Illicit capital flows remain a “big challenge” for countries that have lifted capital controls, a deputy governor of the South African Reserve Bank has said.

Speaking in Zambia on May 5, Daniel Mmniele concluded “progressive liberalisation” of exchange controls has come at the cost of losing “key” information on cross-border flows, information he claims is “crucial” for macroeconomic policy decision-making.

As controls have been lifted, Mminele says authorities have had to “strengthen