HILARY JOFFE: Overarching goals make competition watchdog prone to overreach
The bank cartel case has raised questions about the commission’s priorities and competence
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.