HILARY JOFFE: Overarching goals make competition watchdog prone to overreach
The bank cartel case has raised questions about the commission’s priorities and competence
17 November 2023 - 05:00
Here’s one thing about the Competition Commission’s case against 28 banks for running an alleged cartel in the foreign exchange market: the traders are accused of having colluded to “hold” the rand at R7.56 to the dollar.
In a week in which the rand was trading at a buoyant R18.23/$, some might welcome a touch of collusion. That’s assuming it would have any effect in a $15bn-a-day market — which is a big question. ..
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.