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South Africa: Protesters march against forex collusion

By  |  April 20, 2017

More than 1,000 protesters marched Thursday to the headquarters of Absa Bank, owner of Barclays Africa Group, to condemn the bank’s alleged involvement in manipulating foreign currency trades.

South Africa’s Competition Commission found in February that 17 banks including Absa had colluded in manipulating the price of the rand when selling and buying US dollars.

The commission also said the banks used trading chat rooms to coordinate times for the sale of the rand so as to manipulate prices.

“We have given Absa 48 hours to respond to our demands, which include disciplining executives involved in the practice,’’ protest organizer, Dumisani Dakile of the Congress of South African Trade Unions told Anadolu Agency at the protest.

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