Cape Town – Former president Thabo Mbeki has expressed concern over the alleged involvement of nearly 30 commercial banks in manipulating the rand, the local currency.
Standard Chartered, a British multinational bank, was recently fined approximately R42 million by The Competition Commission for admitting to currency manipulation.
While this is the second bank implicated, others deny collusion.
Mbeki, speaking at the ‘Cape Town Conversation,’ emphasised the importance of investigating the matter and called on the Competition Commission to take action against those involved, EWN reported.
“The matter about the manipulation of the rand is nothing new, it happens with all of these tradeable currencies. I remember an instance when they did that in London with the British pound,” the report quoted Mbeki as saying.
He added: “I thought I saw that some of the banks are saying they are ready to cooperate, to tell the truth, including about who else was there.
“I think it’s very important that action should be taken against culprits but I think it’s a very important process, and it’s important that some of the banks want to come clean.”
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Compiled by Betha Madhomu
