STATEMENT BY PRESIDENT JACOB ZUMA ON THE APPOINTMENT OF THE GOVERNOR OF THE SOUTH AFRICAN RESERVE BANK

Ladies and gentlemen of the media,

Welcome to this briefing on the appointment of the Governor of the South African Reserve Bank.

In terms of the Constitution, the primary objective of the South African Reserve Bank is to protect the value of the currency in the interest of balanced and sustainable growth in the Republic. The Reserve Bank must perform its functions independently and without fear, favour or prejudice.

As the term of office of the current Governor, Mr Tito Mboweni, is due to end on the 8th August 2009, I initiated a process of consultation on the position.

I have re-appointed Mr Mboweni as Reserve Bank Governor. However he has indicated his wish to leave in November 2009 to pursue other interests.

Given the indication from Mr Mboweni, I have therefore decided to designate Ms Gill Marcus as Governor of the South African Reserve Bank with effect from the 9th of November 2009.

I wish to thank Mr Mboweni for his excellent service to the nation. He assumed this important responsibility at a critical moment in the country's history, as we confronted the challenges of placing our country on a path of sustained economic growth. Mr Mboweni met these challenges with foresight and resolve.

We thank him for his contribution, and trust that we shall be able to call upon his expertise, to serve the country in another capacity in future.

Ms Marcus will assume responsibility for an institution that is held in high regard in South Africa and among its counterparts across the world. During Mr Mboweni's tenure, the Reserve Bank has undertaken its constitutional mandate with diligence and prudence.

It has made a critical contribution to the country's sustained economic stability and has pursued monetary policies that have fostered economic growth.

Ms Marcus has extensive knowledge of the institution she is now called upon to lead, having served as a Deputy Governor of the Reserve Bank from 1999 to 2004. In addition, she served as Deputy Minister of Finance from 1996 to 1999. Ms Marcus has served as chairperson of the Joint Standing Committee on Finance. She has held a number of executive positions in the private sector.

She brings to this task qualities of proven leadership, sound judgment and integrity. We are confident that she will prove a worthy successor to Mr Mboweni.

On behalf of government and the nation, we wish her well in this important responsibility.

Statement issued by The Presidency, July 19 2009

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