28 big banks, including five South African, are set to face the music at the Competition Tribunal over allegations of manipulating the dollar-rand (USD/ZAR) trades. busrep
JOHANNESBURG - 28 big banks, including five South African, are set to face the music at the Competition Tribunal over allegations of manipulating the dollar-rand trades.
It also alleged that the banks had divided markets by allocating customers in the USD/ZAR currency pair. “It is the responsibility of the South African authorities to get to the bottom of these serious allegations about the manipulation of our currency, wherever it occurred.” New banks added to the charge sheet are the Nedbank Group, Rand Merchant Bank, which is constituted by RMB Holdings, and FirstRand Bank, and Standard Americas Inc.
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