Lesetja Kganyago Re-Appointed As SARB Governor
SA has somewhat of a turbulent history with regard to SA Reserve Bank (SARB) Governors. There have been many changes over the years in a post that is meant to last for 5 years at a time.
This may be one reason why markets and many economists have reacted positively to the re-appointment of the outgoing SARB Governor Mr Lesetja Kganyago. Markets often prefer stability and have a ‘rather the devil you know‘ mentality regardless of who fulls any post. Mr Kganyago is, however, quite well known for being vocal in his intent to keep the SARB independent and uninfluenced by others. This is something that international investors prefer. The appointment from the President has been seen as being decisive and prompt which will create clarity and stability as the time for the new appointment drew near. No midnight appointments here.
The President also appointed Fundi Tshazibana and Rashad Cassim as Deputy Governors of the bank. Both have been employed at the SARB for a while as an advisor and head of economic research & stats respectively.
The new appointments come into effect on August 1st 2019.