Why SA banks should pay attention to what’s happening in London

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To understand Libor, one has to take a step back and remember that loans can have a fixed or variable interest rate. When the rate is fixed, the interest rate will remain the same during the life of the loan. Picture: iStock/ Nerthuz
To understand Libor, one has to take a step back and remember that loans can have a fixed or variable interest rate. When the rate is fixed, the interest rate will remain the same during the life of the loan. Picture: iStock/ Nerthuz

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Five South African banks face new charges of dollar-rand manipulation, after the Competition Appeal Court dismissed their appeal in February and the Competition Commission issued a new charge sheet last Tuesday.

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ANC secretary-general Ace Magashule has written a letter suspending party president Cyril Ramaphosa in apparent retaliation after he was served with a letter of suspension on Wednesday.
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