Minister in the Presidency of South Africa Khumbudzo Ntshavheni on Monday launched a scathing attack on the country’s private sector, saying it seeks to collapse the government through the manipulation of the South African currency rand.
The manipulation of the currency between 2007 and 2013 forms part of efforts by the private sector to collapse the government, and those responsible for the manipulation will be brought to book, Ntshavheni told a media briefing.
“We have maintained over the years that the performance of the rand and sometimes the economy has been manipulated by the private sector,” Ntshavheni said.
The minister’s remarks came as the U.K.-based Standard Chartered Bank acknowledged having colluded with 27 other banks to manipulate the rand-U.S. dollar exchange rate and agreed to pay an administrative penalty of more than 42.7 million rand (about 2.35 million U.S. dollars).
“The concerned local and international banks, primarily those based in the United States and the United Kingdom, must face harsh penalties,” she said.