March 16, 2017 / 10:31 AM / 5 months ago

S.Africa's anti-trust watchdog plans July hearing on banks in FX collusion case

JOHANNESBURG, March 16 (Reuters) - South Africa's Competition Tribunal will hold a hearing in July where banks accused of colluding to rig the rand currency will make their submissions, the anti-trust body said on Thursday.

South Africa's Competition Commission said last month it had found more than a dozen local and foreign banks had colluded to coordinate trading in the rand and the U.S dollar using an instant chat room called ZAR Domination, a reference to the rand's official currency market code. (Reporting by TJ Strydom; Editing by James Macharia)

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