• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Economy

South Africa plans tougher rules in wake of Rand-rigging probe

2 years ago
in Economy, Features, highlights, Home, home-news, latest News
1 min read
0 0
0
67
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

South Africa plans tougher rules in wake of Rand-rigging probe

South Africa plans to tighten up its regulation of financial markets, after a top bank admitted to taking part in manipulation of the rand.

Legislation will be introduced next year to widen oversight of trading in over-the-counter derivatives and foreign currency, the National Treasury said on Friday.

“Reforms already undertaken since the Standard Chartered misconduct between 2007 and 2013, as well as the additional reforms proposed, demonstrate government’s commitment to fair, transparent, and efficient financial markets,” it said in a statement.

Standard Chartered Bank agreed this month to pay a 42.7 million rand ($2.35 million) penalty to settle a multiyear probe by South African antitrust regulators focused on the lender’s participation in an alleged cartel to manipulate the value of the rand.

South Africa’s ruling African National Congress said last week that banks found to have manipulated the currency should be charged with economic sabotage.

The probe confirmed Standard Chartered traders helped each other by “allowing a trader with a large open risk position to complete his trades first before trading and through holding and/or pulling their trades to reverse liquidity for each other,” the Treasury said.

RelatedPosts

Value of Mobile Money Transactions Hit GHS 323.2bn in June

Alex Mould Questions BoG’s 25% Policy Rate Amid Ample Market Liquidity and Falling Inflation

Chamber of Agribusiness Calls for Sector-Wide Price Cuts and Urgent Government Support to Curb Food Crisis

It noted that other banks under scrutiny by the commission had denied wrongdoing and continue to challenge the allegations.

The Treasury said the malpractice wasn’t to blame for a slide in the rand, which has fallen 47% against the dollar in the past decade amid concerns over crime, corruption and economic stagnation.

“Whilst the wrongdoing described by the Competition Tribunal harmed individual clients, it would not have influenced the depreciating trend of the currency since 2013, the level of which is driven by broader changes in the global and domestic economy,” it said.

The currency-manipulation saga started in 2015, when the country’s Competition Commission alleged that banks including JPMorgan Chase & Co., BNP Paribas SA, Bank of America Corp. and Investec colluded to rig the value of the rand against the dollar.

The inquiry followed a global probe into currency manipulation that was exposed two years earlier, triggering investigations in the US and the UK, and resulting in billions of dollars in settlements.

Tags: RandSouth AfricaSouth Africa plans tougher rules in wake of Rand-rigging probe
No Result
View All Result

Highlights

The Perils of Market Interventionism: When Political Pressures Threatens Ghana’s Economic Gains – The Way Forward

GAB Projects Drop in Lending Rates Starting August 6 Following BoG’s 300bps Policy Rate Cut

Local Bourse Rallies Strongly as GSE-CI Hits Near 7,000 Mark

Treasury Exceeds Auction Target of GHS 3.86 Billion Amid Tightening Yields

BoG Raises GHS 15.38 Billion via 56-Day Bills to Reinforce Tight Monetary Policy Stance

Passage of Competition Law Key to Tackling DSTV’s Market Dominance – CUTS International

Trending

Business

Value of Mobile Money Transactions Hit GHS 323.2bn in June

August 4, 2025

Value of Mobile Money Transactions Hit GHS 323.2bn in June The total value of mobile money transactions...

Alex Mould Questions BoG’s 25% Policy Rate Amid Ample Market Liquidity and Falling Inflation

August 4, 2025

Chamber of Agribusiness Calls for Sector-Wide Price Cuts and Urgent Government Support to Curb Food Crisis

August 4, 2025

The Perils of Market Interventionism: When Political Pressures Threatens Ghana’s Economic Gains – The Way Forward

August 4, 2025

GAB Projects Drop in Lending Rates Starting August 6 Following BoG’s 300bps Policy Rate Cut

August 4, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.