Take backthe rand

Who rigged the rand?

For more than ten years, South Africa's competition watchdog has tried to hold banks to account for allegedly rigging the value of our currency. Here's how the story has unfolded.

1. 2015The Competition Commission accuses 28 local and international banks of working together to manipulate the rand-dollar exchange rate between 2007 and 2013. Traders allegedly coordinated their trades in private online chatrooms.
2. 2017The case is sent to the Competition Tribunal for prosecution.
3. 2023Standard Chartered admits to the conduct and pays a fine of R42.7 million.
4. 2024The Competition Appeal Court lets most of the banks off the case.
5. 30 June 2026The Constitutional Court clears South Africa's major local banks, finding the Commission had not made out a case against them. The case continues against a small group of international banks.
6. TodayMore than a decade on, the case still hasn't been heard on its merits. Ordinary South Africans are still asking who was held accountable.

Sources: Competition Commission, BusinessTech, Reuters, Sunday Times. Read them all in the library below.