ANC slams banks after reports of collusion
The ANC believes the announcement by the Competition Commission that it will take seventeen banks to the Competitions Tribunal on charges of collusion has exposed the ethical crisis in the South African banking sector.
According to the Competition Commission the banks have been fixing prices and market allocation in the trading of foreign currency involving the US Dollar and the Rand since, at least, 2007.
The Competition Commission also says that the banks manipulated prices of bids and offers by creating fictitious bids.
"Manipulating the currency is an attack on the constitutional mandate of the South African Reserve Bank to protect the value of the South African currency," the ANC says.
The party adds that it takes an "extremely" dim view of the activities of the listed banks as banks are instrumental in promoting economic growth and development.
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"Repeatedly, the country has called all social partners to a social compact, driven by what we had considered a collective goal of inclusive economic growth; albeit in the face of a depressed global economic climate. The profit-driven assault on the South African rand through such collusion and corruption by the banks flies in the face of efforts by the South African nation to prosperity for all." the party says.
The ANC also commended the Competition Commission for exposing the "unethical operations" of the banks.
"This probe into the banks follows similar incidents involving the fixing of bread prices and the collusion of big companies in major construction projects."
"The ANC calls on government to take to heart the lessons learnt from this expose," the party says.