Reserve Bank wants accountability in rand rigging scandal
Deputy governor Daniel Mminele says those who broke the law must accept responsibility and corrective measures must be implemented
The South African Reserve Bank wants commercial lenders involved in the rand currency rigging scandal to be held accountable, deputy governor Daniel Mminele said on Friday. The Competition Commission said last week that it had found more than a dozen local and foreign banks had colluded to co-ordinate trading in the rand and the dollar using an instant chat room called "ZAR Domination". The central bank saw the allegations in a serious light, Mminele said in a speech posted on the Bank’s website. "The South African Reserve Bank ... is of the view that those found to have violated the law should accept full responsibility for their actions and be held accountable, and corrective measures should be implemented," Mminele said. He said a resolution of the matter, without undue delay or prolonged uncertainty, was in the interests of SA’s financial markets and the banking system. "It is also important, however, that we do not jump to conclusions and allow the steps now initiated to be com...
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