The South African Reserve Bank (SARB) can expect a tough meeting on 30 August in Parliament after effectively clearing President Cyril Ramaphosa on Phala Phala, as opposition parties are left with more questions than answers. 

With a somewhat vague statement released on Monday morning, the SARB announced Ramaphosa's Ntaba Nyoni Estate, which owns the Phala Phala game farm, was not "legally entitled" to the US$580 000 it received from Sudanese businessman Hazim Mustafa for 20 buffalo and because the transaction was not "perfected" there was no legal obligation on Ramaphosa or Ntaba Nyoni to have declared the foreign currency under exchange control regulations.

Furthermore, the report on the SARB's investigation will remain secret.

"Due to legislative requirements and constraints which apply to the SARB, the report by the SARB into this matter is a private internal report and will not be made available to the public," read the statement.

Democratic Alliance(DA) spokesperson on finance Dion George said the SARB's finding hinged on the absence of a "perfected transaction", which means the legal prerequisites for the transaction to be completed were not met.

"Specifically, the conditions for a perfected transaction were unfulfilled due to the non-delivery of a buffalo to the infamous businessman Mustafa.

"This led to the Reserve Bank's conclusion that there was no legal obligation under the exchange control regulations of 1961 to declare the foreign currency.

"However, the suspicious circumstance of the money being stuffed into the president's couch, and the possibility that cash was held beyond a legislated limit, seem to have been beyond the scope of the Reserve Bank's investigation.

"The narrow focus of its investigation also raises concerns about its thoroughness and whether any political considerations arose."

George said the SARB's integrity and independence as the regulator of currency within and across South African borders were paramount.

"It is vital for our democracy and the financial stability of South Africa, especially considering our recent greylisting by FATF [Financial Action Task Force], that the Reserve Bank conducts its investigations with the utmost care and without any fear, favour or prejudice," he said.

He added as far as the DA was concerned; this would not be the end of the matter.

"We will be posing additional questions to the SARB when they appear before the Standing Committee on Finance on the 30th of August, and we will be writing to the governor of the Reserve Bank to request further details and a copy of the report."

George said South Africans needed to know exactly what happened at Phala Phala, including whether Ramaphosa broke any financial law he was entrusted to uphold.

The Economic Freedom Fighters (EFF) rejected the SARB's finding "with contempt".

"In their pathetic and poor attempt to cleanse Ramaphosa of the Phala Phala crimes, the SARB has unwittingly confirmed our suspicions that there was never a transaction or intention to have a legal transaction.

"Instead, the intention was to launder money through Phala Phala, as we have consistently maintained that Ramaphosa uses his farming business as a front for money laundering," read the party's statement.

It pointed out it was common cause that the foreign currency entered South Africa.

"SARB is duty-bound to register the flow of funds and police movements of currency within South Africa’s borders.

"The mandate of the SARB is not to police whether transactions were concluded or not, or whether goods were delivered or not after a purchase.

"This report is, therefore, a poor attempt by the SARB to avoid carrying out their mandate and ensure that Ramaphosa is not held accountable for contravening foreign exchange regulations."

The EFF insisted there was a case of tax evasion and money laundering.

"The SARB claims in its nonsensical findings that there 'was no perfected transaction', meaning that the transaction was not finalised, notwithstanding that it is at no point their jurisdiction to make such a determination with regards to the illegal flow of foreign currency into South Africa.

"The question South Africans should ask themselves is, if there was no 'perfected' transaction, then why was the transaction registered in the books of Ntaba Nyoni Estates CC and how did SARS determine that Ntaba Nyoni, which is solely controlled by Ramaphosa, is tax compliant?

"Additionally, all law-abiding citizens should ask themselves, if 'no perfected transaction' was performed, then why was there $580 000 stashed in Phala Phala farm and for what purpose was it?"

Freedom Front (FF) Plus leader Pieter Groenewald had a similar question, saying it could now be rightly asked how the foreign currency ended up in South Africa and on the farm if there was not any proof a transaction took place.

"It serves as evidence that the foreign currency came to be on the farm in an illegal way. It was never disputed that the foreign currency was hidden on the farm," he said.

He added the SARB's finding showed the FF Plus was correct in insisting on a parliamentary ad hoc committee to investigate the matter.

"This wasn't done because the ANC [African National Congress] misused its majoritarian power to prevent an investigation." 

Groenewald said the SARB confirmed the independent panel's finding there were several aspects around the issue that Ramaphosa had to answer to.

Congress of the People (Cope) spokesperson Dennis Bloem said the Phala Phala matter could only be resolved by a court of law.

He compared Phala Phala to former president Jacob Zuma's homestead in Nkandla, where several investigations were conducted, clearing Zuma "until the Constitutional Court ruled that there was gross abuse of taxpayer money".

Bloem noted the Public Protector also cleared Ramaphosa.

"There will always be doubt and questions about the findings of these institutions. That is why Cope is saying only the courts will put this matter to rest."

There appear to be fewer questions coming from the other side of the aisle. 

The governing ANC, in a statement, said it "welcomes" the SARB's finding.

"The determination by the South African Reserve Bank that President Cyril Ramaphosa did not violate any exchange control regulations is unambiguous and definitive.

"The African National Congress expresses its satisfaction with this conclusion and anticipates that all baseless accusations will be dispelled," read the statement from the ANC.

"The process followed with subsequent findings by the Reserve Bank vindicates our view that South Africa is a robust democracy with resilient oversight and regulatory institutions."

The Presidency merely stated: "The Presidency has noted the completion of the South African Reserve Bank [SARB)] Phala Phala investigation and the subsequent findings."