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The JSE’s Banking Index has given up 13% since late April, pushed lower by the announcement of an investigation into alleged wide-scale rigging of the foreign exchange markets.
Eleven banks were named, mainly foreign owned operations but including three of SA’s Big Five – Standard Bank, Barclays Africa and Investec.
Manipulation of the Rand has been whispered in South African financial markets for years with investigative journalist Barry Sergeant’s expose more than a decade back sparking the Rand Commission.