Commission of Inquiry into the Rapid Depreciation of the Exchange Rate of the Rand and Related Matters: Media Statement

 
COMMISSION OF INQUIRY INTO THE RAPID DEPRECIATION OF THE EXCHANGE RATE OF THE RAND AND RELATED MATTERS
Chairperson: Adv J Myburgh, SC, Commissioners:  Mr M Gantsho & Ms C Qunta, Secretary: Mr C van Niekerk

2nd Floor, Rex Welsh House, Cnr Gwen & Maude Street, Sandown Village, 2196, TEL: 072 2493336, Fax: 011 – 263 9005, e-mail: annemarie@counsel.co.za

Date:    14 February 2002

STATEMENT

It has been brought to my attention that there is a rumour in the market place that only some banks will be required to give evidence before the Commission.

I would therefore like to clarify that I have issued a comprehensive questionnaire to all 36 authorized dealers in foreign currency, and have advised all of them that they are required to either answer the questionnaire or satisfy the Commission that their activities were so insignificant to the matter under investigation, that a detailed response would not be warranted.

I have also met with the representatives of those authorized dealers, and indicated that if any of them are able to satisfy me that they did a very limited amount of dealing during the period in question, I might not call on them to appear before the Commission and give public evidence.  But I will require all banks which did any significant amount of dealing to give public evidence.

At this stage the Commission has no view as to whether any institution has dealt illegally or unethically, and will only formulate that view when it has heard the evidence from all the authorized dealers which did any significant amount of trading, and from other witnesses with knowledge or views of the market and how it works.

JOHN MYBURGH, SC

CHAIRPERSON OF THE COMMISSION

ENQUIRIES: Chris van Niekerk, Cell:   072 249 3336, Fax:    (012) 325 8688