SARB: Rand manipulation probe in the hands of Competition Commission
The South African Reserve Bank says it refuses to meddle in the Competition Commission’s probe into claims of rand manipulation.
Almost 30 commercial banks are under fire for alleged price fixing involving the South African local currency.
Last week, the Competition Commission fined British multi-national bank Standard Chartered R42 million after it admitted to engaging in currency manipulation.
It’s the second banking firm to agree to a settlement since the scandal broke.
The reserve bank – whose job it is to protect the value of the rand – has now also come under scrutiny.
Political parties are among those now calling for the central bank to account for the saga and to sanction banks found to be transgressors.
Speaking at the announcement of the policy rates on Thursday – SARB governor Lesetja Kganyago told journalists that the Competition Commission has jurisdiction over the matter.
“Should they require any further assistance from us, they will get it. But they are the competent authority to investigate any allegations of market abuse or market manipulation.
“They must be given the space to do their work and follow their processes and we should not burden them with asking for running commentary. Beyond that, you are not going to get any further comment from the reserve bank,” he said.
-EWN
In other news – Big Brother Titans winner Khosi Twala on her fans gifting her over R500K since winning the show
Khosi Twala‘s dedicated fan base, called Khosi Reigns, continues to shower her with more money, apart from her receiving a $100,000 (about R1.6m) cash prize when crowned the Big Brother Titans winner.
The reality TV star recently had a luncheon organized by her fans in Rosebank where they showered her with many gifts and cash in the form of a money bouquet and a money cake. “My journey since Big Brother has been quite interesting. It has taken a great turn. I thought by now people would be over my winning or celebrating me, Read More
