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Reserve Bank Governor Lesetja Kganyago is to remain at the helm of the South African Reserve Bank (SARB) for another five years, it was announced on Friday, while Mampho Modise was appointed as deputy governor to replace former deputy Kuben Naidoo.
Kganyago's new term will be effective from 9 November 2024 and "will ensure continuity and institutional stability" at the central bank, the Presidency said in a statement.
Modise was appointed to her post with effect from 1 April after the end of Naidoo's term of office. She is currently the Deputy Director-General for Public Finance division in the National Treasury, having started as an intern at the SARB in 2004 and progressed upwards to become an economist at the bank. She joined National Treasury in 2009.
"Dr Modise is a dedicated, talented official with a genuine passion for the public service and keen appreciation of the challenging macroeconomic period the country is currently facing," said Finance Minister Enoch Godongwana.
"She is also a competent leader and the SARB, as well as the nation as a whole, will benefit immensely from her diligence."
Nomfundo Tshazibana and Rashad Ismail Cassim were reappointed as deputy governors for a five-year term starting in August 2024.
Kganyago was reappointed after consultations between President Cyril Ramaphosa, Finance Minister Enoch Godongwana, and the board of directors at the SARB, the Presidency said.
* This story has been updated with comment from Minister Godongwana.
