Rand manipulation part of private sector's efforts to destabilise govt - Cabinet
Last week, the Competition Commission fined British multinational bank, Standard Chartered, R42 million after it admitted to engaging in currency manipulation.
JOHANNESBURG - Cabinet said that manipulation of the rand was part of the private sector’s ongoing efforts to destabilise the government.
Last week, the Competition Commission fined British multinational bank, Standard Chartered, R42 million after it admitted to engaging in currency manipulation.
READ: South Africa fines Standard Chartered for currency manipulation
Briefing the media on the outcomes of a Cabinet meeting on Monday, Minister in the Presidency Khumbudzo Ntshavheni said the incident was a reminder that South Africa’s private sector had no interest in the development of the country.
"That is why they also self-feed into the narrative that there's a collapsing state, there is a collapsing economy because that is what they wish for and their actions do that but despite those efforts, the South African economy continues to be resilient. And in terms of the work that is being done by the Competition Commission, Standard Chartered has agreed to testify against other banks."
