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Bank of England staff member suspended in rigging probe


Following an investigation, a staff member has been suspended by the Bank of England for potentially rigging the foreign currency exchange market.

Traders are alleged to have been involved in setting key exchange rates in the £3bn-a-day foreign exchange market.

In a statement the bank said It does not condone market-rigging "whatsoever", but declined to comment further as to who or why the individual has been suspended.

The allegations of currency manipulation follow fines which totalled $6bn to lenders including Barclays, RBS and UBS for fixing “Libor” rates, which is a rate at which banks agree to lend to each other.

Speaking of the potential scandal, Martin Wheatley, head of the Financial Conduct Authority (FCA), said that currency manipulation was “every bit as bad” as the Libor scandal.

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