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What does the USD/Rand foreign exchange manipulation scandal mean for Botswana?

Tuesday, November 28, 2023 | 8760 Views |

Slippery ground: The South African rand has lost significant value in recent years PIC: GETTYIMAGES

Last week news reports came out that Standard Chartered Bank had agreed a settlement with the Competition Commission of South Africa to pay a fine of ZAR43 million in relation to accusations of foreign exchange manipulation between the years of 2008 and 2017.

This case had originally been brought against 27 banks including Standard Chartered, Barclays now known as ABSA, FNB, Nedbank, Citibank and many other mainly international banks. The case alleged that the 27 banks were colluding to manipulate the Rand foreign exchange rate against the Dollar in a bid to make undue profits.

In 2017, Citibank agreed to a fine of ZAR63 million. In March 2023, the Competition Commission passed a judgement finding these banks guilty of manipulation of the Dollar/Rand exchange rate but since then, all of the banks have been appealing and objecting to the judgement; with this admission of guilt by Standard Chartered Bank breaking the ranks.

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