Thabo Mbeki Applauded After Calling for Action Against Banks Involved in Rand Manipulation

Thabo Mbeki Applauded After Calling for Action Against Banks Involved in Rand Manipulation

  • Former South African statesman Thabo Mbeki shared his opinion about the rand manipulation saga
  • He urged that those found guilty of influencing the currency must be held accountable
  • The national Treasury denied that any rand manipulation affected the currency, and South Africa wanted to know why those in power were silent

Tebogo Mokwena, Briefly News's current affairs journalist, offered coverage of current affairs and societal issues during his seven years at Daily Sun and Vutivi Business News.

Former President Thabo Mbeki said those guilty of rand manipulation must pay
Thabo Mbeki was applauded for his stance on the rand manipulation saga. Images: Fani Mahuntsi/Gallo Images via Getty Images and RapidEye
Source: Getty Images

Former president Thabo Mbeki has been applauded for demanding that action be taken against those guilty of rand manipulation. Mbeki believes that the more than 30 banks implicated in the saga must face the consequence of tampering with the national currency. South Africa appreciated his stance and reiterated their call for solid action.

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Mbeki calls for rand manipulation

According to eNCA, Mbeki spoke while attending the Cape Town Conversation. Mbeki said that the inflation of the rand value is not new. He added that the same thing happened with the pound. He believes it is essential to take action against the culprits and applauded some banks that have come forward to cooperate with the Competition Commission.

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Treasury downplays rand manipulation

Meanwhile, the Treasury released a statement about the alleged impact of the rand manipulation. Treasury stated that the ongoing legal processes must be allowed to run their course and that if the allegations are true, they indicate poor market practices. Treasury also added that any rand manipulation that took place between 2008 and 2013 could not have had an impact on the rand's value.

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SA questions silence of minister and president

South Africans on Facebook questioned why President Cyril Ramaphosa and the Minister of Finance, Enoch Godongwana, have not broken their silence.

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.”

SA demands Reserve Bank and Kganyago take accountability

In another rand manipulation-related story, Briefly News reported that South Africans demanded that the South African Reserve Bank and governor Lesetja Kganyago be held accountable for the rand manipulation.

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The rand manipulation saga trended after Standard Charter Bank admitted to manipulating the rand and was fined over R40 million. South Africans were worried about the SARB and Kganyago's silence and urged them to speak up.

Source: Briefly News

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