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Citibank agrees to settle over forex fixing scandal

Last week, the case of 18 local and foreign banks - accused of manipulating the rand/dollar exchange rate - was referred to the Competition Tribunal.

Picture: Supplied

JOHANNESBURG - The Competition Commission says it has reached a settlement with Citibank in connection with an international forex trading cartel.

Last week, the case of 18 local and foreign banks - accused of manipulating the rand/dollar exchange rate - was referred to the Competition Tribunal.

Citibank says it has agreed to pay an administrative penalty of R69.5 million.

The Competition Commission says Citibank has undertaken to cooperate in the matter and they are witnesses to assist in the prosecution of others in the illegal trading. Absa, Standard Bank and Investec are among local banks implicated in the fixing of the exchange rate.

At least three local traders have already been suspended after being investigated.

Investec said on Friday it would also cooperate with the commission, saying that only one of its traders was involved.

The Competition Commission has recommended that fines mounting to 10% of annual revenue for the local banks implicated.

The bank index has been trading at over 1% lower this afternoon.