Standard Bank, Nedbank deny manipulating the rand

Standard Bank, Nedbank deny manipulating the rand

Standard Bank and Nedbank have both issued vigorous denials amid the probe by the Competition Commission into the manipulation of the rand.


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A currency collusion report by the Competition Commission has charged 28 banks with involvement in a scheme to manipulate the rand-US dollar exchange rate.


This is between 2007 and 2013.

ALSO READ: ATM asks Ramaphosa for rand manipulation inquiry


Standard Bank, Absa,  Investec, Citibank, First Rand Bank, Barclays,  Merrill Lynch, Nedbank, and Standard Chartered are some of the banks listed.


Standard Bank and Nedbank have denied any involvement in the anti-competitive behaviour of fixing the US dollar-rand exchange rate or manipulating the value of the rand.


Standard Bank says the claims are false and has vowed to use every avenue in the law to defend itself, while Nedbank also vowed to defend itself.

It has, however, said it will abide by the outcome of the appeal.


Meanwhile, the national treasury said it will introduce further legislation to ensure financial markets are fair and transparent and operate with integrity.      



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