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IFP calling for stronger regulatory measures following rand manipulation scandal [SOUND]

# The IFP says it strongly condemns the irregular practices by Standard Chartered in collusion with other banks to manipulate the rand. The British multi-national bank was one of 28 local and international banks which stand accused of being part of an overarching foreign exchange rigging conspiracy. It has agreed to pay an administrative penalty of 42.7-million-rand for its role in helping to manipulate the rand. The IFP’s national spokesperson, Mkhuleko Hlengwa, says the actions by these banks has compromised the integrity of financial markets: