BLSA Statement: Banks' currency trading collusion announcement
Date: 6 February 2017 | Author: Business Leadership South Africa | Category: Media Statement
Business Leadership South Africa (BLSA) affirms its support of an open and competitive economy that improves South Africa’s productivity, competitiveness and facilitates fair and inclusive participation by all.
In the case of the South African Competition Commission’s investigation into the manipulation of currency trades, BLSA is clear that we are against anti-competitive and collusive behaviour.
The international credibility of the Rand and South Africa’s standing as a respected exporter and importer is founded on a free floating currency, which cannot be compromised by interference in the market.
We support the ongoing investigation and believe that the law should follow its course.
We note that the Reserve Bank is working on regulations to tighten and improve market conduct in this regard. We support the principles of that work and we hope the Reserve Bank will work with the banking sector to achieve safeguards for the public and the economy that do not unduly restrict the functioning of the sector.
It is important for all parties act responsibly and speak with consideration. We have competent institutions that are overseeing this investigation.
We are confident the competition authorities will execute their mandate without fear or favour and with no undue influence.