# South African watchdog fines Citi $5 mln to settle currency rigging probe

> South Africa's Competition Commission fined the local arm of Citigroup 69.5 million rand (about $5.3 million) for its part in a foreign currency trading cartel. The regulator said traders at more than a dozen banks coordinated trading in the rand and dollar, including through fictitious bids and offers.

- Date: 2017-02-20 · published 2017-02-20T12:00:00.000Z
- Category: policy · region South Africa · magnitude low
- Page: https://feedsoft.ai/events/72786-south-african-watchdog-fines-citi-5-mln-to-settle-currency-rigging-probe
- Commodities: [South African Rand (ZAR per USD)](https://feedsoft.ai/c/USDZAR.md)

## Why it matters

The fine is a penalty for past currency manipulation and has little direct bearing on the rand's level or on feed ingredient prices. It may affect how banks handle rand trading going forward.

## Read by commodity

- USDZAR: neutral

## Sources

- reuters.com: https://www.reuters.com/article/business/finance/south-african-watchdog-fines-citi-5-mln-to-settle-currency-rigging-probe-idUSKBN15Z1J6/

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