Reserve Bank governor Lesetja Kganyago has weighed in on the Competition Commission’s eight-year case against 28 banks for alleged foreign exchange market collusion, saying the Bank conducted its own investigation at the time but the commission is the “competent authority” on allegations of market abuse and the process should take its course.

The Bank launched its investigation in response to reports of global forex market abuses in 2014, even though there was no evidence of any misconduct by banks trading the rand. Its report, which was published on its website, recommended that a code of conduct be developed for the forex market, and the Bank also pledged its commitment to the global code of conduct that many central banks signed up to at the time...

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