- The nation is in an uproar and is baying for the blood of the South African Reserve Bank and governor, Lesetja Kganyago
- South Africans want the Reserve Bank to take action and be accountable for the rand manipulation saga
- Netizens discussed their thoughts on the matter and believed that the SARB must have been aware of this
Tebogo Mokwena, a Briefly News current affairs journalist in Johannesburg, South Africa, covered policy changes and elections at Daily Sun and Vutivi News for over seven years.
South Africans demanded action against the South African Reserve Bank and the Reserve Bank governor, Lesetja Kganyago. Calls are mounting for the SARB to take accountability for the role it allegedly played in the rand manipulation saga. Political parties like the Pan Africanist Congress and ordinary citizens called for Kganyago and the SARB to be investigated.
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The PAC posted on its X account, @MyPAConline, calling for him to address the banks' actions that devalued the rand. Standard Charter was fined R43 million after it admitted to manipulating the rand. The Competition Commission investigated the bank in 2015 and accused it of conspiring with other banks to control the rand.
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Netizens agreed with him and did not pull punches against the SARB.
Vusi Samo said:
“Our SARB governor is usually very vocal on matters under his jurisdiction. Has he made any pronouncement yet on this freshly unfolding matter?”
“The effects of rand manipulation have been astronomical. The SARB, as the Prudential Authority, has to come down very harshly on this.”
SAN wanted to know:
“Why are we not on the streets protesting and showing our displeasure? Are we waiting for all to collapse?”
Tawana M wrote:
“We are being undermined by Cyril’s administration and his masters. Sad this is we allowed it to continue happening.”
I am a Makathini added:
“The results of having a Reserve Bank being privately owned.”
Lesetja Kganyago warns of sanctions
In a similar article, Briefly News reported that Reserve Bank governor Lesetja Kganyago warned earlier this year that South Africa's stance on the Russian invasion could lead to sanctions.
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Kganyago asserted that if the government continues its neutral stance on the Russian-Ukrainian war, it could get hit with financial sanctions the country cannot afford. South Africans were angry at Kganyago and asked why he commented on political issues.
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Source: Briefly News