Lesetja Kganyago Appointed as New SA Reserve Bank governor

The President of the Republic, Mr Jacob Gedleyihlekisa Zuma, has appointed Mr Lesetja Kganyago as the next Governor of the South African Reserve Bank (SARB) for a period of five years. The appointment is effective from 9th November 2014.

In accordance with section 4(1)(a), read with section 5(1)(a)of the South African Reserve Bank Act, Act 90 of 1989, the Governor and three deputy governors of the South African Reserve Bank are appointed by the President after consultation with the Minister of Finance and the Board of Directors of the South African Reserve Bank.

Mr Kganyago succeeds Governor Gill Marcus whose term will end on 8 November 2014.

The SARB warmly welcomes the appointment of Deputy Governor Kganyago. Governor Gill Marcus said: “The appointment of Mr Kganyago as the 10th Governor of the South African Reserve Bank reflects the depth of talent and skill in the Bank. I congratulate him on his appointment, and have every confidence that he will continue to serve with excellence in his new capacity in the interest of the SARB, South Africa and all its people.”