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Bank probe sees Nene concerned at systemic risk

Johannesburg - Government officials will meet the South African Reserve Bank to discuss a foreign-currency trading investigation opened this week, as the finance minister said he was concerned the probe may expose risks to the banking system.

“We are very concerned,” Finance Minister Nhlanhla Nene said in an interview at a meeting between business and government leaders in Johannesburg Thursday. “We will meet with the Reserve Bank tomorrow to understand what happened and if there’s any impact on South Africa’s financial systems.”

READ: SA probes 11 foreign exchange traders on price fixing

The country’s Competition Commission said May 19 it suspects 11 companies of using electronic messaging software to co-ordinate foreign exchange deals when quoting prices to customers.

The central bank, which regulates South African lenders, said the antitrust agency was reacting to a complaint against “certain foreign exchange traders.” JPMorgan Chase & Co., Citigroup, Barclays Africa Group and Standard Bank Group [JSE:SBK] were among the lenders named.

The finance ministry may make a public statement about the foreign exchange investigation in time, Nene said.

Hlengani Mathebula, a spokesperson for the central bank, didn’t answer calls to his phone.

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