As South Africans worriedly watched the rand rise and dip against the dollar, more than a dozen banks were illegally profiting from the volatility, according to local antitrust agency, Competition Commission. It says it found evidence 17 banks were colluding on the rand to dollar exchange rate. The commission’s two-year investigation found that the banks…

via Banks were colluding on forex deals while South Africans fretted about a volatile rand — Quartz

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