Bank collusion may have made rand stronger - financial analyst

Intellidex financial analyst, Stuart Theobald, says it's difficult to measure the impact of currency manipulation by 17 major banks who have now been referred to the Competition Tribunal by Competition Commission.

The 17 banks including Absa, Standard Bank and Investec have been involved in collusion, faking bids to distort supply and demand of the currency from at least 2007.

Any impact it had would have [been] slight and very temporary.

Stuart Theobald, Intellidex financial analyst

We certainly can't say it has the effect of driving the rand weaker, it might very well have driven it stronger.

Stuart Theobald, Intellidex financial analyst

In any event it only concerned 60 seconds during a trading day, so not something that would have had much dramatic impact in a long run or even a long day.

Stuart Theobald, Intellidex financial analyst

Theobald says this may be linked to the ongoing battle between the banks and Gupta family and their supporters, who are also pro-President Jacob Zuma.

On Thursday, Zuma said government is committed to protecting the country's economy against market abuse, price fixing and collusion.

Listen to Stuart Theobald below explaining the Competition Act on bank collusion...


This article first appeared on 702 : Bank collusion may have made rand stronger - financial analyst


Recommended

by NEWSROOM AI
Read More
Wits Nehawu members down tools over salaries

Wits Nehawu members down tools over salaries

Nehawu Wits acting secretary Tumisho Madihlaba says negotiations with management deadlocked resulting in a strike.

Former Eskom interim CEO Sean Maritz under fire for signing off R400 mil payment

Former Eskom interim CEO Sean Maritz under fire for signing off R400 mil payment

‘Documents show that the fee contract was entered into by Anoj Singh & signed off by the acting CEO Sean Maritz' - Chris Yelland

May the Fourth be with you, a celebration of Star Wars Day

May the Fourth be with you, a celebration of Star Wars Day

May 4 marks "May the Fourth be with you," Day celebrated by fans George Lucas' fans of his Star Wars global movie franchise.

Alleged bank collusion may have increased volatility of rand - economist

Alleged bank collusion may have increased volatility of rand - economist

Currency traders from across the world reportedly used many platforms to distort the market in a case of bank collusion.

Timing of bank collusion case can't be ignored-  political analyst

Timing of bank collusion case can't be ignored- political analyst

Competition Tribunal to investigate 17 major banks for currency manipulation, at a time when Gupta family was in the spotlight.

Three of SA's big banks accused of collusion

Three of SA's big banks accused of collusion

Competition Commission referred a collusion case to the Tribunal for prosecution against 17 banks.

Popular articles
Pieter du Toit on VBS, Malema's EFF and contradicting ethics

Pieter du Toit on VBS, Malema's EFF and contradicting ethics

Malema has accused the rogue unit of still being operational and Pravin Gordhan of working in the background against the EFF.

Zondi tells court that she had to 'look happy' in church out of fear for Omotoso

Zondi tells court that she had to 'look happy' in church out of fear for Omotoso

Cheryl Zondi is testifying against Pastor Timothy Omotoso who is accused of rape and human trafficking in his Durban church.

[WATCH] A golden buzzer for South African trio on talent show

[WATCH] A golden buzzer for South African trio on talent show

Khabazela shares some of the most popular tweets, posts, and videos on 'What's gone viral'.

'The EFF seems to be trying to find scapegoats'

'The EFF seems to be trying to find scapegoats'

Deputy Editor at Financial Mail, Sikhonathi Mantshantsha, seems to be finding excuses as to why its leaders are in trouble.

VBS gave Zuma R8.5m before any security was provided for loan - News 24 journo

VBS gave Zuma R8.5m before any security was provided for loan - News 24 journo

News 24 investigative journalist Kyle Cowan reports that Zuma was granted the loan despite the fact that he could not afford it.

Julius Malema is captured, says Kenny Kunene

Julius Malema is captured, says Kenny Kunene

Kenny Kunene describes the issues he has with EFF leader Julius Malema.