Financial rand had a previous life, from January 1979 to February 1983. The 1985 crisis coincided with a default (then called a "standstill") on foreign debt by the apartheid government. Financial rand The South African financial rand was the most visible part of a system of capital controls. Although the financial rand was abolished in March 1995, some capital controls remain in place. These capital controls are locally referred to as "exchange controls", although the system has since 1995 moved towards surveillance — recording and reporting to the authorities of foreign currency transactions — rather than control. Capital controls have been in
Currency Act Ill c. 35) for New York to issue £120,000 in paper currency for public but not private debts. Parliament extended these concessions to the other colonies in 1773 (13 Geo. III c. 57) by amending the Currency Act 1764, permitting the colonies to issue paper currency as legal tender for public debts. According to historian Jack Sosin, the British government had made its point: The Currency Acts created tension between the colonies and the mother country, and were a contributing factor in the coming of the American Revolution. In all of the colonies except Delaware, the Acts were considered to