South Africa watchdog settles with Citi over currency rigging

PUBLISHED: Mon, 20 Feb 2017 16:18:29 GMT

South Africa’s Competition Commission has reached an agreement with Citibank N.A. for its role in a forex trading cartel, the anti-trust watchdog said on Monday.

The Commission said in a statement Citi would pay a fine of 69.5 million rand ($5 million), less than the 10 percent of South African annual turnover that it said banks would pay because it “undertook to cooperate with the Commission.”

($1 = 13.0565 rand)

(Reporting by Ed Stoddard; Editing by James Macharia)

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