Standard Chartered agrees to pay R43m after admitting to currency manipulation

15 Nov 2023

Dimakatso Leshoro

Share your Subscriber Article

You have 5 articles to share every month. Send this story to a friend!

Loading, please wait...

0:00

The Competition Commission is this week hearing the appeals of 28 local and foreign banks accused of collusion in the manipulation of the rand/dollar exchange rate.

Photo: Waldo Swiegers / Bloomberg

BUSINESS

UK-based multinational, Standard Chartered Bank, on Wednesday admitted guilt in the manipulation of the rand/US dollar currency pair and agreed to pay an administrative penalty of R42 715 880.

The bank was one of 28 local and international banks accused of taking part in complex collusion of the manipulation of the rand/US dollar exchange rate between 2007 and 2013, which negatively affected the value of the South African currency.

Read this for free

South Africans need to be in the know if we want to create a prosperous future. News24 has kept the country informed for 25 years, and we're about to enter a new chapter of fearless journalism. Join our free subscription trial to unlock this story and a world of news aimed to inform, empower, and inspire.

Already a subscriber? Sign in

Next on City Press

R1 billion boost for Eastern Cape small-scale dagga farmers

15h ago

description

username

Show Comments ()