ANCYL: Treasury to blame for banking collusion
The African National Congress Youth League (ANCYL) believes Treasury must take responsibility for the collusion by banks, with the organisation saying it did not perform its oversight function.
The ANCYL charge follows the Competition Commission’s findings that three South African banks were involved in the fixing of the Rand/Dollar exchange rate.
ANCYL President Collen Maine believes the time has come for Finance Minister Pravin Gordhan to be axed.
"What we are saying is that the Health MEC (Quedani Mahlangu) resigned because people died under her watch. We are expecting the same thing from Treasury and the new minister will be decided by the president,” Maine says.
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The League’s Secretary Njabulo Nzuzo says Treasury is protecting the big commercial banks.
"Treasury was created to protect white monopoly capital. It is becoming evident why treasury has always enjoyed support," Nzuzo says.