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Thabo Mbeki Calls for Action Against Banks Involved in Rand Manipulation

Former President Thabo Mbeki has been praised for calling for action against individuals responsible for rand manipulation. Mbeki feels that the almost 30 banks involved in the scandal should face the consequences of messing with the national currency.South Africa praised his attitude and reaffirmed their need for decisive action.

Mbeki spoke at the Cape Town Conversation, according to eNCA. Mbeki stated that rand inflation is nothing new. He went on to say that the same thing happened with the pound. He believes it is critical to take action against the perpetrators and praised several banks for cooperating with the Competition Commission.

Meanwhile, the Treasury issued a statement regarding the suspected impact of rand manipulation. Treasury emphasized that the continuing legal proceedings must be allowed to go, and that if the claims are genuine, they demonstrate improper market practices. Treasury also stated that any rand manipulation that occurred between 2008 and 2013 could not have affected the rand’s value.

South Africans on Facebook have questioned why President Cyril Ramaphosa and Finance Minister Enoch Godongwana have remained silent.

Cebo Bhele Makupula said:

“The quietness of the president and minister of finance about this issue shows exactly that they’re just there on top as puppets, but the strings are pulled somewhere else.”

Dario de Carvalho remarked.

“The main culprit is the South African Reserve Bank.”

Refiloe Lepheane wrote:

“Let’s face it. Most rich people in business attained their wealth by not following all the rules and breaking them to the extent of fraud at certain places. We just inherited a troubled system.”

Leandile Zimvo observed:

“ActionSA is quiet. But they claim to be against corruption.”

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