South African president extends central bank governor's term
TLDR
- South African President Cyril Ramaphosa extends central bank governor Lesetja Kganyago's term for another five years, effective from November
- President also reappoints Kganyago's deputies Fundi Tshazibana and Rashad Cassim for new terms
- Mampho Modise appointed as the new deputy governor of the South African Reserve Bank, succeeding former deputy governor Kuben Naidoo
South African President Cyril Ramaphosa has an extension of central bank governor Lesetja Kganyago's term for another five years, effective from November. The president also reappointed Kganyago’s deputies Fundi Tshazibana and Rashad Cassim for fresh terms while Mampho Modise has been appointed as the new deputy governor of the bank.
Modise, currently serving as a deputy director-general in the National Treasury, is slated to assume her role as deputy governor of the South African Reserve Bank on April 1. Modise's appointment comes with a term of five years, as outlined in the statement issued by the presidency.
She will succeed former deputy governor Kuben Naidoo, bringing her wealth of experience from the National Treasury to her new position within the central bank. With her tenure set to begin imminently, Modise is expected to play a key role in supporting the Reserve Bank's mandate.
Key Takeaways
With this extension, Kganyago's tenure will span until 2029, positioning him as one of the longest-serving governors in democratic South Africa. Kganyago initially assumed the role in 2014, and his continued leadership underscores the government's confidence in his ability to steer the central bank amidst ongoing economic challenges. Kganyago's re-appointment is expected to ensure continuity and institutional stability at the reserve bank, cheering investors by assuring policy continuity as the country prepares for elections that could reshape its political landscape.
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