SARB says no illegal trades in rand collapse
NEWS
JOHANNESBURG -- A commission set up to investigate the swift decline of the South African rand last December, has heard that the South African Reserve Bank (SARB) did not observe any illegitimate trades during the rand’s fall.
All FX trades in South Africa must be backed by a valid economic reason for the transaction, and authorities had suspected that some speculative trading on the part of banks and brokers had played a part in the currency’s slide.
But, said Tito Titus Mboweni, SARBgovernor
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