SA Banks Accused of Price-Fixing

Three of the country's biggest banks implicated

The Competition Commission has referred a case to the tribunal for prosecution for alleged price-fixing against 17 banks, including three of South Africa's largest banks.

The watchdog has been investigating a case of collusion and market allocation in the trading of foreign currency pairs involving the rand since April 2015.

The commission said it had discovered that for at least nine years, the banks had agreed to collude on prices for deals for spot trades on trading involving US dollar/rand pairings.

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Huffington Post South Africa

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