Bank denies ‘sabotage’

MULTINATIONAL banking company Barclays employed over 30 000 people in South Africa and more than 42 000 in Africa, and therefore claims by the ANC Youth League that it was sabotaging the economy could not be true.

The ANCYL identified Barclays, among other banks, as being behind moves to weaken the economy by “excessively and aggressively selling our currency”, and this had created panic in international commodity trading platforms.

The plan, said the ANCYL, was to sell “so much of the rand currency in order to drive down its price and then to later repurchase it, which will push up its value as demand for it increases”.

Yesterday, however, Barclays denied the league’s claims.

“We reject the allegations in the strongest terms possible and find the comments made by the ANCYL to be highly irresponsible and untrue. The main reasons for the recent volatility in South Africa’s currency have been credibly explained by the SA Reserve Bank,” a Barclays Africa Group spokesman said.

“We conduct our operations in South Africa and across our continent in a responsible manner, complying fully with the legal requirements and regulations set out by the authorities.

“The Barclays Africa Group employs over 42 000 people across Africa and over 30 000 in South Africa. We are listed on the JSE; pay tax in South Africa and serve more than 10 million customers and clients. “Our business makes a significant contribution to South Africa and indeed to each of the economies in which we operate,” he said. –