Only a few months after SA banks were accused of running a trillion-rand currency manipulation scheme and being part of a grand private sector conspiracy to undermine government, a Competition Appeal Court judgment has been published that hopefully brings a halt to the hysteria.

Central to the saga was the Competition Commission’s decision to lodge a case against 28 local and international banks that were accused of manipulating the rand. The genesis of the story seemed solid enough. A few years ago a range of international banks had been found to be engaging in fixing the all-important Libor borrowing rate, to the detriment of every market participant...

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