Financial rand 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 place in South Africa in various guises on an uninterrupted basis since the outbreak of World War II, when Great Britain and its dominions implemented the Sterling area.
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