Wealthy individuals who live in politically unstable countries utilise offshore companies to hold family wealth to avoid potential expropriation or exchange control restrictions in the country in which they live.
The circular informed authorised dealers that the effect of the judgement of the court is that the exchange control system and its administration remains unchanged.
There are no exchange control regulations on the remittance of original investment capital, capital gains, dividends, interest payments, returns and other related earnings.
But the decree or any exchange control policy that has the potential to discourage foreign investment will not be relevant under the present economic dispensations.
Further, in an effort to curb money laundering and to protect the countrys foreign exchange reserves, exchange control regulation is applied to all outward remittances.
The bank was responsible for regulating currency, controlling credit and monetary policy, and administering exchange control and the official foreign exchange reserves.