New SARB Governor Announced

SOUTH AFRICA - In Brief 06 Oct 2014 by Iraj Abedian
Today, President Jacob Zuma appointed Mr. Lesetja Kganyago as the 10th South African Reserve Bank (SARB) Governor with effect from 09 November 2014. Incumbent Governor Marcus’ term ends on 08 November 2014. Mr. Kganyago has been working as one of the SARB’s Deputy Governors since 2011. In his address to the Rand Merchant Bank – Morgan Stanley 2014 Big Five Investor Conference held on 30 September 2014, the Governor-designate said “…we must keep our eyes on our goal: to get South Africa growing again, to create jobs…”. On inspection, these words of advice appear to be at odds with the SARB’s recent repo rate hiking cycle drive. What ultimately becomes of South Africa’s monetary policy course depends on the majority votes within the Monetary Police Committee (MPC). We certainly hope that MPC members will heed Mr. Kganyago’s wisdom and spare the ailing economy from further interest rate hike-related burdens.

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