Former President Thabo Mbeki has called on the Competition Commission to thoroughly investigate the allegations of rand manipulation by commercial banks.
Nearly 30 banks are currently facing scrutiny for their alleged involvement in price fixing related to the South African local currency.
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Standard Chartered, a British multinational bank, was recently fined approximately R42 million by the Competition Commission after admitting to engaging in currency manipulation.
While Standard Chartered is the second bank to be implicated in this scandal, many other banks have denied colluding to inflate their profits.
Speaking at the ‘Cape Town Conversation’ event, Thabo Mbeki expressed concern over these claims, stating that currency manipulation is not a new phenomenon and has occurred with other tradable currencies in the past.
Mbeki emphasized the importance of the Competition Commission uncovering the truth behind these allegations. He noted that some banks have expressed willingness to cooperate and disclose further information, including the involvement of other parties.
“Taking action against the culprits is crucial, but it is equally important to ensure a fair and transparent process,” Mbeki stated. “The fact that some banks are willing to come forward and reveal the truth is significant.”
The former president’s call for a thorough investigation highlights the need to address any wrongdoing and maintain the integrity of the financial sector.
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The Competition Commission plays a vital role in ensuring fair competition and preventing anti-competitive practices.
By uncovering the truth behind the alleged rand manipulation, the Commission can take appropriate action against any guilty parties and restore confidence in the banking industry.
