Commission Reports

Commission of Inquiry into the Rapid Depreciation of the Exchange Rate of the Rand and Related Matters, 2002

Terms of Reference
The Commission's terms of reference were as follows:

1. To inquire into and report on:
1.1 Whether between 01 January and 31 December 2001, any person or any other juristic entity, directly or indirectly, entered into, concluded or cause any transactions which contributed or gave rise to the rapid depreciation of the value of the Rand during the relevant period relative to other currencies and whether any such transactions were:
1.1.1 Illegal, or
1.1.2 Unethical, albeit legal.

1.2 Whether any of the transactions in question:
1.2.1 Whether any of the transactions in question;
1.2.2 Resulted in any improper gain or avoided loss.

1.3 Without in any manner limiting the scope and ambit of this inquiry whether in respect of any of the transactions in question, any:
1.3.1 authorised dealer in foreign exchange deviated from the terms and conditions of its appointment;
1.3.2 existing regulations and/or restrictions on the export of capital from South Africa were contravened;
1.3.3 regulations and/or restrictions on the maximum period within which exports proceeds must be repatriated to South Africa were contravened;
1.3.4 transactions were entered into that were in contravention of the letter or spirit of the exchange control regulations.

1.4 To advise the President on any relevant recommendations, including:
1.4.1 the effectiveness of the current administrative system of ensuring adherence to exchange controls and other regulatory measures in guarding against the occurrence of such transactions; and
1.4.2 possible action that could be taken against any person or juristic entity identified as having participated in any such transactions.

2. To advise the President of such other period before 01 January 2001 or after 31 December 2001 which the Commission considers necessary to be covered by this inquiry in order fully to report on the subject of this inquiry.

3. To submit interim reports to the President from time to time, the first to be on or before 30 April 2002.