for subscribers

Commissioner grilled on banks collusion, impact on rand

Share your Subscriber Article
You have 5 articles to share every month. Send this story to a friend!

Cape Town – Although the rand is one of the most traded currencies in the world, particularly among emerging market currencies, there is no evidence yet that the collusive practices of banks influenced its value, said Competition Commissioner Tembinkosi Bonakele on Tuesday.

Bonakele briefed Parliament on the Competition Commission’s decision to  refer a collusion case to the Competition Tribunal for prosecution against 17 banks, including three of South Africa's big banks.

Bonakele was asked whether the collusion could have caused the rand to trade at a meaningfully different value.

There’s more to this story
Subscribe to News24 and get access to our exclusive journalism and features today.
Subscribe
Already a subscriber? Sign in
ZAR/USD
17.63
(-0.04)
ZAR/GBP
23.01
(-0.05)
ZAR/EUR
20.79
(-0.01)
ZAR/AUD
12.62
(-0.03)
ZAR/JPY
0.17
(-0.01)
Gold
2034.21
(+0.05)
Silver
28.28
(+0.09)
Platinum
961.50
(+0.38)
Brent Crude
44.55
(-1.53)
Palladium
2166.01
(+0.63)
All Share
56757.73
(-1.56)
Top 40
52435.65
(-1.72)
Financial 15
9897.96
(+0.10)
Industrial 25
74671.49
(-1.98)
Resource 10
58948.78
(-1.89)
All JSE data delayed by at least 15 minutes morningstar logo
Company Snapshot
Voting Booth
Do you think it was a good idea for the government to approach the IMF for a $4.3 billion loan to fight Covid-19?
Please select an option Oops! Something went wrong, please try again later.
Results
Yes. We need the money.
11% - 933 votes
It depends on how the funds are used.
74% - 6254 votes
No. We should have gotten the loan elsewhere.
15% - 1285 votes
Vote