Reserve Bank deputy governor retires after 20 years

The South African Reserve Bank (SARB) on Thursday announced the retirement of their deputy governor Daniel Mminele.

Mminele’s retirement will take effect when his second five-year term as deputy governor expires on June 30 2019. As such, he has advised President Cyril Ramaphosa and the board of directors of the SARB (Board) that he had decided not to serve another term.

“In accordance with the policy of the SARB, Mr Mminele will serve a mandatory six-month cooling-off period,” reads part of a statement issued by the SARB.

According to the Reserve Bank, Mminele joined their ranks in 1999 and went on to be appointed deputy governor in 2009.

“Mr Mminele served as an executive assistant to former senior deputy governor James Cross. Later he also served as general manager and head: international banking department, head: financial markets department and executive general manager: markets. His most recent responsibilities as deputy governor include the financial markets department, international economic relations and policy department, legal services department and national payment system department, as well as oversight of the human capital cluster and operations cluster reporting to the chief operating officer, Mogam Pillay,” added the SARB.

Mr Mminele is a member of various committees in addition to charing numerous others and currently serves as South Africa’s G20 and BRICS Central Bank Deputy, and as chairperson of the IMFC deputies of the International Monetary Fund.

In the interim, Kganyago will take over the responsibility for the International Economic Relations and Policy, and legal services departments, while deputy governor Naidoo will assume responsibility for the financial markets and national payment system departments.

In a message to staff, Governor Kganyago said: “Deputy governor Mminele has left an indelible mark on this fine institution and his contribution to the Bank has been invaluable and immeasurable.”

The board has been in communication with the president and the minister of finance regarding the process to announce Mr Mminele’s successor, in accordance with the SARB Act 90 of 1989, as amended.

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