The ZAR is a very liquid emerging market currency, if not the most liquid, and is susceptible to massive volatility. This is where the manipulation would come in.
When they say banks manipulated the Rand, they interfered with the bid, offer and spreads. ( thread coming soon)
Banks didn’t make R1 trillion a day, that is most likely the total volume of transactions (willing buyers and sellers exchanging USD to ZAR, and vice versa)
The banks then do the swaps for those transacting and charge a fee by manipulating the bid, offer, and spreads of that transactions.
This ends a multi-year legal battle with the #FSCA, which had asked the court to liquidate the company for operating without an ODP licence.
#Moneyweb
https://t.co/BNxC8zZesl
The MPC decided to increase the repurchase rate by 75 basis points to 7%, with effect from the 25th of November 2022. Three members of the Committee preferred the announced increase. Two members preferred a 50 basis point increase. #SARBMPCNOV22