trending Market Intelligence /marketintelligence/en/news-insights/trending/NGOjt_HF_WMqpPh-Y3UUeQ2 content esgSubNav
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us
In This List

Citi to pay 69.5M rand in South African forex probe

Banking Essentials Newsletter December Edition Part 2

Banking Essentials Newsletter - November Edition

University Essentials | COVID-19 Economic Outlook in Banking: Rates and Long-Term Expectations: Q&A with the Experts

Estimating Credit Losses Under COVID-19 and the Post-Crisis Recovery

Citi to pay 69.5M rand in South African forex probe

South Africa's Competition Commission reached a settlement agreement with Citigroup Inc.'s Citibank NA for its role in the price manipulation of the South African rand, BusinessTech of South Africa reported Feb. 20.

Citibank agreed to pay an administrative penalty of 69.5 million rand for colluding with other banks in the so-called forex trading cartel, according to the report. The commission has filed the settlement with the Competition Tribunal, the report added.

As previously reported, Citibank was not included in the commission's list of 17 banks implicated for collusion and agreed to cooperate with the probe.

As of Feb. 17, US$1 was equivalent to 13.06 South African rand.