Plan to bring R10 trillion back to South Africa

• South Africa's central bank published a draft framework allowing local asset managers to oversee foreign investments from the country without being subject to their own offshore limits.
• The proposal would also allow qualifying private equity fund managers to participate and may enable more of the management to take place in South Africa, even when the underlying assets remain offshore.
• The reforms are a major step forward for the South African financial sector, enabling the country to bring trillions of rands in South African savings currently managed offshore back home.