February 22, 2017 / 12:34 PM / 6 months ago

Gordhan says price collusion in South Africa will be stamped out

CAPE TOWN, Feb 22 (Reuters) - Collusion should be stamped out in any South African market, whether it is banking or bread, Finance Minister Pravin Gordhan said on Wednesday, as government looked to crack down on anti-competitive behaviour with a raft of new regulation.

The country's regulator, Competition Commission, said last week it had found more than a dozen local and foreign banks colluded to coordinate trading in the rand and the U.S dollar using an instant chat room called "ZAR Domination". (Reporting by Wendell Roelf; Editing by James Macharia)

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