South African banks accused of rigging rand currency dealing should be punished if a report by the competition watchdog is true, the National Treasury said on Thursday.

“We view this matter in a very serious light and welcome any steps taken against wrong-doing by any financial institutions,” the treasury said in a statement.

The Competition Commission said on Wednesday it had found the banks, including U.S., European, Japanese and Australian lenders, had colluded to coordinate their trading activities when dealing in the South African and U.S. currencies.


(Reporting by Mfuneko Toyana)