President Jacob Zuma has reiterated his commitment to protect the economy of South Africa against unwholesome market abuse.

These assurances was given while he was fielding questions about the collusion in the banking sector and other related economic concerns.

The Competition Commission of South Africa on Wednesday had asked  the Competition Commission tribunal to prosecute 17 banks it alleges were colluding to manipulate the value of the rand.

Zuma said “We also look forward to working with the financial sector, towards diversification and transformation of the sector so that new players can enter the market as part of radical economic transformation.”

Similarly, opposition parties and lobby groups have called for maximum sanctions to be imposed on banks found guilty of colluding to manipulate the rand.