I would hope the terms of reference will be fairly broad, and not narrowly pin it down to this conspiracy theory

Nico Czypionka chief economist, Societe Generale

But analysts and observers are warning that the investigation should not be limited to the allegations - and needs to look at the broader financial infrastructure of the country.

"It's not going to be a witch hunt," Societe Generale chief economist Nico Czypionka told BBC News Online.

The commission's formation "in response to the clamour" is the wrong starting point. "It's inappropriate," he said. "But now they've done it, it may well be constructive for reasons other than those that were intended."

Dirty business

The allegations of underhand dealings in the foreign exchange markets which triggered the commission's formation came from the chief executive of the South African Chamber of Business, Kevin Wakeford.

"The rapid demise of the rand - particularly during the seasonal period - has no economic logic to it," he told the BBC's World Business Report.

"The economic policies in place and their implementation...are very sound. We believe they are flagship policies for the emerging market world."

Given that, Mr Wakeford insists, only skulduggery can explain the 37% slide in the rand during 2001.

"We believe that ultimately there are some other reasons underlying the currency weakness... We need to look at...dubious financial methods being used."

Wrong reasons, right result

Mr Myburgh said it was too early to determine whether the commission would just look at the allegations or take a broader approach.

But analysts are of the opinion that the investigation needs to cast its net a lot further.

"I would hope the terms of reference will be fairly broad," said Societe Generale's Nico Czypionka, "and not narrowly pin it down to this conspiracy theory."

If there is any basis to the allegations, the regulators are better fitted to examine the voluminous back office records which foreign exchange transactions generate.

Nonetheless, Mr Czypionka is sure that there is no "smoking gun" to be found.

Hopefully, Mr Czypionka said, the commission will work fast and concentrate on the structural issues - and therefore help to avoid the inflationary damage the low currency is dealing the economy.

"In the end, the real reasons are technical deficiencies and the reliance by South Africa on short-term capital," he said. "If there's even a small shift in sentiment, that money can flow out again very quickly."

In fact, he said, part of the problem is that by emerging market standards South Africa's financial markets are very sophisticated.

So when things are going wrong in some emerging markets - for instance the tribulations of Argentina - and investors want to reduce their exposure to emerging markets, South Africa is one of the easiest places from which to extricate their money.