridge report on Finance24 site