NEWS | Naughty Banks Manipulated the Rand, Made Trillions
28 Big banks got busted for their staff making sneaky deals and taking turns to buy and sell the Rand.
This pushed the value of the Rand up and down and allowed the banks traders to make around R1Trillion in profit each day.
The banks who have been cooperating with investigators have been able to cut deals to admit guilt and pay fines.
For example, Standard Chartered Bank recently agreed to pay a penalty of R42.7 million to the Competition Commission.
The offences took place for a long time starting back in 2013.