Rand manipulation part of private sector’s efforts to destabilise govt – Cabinet

Rand manipulation is a component of the private sector’s efforts to undermine the government-cabinet.

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According to the JOHANNESBURG-Cabinet, the private sector’s ongoing efforts to undermine the government include manipulating the rand.

Standard Chartered, a British multinational bank, was fined R42 million by the Competition Commission last week for its admission of currency manipulation.

READ: Standard Chartered is fined by South Africa for manipulating currency.

The incident, according to Minister of the Presidency Khumbudzo Ntshavheni, served as a reminder that the private sector in South Africa had no stake in the nation’s advancement.

Because that is what they want and what their actions accomplish, they also self-feed into the narrative that there is a collapsing state and economy, but despite their efforts, the South African economy remains resilient. Additionally, Standard Chartered has consented to testify against other banks regarding the work being done by the Competition Commission.

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