What is rand manipulation in south africa?

Question: What is rand manipulation in south africa?

Rand manipulation is the practice of influencing the exchange rate of the South African currency, the rand, for profit or other purposes. It involves activities such as fixing bids, offers, spreads, and the spot exchange rate, as well as dividing the market by allocating customers among banks. Rand manipulation has been investigated by the Competition Commission of South Africa since 2015, and several banks have admitted liability and agreed to pay fines. Rand manipulation has negative impacts on South African workers, exporters, and remittances, as well as the value of the rand.

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