ANC secretary-general Fikile Mbalula said the directors and executives of the banks who manipulated the rand should face prosecution in their individual capacity for the detriment they have inflicted upon the state economy.
"This act is nothing short of a crime against the South African people," he said.
Mbalula, speaking in a media briefing held at the ANC’s Luthuli House headquarters in Johannesburg on Wednesday, said that the rand manipulation was a crime of corruption, and must be called by its first name without fear or favour.
He stated that corruption in the private sector was still corruption, and its consequences were just as severe.
During the briefing, he reiterated the ANC's call for law enforcement agencies to act decisively and expediently in bringing criminal charges against those individuals and banking institutions implicated in manipulating the rand.
He added that such an egregious act against the South African populace cannot be left unpunished.
"The people of South Africa rightfully demand and deserve justice. We insist on accountability from those who have wilfully compromised our economy for their gains," he said.
He commended the Competition Commission for their diligent investigation into this matter. "Their work is integral in unravelling the complexities of this economic malfeasance and ensuring that justice is served for the people of South Africa," he said.
He also urged various banks proclaiming their innocence or guilt in this matter to engage through official channels to address these matters appropriately and transparently.
"We maintain that the R43 million settlement offer proposed by Standard Chartered pales in comparison to the damage wrought upon our economy.
"The full extent of this criminal manipulation of our currency, particularly its impact on the poorest among us, is yet to be fully realised and acknowledged," he said.
The party's National Working Committee (NWC) has thoroughly reviewed the comprehensive report from the Economic Transformation Sub-Committee concerning manipulating the rand, Mblula said.
He said that the NWC has resolved that the report should be presented at the forthcoming meeting of the NEC to enable a detailed analysis of the repercussions of this manipulation on the most vulnerable segments of society.