South Africa’s ANC Wants Banks Prosecuted Over Rand Manipulation

South Africa’s ruling African National Congress said commercial lenders found to have manipulated the nation’s currency should be charged with economic sabotage.

Standard Chartered Plc admitted this week to manipulating currency trading in South Africa and agreed to pay a penalty of 42.7 million rand ($2.3 million). The agreement settled an eight-year probe by the Competition Commission into the bank’s participation in an alleged cartel to manipulate the value of the rand.

Read More: StanChart Agrees to $2.35 Million Penalty to Settle Rand Case

“A mere settlement of 43 million rand is not sufficient for the harm our economy has ...