The Competition Commission should not stop at the prosecution of bank traders who manipulated the rand exchange rate. It should undertake a full investigation into the competitiveness of foreign exchange services as a whole in SA. The bank traders manipulated a small part of the market that only affected very large companies. But in SA, it is the poorest sections of society that face the biggest rip-offs in foreign exchange transactions. A World Bank study late in 2016 found that SA is the most expensive among the Group of 20 (G-20) states for sending remittances abroad. It costs an average of 17.9% to send $200 from SA to another G-20 country. That is more than double the average cost for the G-20 and eight times the lowest-cost country, Russia, at 2.1%. SA ranks second on the cost of remitting money into the country with costs of 8.1%, following China (10.3%).For instance, at the weekend, Rennies was offering US dollar notes for R13.3445 and buying them for R12.4706. That means th...

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