In a recent briefing, Minister in the Presidency, Khumbudzo Ntshavheni, expressed her concern over the private sector’s attempts to manipulate the South African economy by tampering with the value of the rand.
She accused certain entities within the private sector of actively working towards the collapse of the state. Ntshavheni emphasized the importance of acknowledging the manipulation of the rand and its impact on the economy.
Minister Ntshavheni stated, “We have maintained over the period that the performance of the rand and sometimes the performance of the economy has been manipulated by the private sector, who have no interest in the development of this country.”
The minister went on to explain that these actions by the private sector were part of a larger agenda to undermine the government and destabilize the economy.
She stated, “That’s why they also self-feed into the narrative that there is a collapsing state [and] there’s a collapsing economy because that’s what they wish for, and their actions do that.”
Despite these efforts, Ntshavheni reassured the public that the South African economy remains resilient. She highlighted the strength of the economy and its ability to withstand such manipulations. “But, despite those efforts, the South African economy continues to be resilient,” she affirmed.
Addressing the recent admission by UK-based multinational bank, Standard Chartered, of manipulating the rand, Ntshavheni expressed her satisfaction that the bank had agreed to testify against other implicated banks in the Competition Commission’s pursuit.
This collaboration will help ensure that those responsible for manipulating the rand face consequences.
Ntshavheni stated, “At least we now have Standard Chartered to form part of the witnesses in the prosecution so that we can have recourse. People cannot be left untouched because they want to collapse this country. There must be consequences, and there will be consequences.”
The minister’s strong stance against the private sector’s manipulation of the rand sends a clear message that such actions will not be tolerated. She emphasized the need for accountability and consequences for those involved in these activities.
It is crucial to recognize the impact of currency manipulation on the economy. The value of the rand affects various aspects, including imports, exports, and foreign investments. Any attempts to artificially control its value can have far-reaching consequences for the country’s economic stability.