We did not manipulate the rand – Standard Bank

Standard Bank said it has not manipulated the value of the rand and has not engaged in any anti-competitive or criminal conduct.

The statement comes amidst a storm regarding South African currency manipulation by a slew of banks.

Standard Chartered Bank had recently been fined R43 million for manipulating the rand against the US dollar.

The UK-based multinational bank pleaded guilty to using illegal tactics to manipulate the rand between 2007 and 2013.

The illegal tactics involved fixing bids, offers, bid-offer spreads, spot exchange rates, and the exchange rate at the FIX.

Standard Chartered is one of 28 banks prosecuted by the Commission for manipulating the USD/ZAR currency pair.

South Africa’s biggest banks, including Standard Bank, Absa, FirstRand, Investec, and Nedbank, form part of the Competition Commission’s investigation.

Numerous stakeholders, including South Africa’s ruling party, have called for significant penalties and criminal charges against those involved.

Despite social pressure, Standard Bank hit back at media and social media related to its involvement in currency manipulation.

“These comments incorrectly link unrelated and unfounded allegations with the Competition Commission inquiry currently under adjudication before the Competition Appeal Court,” it said.

“Standard Bank has not manipulated the value of the Rand. Standard Bank has not engaged in any anti-competitive or criminal conduct. All such claims are false.”

It added that it will continue to use every avenue provided to it in law to defend itself against these false allegations.