Oct 6, 2014 6:27 AM

South Africa appoints a new reserve bank governor

The Associated Press

JOHANNESBURG (AP) South Africa has named a new reserve bank governor.

Lesetja Kganyago, who was educated at the London School of Economics and the University of London, will become the country's third governor since 1994. Local financial analysts have welcomed his appointment, which was announced Monday by President Jacob Zuma. The markets responded with the local currency, the rand, strengthening almost a full percentage point.

Kganyago replaces Gill Marcus, who is retiring next month.

Marcus told the media that the appointment of a successor from within the bank was a vote of confidence. Kganyago served as Marcus' deputy before his appointment, where he managed the banking supervision and financial surveillance sectors.

Marcus announced her plans to retire last month and will officially step down in the beginning of November after serving a single five year term.

Kganyago has worked in the country's public service since 1996, beginning his career in the national treasury and has an extensive background with the country's trade unions. Kganyago has also promised to maintain a strong relationship with government.

The South African Reserve Bank is the country's central bank and is tasked with maintaining the economic stability of Africa's second largest economy. While the South African president officially appoints the governor, the reserve bank functions independently of the South African government.


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