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Conrada

ZAR Depreciation

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Conrada

Hey Everyone,

I quickly tried to see if this has been covered in another thread but I couldn't fine one.

I was wondering how sudden depreciation in the Rand influences our Proof of Funds? Since my application was submitted the Rand depreciated something like 13% against the CAD (in 2-3 months). I'm applying solo and had a $2000 (CAD) cushion to get me through the application process, but that cushion is getting smaller and smaller. 

If the Rand drops any further before they get to my application then the real value of my money in CAD will be lower than the requirement. I assume they will look at the current value of your capital and not what it was when you submitted?

Should I resubmit a new proof of funds amendment with updated figures of what I saved in the last couple of months?

Thanks for the input!

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MaryJane

My 2c.... I don't think it's necessary (yet). This is bound to happen since forex moves to/fro all the time, even in other parts of the world.

You will likely get a request to update proof of funds if the IRCC/Pretoria feel that it is warranted.

Good luck with your application!

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Jules

I think they view funds based on current fx when they review your file. The old fx rate when you first applied isn't the current reality. If the rand were to get so weak that you fall below a CAD$ threshold then yes you would have a problem. But as MJ said, forex is up and down so good chance the rand will come back a bit. 

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Kitcat

I agree with what @MaryJane says. We had the same concern regarding our proof of funds - we applied in April and haven't received our PR yet - but our agent informed us that everything gets locked in at the time of your AOR. I'm sure that when reviewing your file they would request updated proof of funds rather than any outright rejection as you had the required amount at the time of submitting i.e. you met the requirements.

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