Johnathan Paoli
The South African Reserve Bank deputy Governor Kuben Naidoo has tendered his resignation from the bank to President Cyril Ramaphosa.
Naidoo is one of three deputy governors of the SARB and a member of the crucial five-member Monetary Policy Committee (MPC) since 2015 and was serving his second five-year contract due to end in March 2025.
He oversaw the Financial Stability and Currency Cluster, which incorporates the SARB’s Economic Statistics Department, the National Payment System Department, the Fintech Unit, the Financial Stability Department and the Risk Management and Compliance Department.
The MPC has been split 3-2 over the past two recent meetings about the interest rates trajectory, with three members of the Committee preferring to keep rates on hold at 8.25% per annum and two preferring an increase of 25 basis points.
Naidoo’s last day has not been finalised and discussions between Ramaphosa, SARB governor Lesetja Kganyago and
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