The South African import industry has taken a huge knock with the declining rand. To minimise risk against escalating costs Sasfin Bank recommends importers invest in Foreign Exchange Cover (FEC) for the full import cycle of three to six months. “This allows clients to hedge their funds and book a rate in advance, based on currency projections,” says Sasfin Bank’s Arno van Niekerk. Sasfin Bank is the only trade financing company with an in-house logistics arm, Sasfin Premier Solutions, providing a ‘Start-to-Finish’ import solution which combines the logistics and finance expertise within the group under a single banner with a single rand-based invoice.
