Adopt a plan to eliminate the compulsory requirement of foreign exchange to BoG and stop provisions of foreign currency funding for priority sector imports.
Introduced at R0. Economic rationale: Support market-based determination of the exchange rate and deepening of the foreign exchange market. At R1, implemented with delay. A first draft plan to eliminate the compulsory surrender requirements of foreign exchange was completed before the end-April 2015 target. A revision of the plan addressing comments from the IMF was completed and adopted by the BoG Board in [end-July].