Johnathan Paoli
President Cyril Ramaphosa has announced the reappointment of Lesetja Kganyago as the Governor of the South African Reserve Bank.
The Presidency issued a statement on Friday and said that in accordance with section 4(1)(a) read with section 5(1)(a) of the South African Reserve Bank act of 1989, in conjunction with the Minister of Finance Enoch Godongwana and the board of directors, the reappointment of Kganyago would ensure continuity and institutional stability at the reserve bank.
The President reappointed Nomfundo Tshazibana and Rasha Cassim as Deputy Governors for a period of five years, effective from August this year. He also appointed Dr Mampho Modise to replace the former Deputy Governor Kuben Naidoo who ended his term of office last year.
Ramaphosa expressed his gratitude to Naidoo for his contribution to the Reserve Bank and wished Modise well in her new role.
Modise is currently the Deputy Director-General for Public Finance division in the National Treasury (NT). She started her career as an intern at the South African Reserve Bank in 2004 and progressed to the role of economist at the bank.
The South African Reserve Bank Act of 1989 provides for the President to appoint the Governor along with three Deputy Governors and four Directors of the SARB.
The SARB welcomed the appointments made by the President and said the new term will commence when their current five-year terms conclude later this year.
Kganyago is also the Chairperson of the SARB’s Monetary Policy Committee (MPC), the Financial Stability Committee (FSC) and the Prudential Committee (Pruco).
Cassim first joined the SARB as Head of Economic Research and Statistics in March 2011, during which he acted as the secretary of the MPC and was the Chairperson of the Irving Fisher Committee on Central Bank Statistics under the auspices of the Bank for International Settlements (BIS).
Tshazibana joined the SARB in 2018 as an Adviser to the Governor before being appointed Deputy Governor as well as being the Chief Executive Officer of the Prudential Authority, as well as being a member of the MPC, FSC and Pruco at the SARB.
Modise joins the SARB from the National Treasury where she was appointed Deputy Director-General of Public Finance in October 2017, responsible for fiscal and financing monitoring, and the evaluation of policy proposals across national departments, with her previous roles including Director of Fiscal Policy and senior economist in the Economic Policy Division at the National Treasury.
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