# Competition court says global banks can be fined in South Africa over alleged rate rigging

> South Africa's competition watchdog is seeking to fine 23 local and foreign banks that it alleges colluded in quoting rand and dollar prices to customers. The case is part of a wider global crackdown on rate rigging.

- Date: 2020-02-28 · published 2020-02-28T12:00:00.000Z
- Category: policy · region South Africa · magnitude low
- Page: https://feedsoft.ai/events/54870-competition-court-says-global-banks-can-be-fined-in-south-africa-over-alleged
- Commodities: [South African Rand (ZAR per USD)](https://feedsoft.ai/c/USDZAR.md)

## Why it matters

The case concerns banking conduct in currency markets and has little direct bearing on feed commodity supply, demand or prices.

## Sources

- reuters.com: https://www.reuters.com/article/us-safrica-currency-rigging/competition-court-says-global-banks-can-be-fined-in-south-africa-over-alleged-rate-rigging-idUSKCN20M2H4/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.