with the united kingdom and other members of the then sterling area, as part of the emergency finance regulations applied by that group of countries. the original objective was to retain a free movement of funds between these countries whilst preventing “ hard currency ” funds from flowing out of the area to non - sterling countries. whilst the sterling area exchange controls were removed gradually after the end of the second world war, liberalisation of controls in south africa was halted by the declaration of a state of emergency in march 1960, and the imposition by the authorities in may and june 1961 of comprehensive measures which were intended to strengthen both the current and the capital accounts of the balance of payments. as roger gidlow ( 1995 : 181 et seq ) states then, stricter import controls included restrictions on inheritance, gift and maintenance transfers as well as allowances for tourists and emigrants. even more significant, capital transfers abroad by residents were disallowed while residents were called upon to declare their foreign assets and liabilities. furthermore, the transfer of profits earned by foreign controlled companies prior to 31 december 1959 was prohibited. reviewing developments from the vantage point of 1996, the governor of the south african reserve bank ( sarb ) wrote as follows ( stals, 1996 - 06 - 17 ) : the initial non - economic factors that led to the outflows of capital from south africa during the more than thirty years, from 1961 until the early 1990 ’ s rapidly disappeared after the announcement of the election of the government of national unity towards the end of 1993. although a large amount of funds still flowed out of the country during the first half of 1994, the situation changed dramatically thereafter. in the second half of 1994, there was a net inflow of more than r9 billion into the country, and during the calendar year 1995 a further net inflow of r21, 7 billion, to bring the total net inflow for the 18 months from july 1994 to december 1995 to more than r30 billion. in april 1994, when the government of national unity took office, the reserve bank held about r7 billion in foreign reserves, but also had about r6 billion outstanding in short - term borrowings. during the years which ensued, the sarb followed a policy of trying to stabilise the exchange rate of the rand by intervening in the domestic foreign exchange market, this being consistent with the provisions of the interim constitution of the republic of south africa which required the bank to protect the internal and external value of the currency.

, 781 mt, respectively. during the first half of 2011, total copper output at 414, 984. 5 mt, was 4. 0 % higher than 399, 062. 0 mt produced during the corresponding period of 2010. similarly, cobalt output was 4, 352. 7 mt, 8. 5 % higher than 4, 012. 8 mt produced in the first half of 2010. this outturn was largely explained by the increase in the scale of production by the mines coupled with the rebound in copper prices, following the relative recovery in the global economy. b. manufacturing performance of the manufacturing sector in 2010 and the first half of 2011 have been favourable with a 4. 1 % growth in 2010 ( 2. 2 % in 2009 ). growth has largely been driven by agro - processing ( food & beverages ), including production of nonmetallic mineral and fabricated metal goods, chemicals, explosives and construction materials ( such as cement ). growth in agro - processing has been supported in part by the last two maize bumper harvests, 2010 ( 2. 8 million mt of maize ) and ( 3. 0 million mt of maize 2011 ). strong construction activities have stimulated strong demand for manufacture of construction materials particularly cement and cement - related products. total cement output by the country ’ s three manufacturing plants ( lafarge zambia plc, oriental quarries and zambezi portland plc ) rose by 37. 9 % to 1, 126, 728 mt in 2010 from 817, 223. 0 mt in 2009. further, during the first half of 2011 cement output at 617, 115. 2 mt was 36. 0 % higher than the 453, 791. 0 mt produced in the corresponding half of 2010. c. multi - facility economic zones zambia ’ s goal catalyzing industrial and economic development through increased activity in the manufacturing sector has led the country to embark on the development of multi - facility economic zones ( mfezs ) in selected parts of the country. among the mfezs are : – the chambishi mfez ( construction is advanced ) being developed in partnership with the chinese government with a commitment of over us $ 1 billion ; – two lusaka mfezs ( preparatory phases ) and one industrial park. one of the lusaka mfezs, the lusaka south, will be developed in cooperation with a malaysian firm at an estimated cost of us $ 1 billion ; bis central bankers