The Competition Commission has hauled some of South Africa’s top banks before the Constitutional Court, accusing them of conspiring to manipulate the Rand/US Dollar exchange rate.
Background:
Case dates back to alleged price-fixing between 2007–2013
Involves 28 local & foreign banks, including Standard Bank, Nedbank, and FirstRand
The Commission argues South Africa must be able to act against foreign firms impacting its economy
Banks deny wrongdoing, citing reputational damage
The Constitutional Court will hear arguments over four days, with the outcome set to determine the scope of South Africa’s competition law.
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‘Rand-Fixing’: Banks Face Constitutional Court Over Currency Manipulation Allegations
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