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Banks implicated in fixing the rand price are unlikely to be hit with heavy penalties, say analysts. The Competition Commission on Wednesday recommended that the Competition Tribunal punish 15 local and foreign-owned banks operating in South Africa for price-fixing. If the tribunal agrees, the banks face a fine of up to 10% of their annual turnover. The commission's investigation started in April 2015 and goes back to 2007. Standard Bank could be fined tens of billions of rands if it were found that its traders colluded in fixing the prices at which they bought and sold rands. The Times has calculated that, with about R515bn in income from banking operations between 2007 and 2014, the bank would have to pay R51bn in fines. But the implicated banks would have to pay much less if the fine were calculated on the turnover of their currency units, said Intellidex analyst Stuart Theobald. The commission investigated Standard, Investec and Absa but has exempted Absa from penalties because ...

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