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'No evidence' of interest rate rigging

July 27 2012 at 10:58am

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SS_gill marcus0 (27239992)

INLSA

Reserve Bank Gorvenor Gill Marcus. Picture: Tiro Ramatlhatse

JOHANNESBURG - South Africa's central bank governor said on Friday there is “no evidence” of interest rate rigging in the last decade by banks in Africa's top economy, suggesting they will avoid the scandal currently plaguing British rivals.

Gill Marcus told the annual general meeting of the South African Reserve bank there was no sign of tampering with the local JIBAR rate over the last 10 years.

Separately, British bank Barclays on Friday pledged to repair the damage to its reputation caused by its role in the interest rate rigging scandal that has rocked the banking industry.

Barclays is the majority shareholder in Absa Group, South Africa's third-largest bank. - Reuters


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