Ramaphosa meets SARB; discusses vacancies, safeguarding reputation

President Cyril Ramaphosa has today met with the Board of the South Africa Reserve Bank (SARB) at the Sefako Makgatho Presidential Guesthouse in Tshwane.

The meeting, which was attended by the Deputy Minister of Finance, representatives of the non-executive component of the SARB Board and the Governor of the Bank was called to discuss vacancies which have arisen in the executive leadership of the central bank.

The vacancies are occasioned by the resignation of Deputy Governor Francois Groepe in January 2019 and the expiry of Deputy Governor Daniel Mminele’s term at the end of June 2019. Governor Lesetja Kganyago’s legislated term of office expires in November 2019.

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According to the South African Reserve Bank Act, the Bank is managed by a board of fifteen directors including the Governor, three Deputy Governors and three other directors, all of whom are appointed by the President after consultation with the Minister of Finance and the Board.

The President has welcomed the engagement with the Board and will be applying his mind to its recommendations.

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The President has reiterated his commitment to safeguarding the high reputation the SARB enjoys in the international financial community and markets and committed to ensuring directors of a high calibre befitting the importance our country attaches to the SARB are appointed.