Rand Manipulation: SA Demands Accountability From Reserve Bank and Governor Lesetja Kganyago

Rand Manipulation: SA Demands Accountability From Reserve Bank and Governor Lesetja Kganyago

  • 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.

The South African Reserve Bank Governor and the SARB have been called to account for the rand manipulation saga
Mzansi is not tolerating the SARB and Lesetja Kganyago's silence over the rand manipulation saga. Images: Waldo Swiegers/Bloomberg via Getty Images
Source: Getty Images

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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Mzansi demands action against banks

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.

In its statement, the PAC urged Kganyago to salvage his image. The PAC asked the Reserve Bank what it would do to the banks found guilty of damaging the rand. Read the complete statement here.

X user @KhandaniM pointed out that it's not likely that the SARB was unaware that rand manipulation was taking place under their noses. View his tweet here.

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Mzansi agrees with PAC and KhandaniM

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?”

Eternity remarked:

“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

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