SA Competition Commission appeals rand manipulation case in Constitutional Court

South Africa’s Competition Commission has escalated its rand manipulation case to the Constitutional Court, appealing a ruling that dismissed charges against several banks. The hearing, which runs until Friday, aims to revive allegations that 13 banks colluded to rig the rand–dollar exchange rate between 2007 and 2013.

The Commission maintains that the alleged misconduct undermined South Africa’s financial system and distorted the currency market to the detriment of consumers and businesses.

Meanwhile, Future Forex CEO Harry Scherzer has called for steep fines against banks found guilty, saying that only harsh penalties will serve as a strong deterrent against future market manipulation. Scherzer told Newzroom Afrika that without accountability, the risk of repeat offenses remains high.