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Almost 30 commercial banks are under fire for alleged price fixing involving the South African Rand. British multinational bank, Standard Chartered, was recently fined almost R42 million by The Competition Commission after it admitted to engaging in a currency manipulation scheme, fiddling with the rand-US dollar exchange rate between 2007 and 2013 for their own profits.
Minister in the Presidency Khumbudzo Ntshavheni has used the case to make unfounded claims that the private sector has been engineering the collapse of government and South Africa’s economy. Other politicians also jumped on the bandwagon, claiming that private banks were destroying the value of the rand while making trillions of rands in profit due to the manipulation. As Dan shows, trillions just ain't possible.
Banks Competition Tribunal Rand Rand Manipulation South Africa Economy Standard Chartered Bank The Competition Tribunal
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