South Africa's Finances

Bay of Plenty Times, Volume LXXVII, Issue 15059, 20 August 1949, Page 3

South Africa's Finances

Critical Shortage Of

Dollars

Import Control May Be Tightened

(Rec. 8.20 a.m.) London, Aug. 19. A correspondent in Johannesburg understands that the main purpose of the meeting of South African Cabinet Ministers that has just been held at Pretoria was to consider South Africa's economic position, and, in particular, the critical shortage of foreign exchange, both sterling and dollars.

The South African Government has already spent all the foreign exchange set aside for imports for the second half of this year, and the correspondent says it is believed that the Government may be compelled to tighten still further the severe import control which came into force on July 1. At the same time, he says, South Africa's economic difficulties may be eased, for the time being, if the Finance Minister succeeds in raising loans in Great Britain, in the United States, cr in both countries.