Johannesburg, – In a bold move, African National Congress (ANC) member Andile Lungisa has called for the closure of banks allegedly involved in manipulating the South African Rand. Lungisa argues that these financial institutions, known for swiftly closing accounts amid corruption suspicions, should now face similar repercussions.
“Banks operating in South Africa amassed trillions through Rand manipulation. Despite their quick actions against individuals based on mere rumors of corruption, it’s now their turn to close shop. The state bank must step in to take control,” declared the outspoken ANC member.
Lungisa’s call follows recent revelations that certain banks operating in the country stand accused of manipulating the South African Rand on a massive scale, raising concerns about the integrity of the financial system.
Emphasizing the need for accountability and fairness, Lungisa contends that the banks, wielding power to close accounts in corruption suspicions, should themselves be subject to similar treatment. He asserts that it’s time for the state to intervene, taking over the operations of these banks to ensure a just resolution.
The call for closure has sparked intense debate within political and financial circles. Critics argue that such a drastic measure could have far-reaching consequences on the economy, while supporters stress the importance of holding powerful financial institutions accountable.
Lungisa’s stance aligns with a growing sentiment among some political figures that a state-owned bank should play a more significant role in South Africa’s financial landscape. Whether this call for action will gain traction and result in concrete measures against the implicated banks remains uncertain, but it undoubtedly adds fuel to the ongoing discourse surrounding financial ethics and accountability in the country.
Banks stationed in SA generated trillion in Rand manipulation. The same banks closed people’s accounts on rumours of corruption. Now it is their turn to close themselves down. State bank must take over. pic.twitter.com/XxiVahoCN2
— Andile Lungisa (@mrlungisa) November 17, 2023