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Back in 2022, I explained that XRP’s price was pre-determined by its shareholders, including major banks and financial institutions, to reflect the size and scale of the global financial system. The underlying truth is now coming to light.

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This answer by the Reserve Bank governor on the Rand Manipulation by the Forex Cartel banks doesn’t persuade me. 1. Section 224 of the constitution says the Reserve Bank has a constitutional mandate to preserve the value of the currency. 2. The website says - The SARB is responsible for regulating cross-border transactions, preventing the abuse of the financial system and supporting the regulation of financial institutions. 3. They have the Prudential Authority whose role is to regulates financial institutions and market infrastructures to promote and enhance their safety and soundness, and support financial stability. 4. You can’t abdicate that to the competition commission exclusively. Also the Reserve Bank has more resources and technical capacity to monitor and investigate this kind of bank malpractice. 5. I would say that the commission of inquiry in 2002 was effective. In 1999 the rate was 1:6 by 2001 the rate was now 1:11. There was clear tampering and after the inquiry it was stopped the rate went back to 1:5 by 2004. 6. The Rand has lost 44% of its value since 2010. Why would the Reserve Bank not be concerned about that and fail to move proactively? Why wait for international reports when there is a downward trend for over 4 years? Why rely on an international code and not investigate local banks and actively push them to comply? The bank is very active in raising interest rates in the name of protecting the Rand. They seem to take an opposite approach when banks are responsible for devaluation of the Rand.

Africa Research Desk

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