Another week in British business, another rate-rigging scandal. The Bank of England has suspended a member of staff during an internal probe into alleged manipulation of the foreign exchange (forex) market, Reuters reports.
The BoE released minutes yesterday admitting that allegations of forex rate-fixing had been raised in 2006. The Bank is continuing to investigate the allegations.
Mark Carney, the Governor of the Bank of England, will next week face MPs about the BoE’s alleged role into currency rates manipulation, the Telegraph reports.
The BoE said yesterday that the suspended staff member had breached “internal control processes”, although it has not yet announced whether any further action will be taken.
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