Competition Commission is in Charge of Rand Manipulation Probe, Asserts SARB

In the ongoing rand manipulation probe, South African Reserve Bank (SARB) Governor Lesetja Kganyago has emphasised that the Competition Commission should be allowed to conduct its probe independently.

According to Eyewitness News, the commission scrutinises nearly 30 commercial banks for suspected price-fixing practices related to the South African local currency.

Recently, the Competition Commission fined Standard Chartered R42 million after the bank admitted to participating in currency manipulation. This development follows a similar settlement with another banking firm involved in the scandal.

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While the SARB, responsible for safeguarding the rand’s value, is under scrutiny, Governor Kganyago stated that the Competition Commission can investigate market abuse or manipulation.

Political parties are calling for the central bank’s accountability and the imposition of sanctions on transgressing banks.

Kganyago affirmed that the commission, as a competent authority, should be allowed to execute its investigation without unnecessary interference. He added that the SARB is ready to assist if required. Still, he cautioned against burdening the commission with constant commentary during their investigative process.

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Picture: Facebook / Break The Silence About South Africa

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