The African Transformation Movement (ATM) has called on Parliament’s Portfolio Committee on Trade, Industry and Competition to urgently convene hearings on the Constitutional Court’s recent judgment in the long running foreign exchange manipulation case, arguing that lawmakers must assess its implications for competition law enforcement and South Africa’s financial system.
In a letter addressed to Portfolio Committee Chairperson Mzwandile Masina, ATM Parliamentary Leader Vuyo Zungula requested that the committee prioritise the matter during Parliament’s Third Term programme.
The request follows the Constitutional Court’s judgment delivered on 30 June 2026 in the foreign exchange matter commonly referred to as the rand manipulation case.
According to Zungula, the judgment represents a significant milestone in one of South Africa’s most important competition law cases. While the Constitutional Court narrowed aspects of the litigation, it also confirmed that the Competition Commission may continue pursuing its case against the remaining financial institutions before the Competition Tribunal.
Zungula argued that the ruling does not mark the end of the matter but instead creates an opportunity for Parliament to strengthen its oversight role.
“The judgment therefore marks neither the conclusion of the matter nor the end of Parliament’s oversight responsibilities,” he wrote.
He said Parliament should use the opportunity to assess the implications of the judgment, evaluate the Competition Commission’s ongoing enforcement strategy and determine whether legislative or policy reforms are required to strengthen South Africa’s competition enforcement framework.
The Competition Commission has been pursuing allegations that several domestic and international financial institutions colluded to manipulate the value of the South African rand through trading activities in the foreign exchange market.
The investigation has been under way for nearly a decade and has involved multiple international financial institutions and complex cross border investigations.
Zungula said the allegations extend beyond competition law because of the broader economic implications of any unlawful manipulation of the country’s currency.
He argued that the value of the rand directly affects inflation, fuel prices, food costs, the affordability of imported goods, public debt servicing costs, investment decisions and the purchasing power of households.
“Any unlawful conduct capable of artificially influencing the exchange rate therefore has potentially far reaching consequences for the South African economy and millions of citizens,” the letter states.
The ATM also commended the Competition Commission for pursuing what it described as one of the most complex competition investigations undertaken in South Africa.
According to the party, the case has highlighted the legal and practical challenges involved in investigating alleged cross border financial market misconduct involving multinational institutions.
The party wants the Portfolio Committee to invite several key institutions to brief Members of Parliament during a dedicated committee meeting.
These include the Competition Commission, the Department of Trade, Industry and Competition, the South African Reserve Bank, the Financial Sector Conduct Authority and other relevant stakeholders.
Among the issues the ATM wants addressed are the implications of the Constitutional Court judgment, the Competition Commission’s litigation strategy before the Competition Tribunal, the economic impact of the alleged manipulation on businesses and consumers, and whether South Africa’s current legislative framework provides regulators with sufficient powers to investigate and prosecute complex international financial market collusion.
The party is also calling for discussions on possible legislative, regulatory and institutional reforms aimed at strengthening competition enforcement, improving oversight of the foreign exchange market and restoring public confidence in South Africa’s financial system.
Zungula further urged Parliament to assess whether the Competition Commission has the specialist expertise, institutional capacity and investigative resources needed to pursue increasingly sophisticated cases involving multinational corporations, digital markets and cross border financial services.
He said the rand manipulation case should serve as an opportunity to strengthen South Africa’s regulatory institutions.
The ATM maintains that market manipulation, collusion and anti competitive conduct undermine economic transformation, distort fair competition and place an unfair financial burden on ordinary South Africans through higher prices, weaker economic growth and reduced confidence in the country’s financial institutions.
In his letter, Zungula said Parliament has a constitutional responsibility to ensure that lessons arising from the landmark case lead to stronger institutions, more effective enforcement and greater transparency in South Africa’s financial markets.
He urged the committee to give the proposal urgent consideration and include the matter as a priority item during its Third Term programme.
