The South African Currency Manipulation Scandal: A simple thread 🧵
🔴 The Competition Commission (CC) has been formally dealing with the issue as early as 15 February 2017
🔴 Initially 17 (now 28) banks, international and local, where accused of manipulating the USD/ZAR currency pair
🔴 Currency pair manipulation means the banks fiddled with our country’s currency, weakening the Rand in favour of the US Dollar, making massive profits in return (something to the tune of R1 Trillion per day)
🔴 Such manipulation took place in the form of fixing prices and the division of markets in relation to bids, offers, bid-offer spreads, the spot exchange rate
🔴 The manipulation is reported to have taken place between 2003 and 2013