Treasury and banks hit back at ‘rand manipulation’ claims
The message is loud and clear: alleged currency collusion has not hurt the currency
The alleged currency collusion with which the Competition Commission has charged 28 banks did not influence the rand exchange rate and is not the cause of the rand’s decline over the past decade, the Treasury said on Friday.
The Treasury released a statement as politicking around the commission’s eight-year-old case intensified, while SA’s big banks have come out to challenge the “false and inaccurate” notion that the currency was manipulated to “collapse the economy” (https://www.businesslive.co.za/bd/national/2023-11-20-private-sector-is-engineering-the-collapse-of-government-says-ntshavheni/) — as minister in the presidency Khumbudzo Ntshavheni claimed a week ago...
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