# South Africa's rand currency 'rigged by banks' - BBC News

> Local and international banks, including Barclays, JP Morgan and HSBC, were accused by South Africa's competition watchdog of rigging the rand, using online chat rooms to coordinate fictitious bids and offers. The regulator has called for fines of 10% of in-country annual turnover, and the banks are likely to face prosecution at the Competition Tribunal.

- Date: 2017-02-16 · published 2017-02-16T12:00:00.000Z
- Category: policy · region South Africa · magnitude low
- Page: https://feedsoft.ai/events/72788-south-africa-s-rand-currency-rigged-by-banks-bbc-news
- Commodities: [South African Rand (ZAR per USD)](https://feedsoft.ai/c/USDZAR.md)

## Why it matters

The allegations concern market integrity and may add to pressure on the rand through political and credit risk. Feed buyers exposed to rand-dollar costs should note the risk, though the direct price effect is small.

## Read by commodity

- USDZAR: neutral

## Sources

- bbc.com: https://www.bbc.com/news/world-africa-38992753

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