Sarb wants riggers held accountable

The South African Reserve Bank wants commercial lenders involved in the rand currency rigging scandal to be held accountable, deputy governor Daniel Mminele said yesterday.

The Competition Commission said last week it had found more than a dozen local and foreign banks had colluded to coordinate trading in the rand and the US dollar using an instant chat room called “ZAR Domination”.

The bank saw the allegations in a serious light, Mminele said.

“The South African Reserve Bank ... is of the view that those found to have violated the law should accept full responsibility for their actions and be held accountable, and corrective measures should be implemented.”

The commission began its investigation in April 2015, joining an international probe into the manipulation of exchange rates that led to banks paying $10 billion in settlements. –