Banking probe needs to be transparent: analyst
Independent political analyst Ralph Mathekga says the foreign currency collusion between banks has serious consequences for the country's economy.
"This issue affects South Africa's currency and it affects the costs of production locally," says Mathekga.
Mathekga was speaking on the Competition Commission's finding of currency price fixing against 17 banks.
He says there needs to be a transparent process to avoid plea bargain agreements behind closed doors.
"Once a thorough investigation through a tribunal is concluded, they need to be given a fair hearing and until that is done, one cannot pre-empt as to whether it needs to end up with them being criminally charged," says Mathekga.
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Mathekga says people should be careful not to trivialise the issue.
"People need to know the extent of this collusion, if there is collusion and investigations have to continue. We cannot reduce it to a storm in a teacup just because there is political expediency involved," says Mathekga.