Statement by President Jacob Zuma on the appointment of the Deputy Governor of the South African Reserve Bank, March 25b2011

Ladies and gentlemen of the media,

Welcome to this briefing on the appointment of the new Deputy 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.

A vacancy for the position of the Deputy Governor in the Reserve Bank exists.

We have consulted with the Minister of Finance and the Board of the Reserve Bank as is required under section 4 of the South African Reserve Bank Act.

I have pleasure to announce my decision to appoint Mr Lesetja Kganyago for the position of Deputy Governor of the South African Reserve Bank with effect from 16 May 2011.

Mr Kganyago has been with the National Treasury since 1996. He has served exceptionally well as Director General of National Treasury since 2004. Before this he served as Head of Economic Policy in the Treasury. He has also worked as an Investment Manager in Reserve Bank.

Mr Kganyago has extensive experience in financial markets and is highly regarded for his extensive knowledge and expertise of the South African and global financial system.

His extensive experience in managing the South African economy and his role in the G-20 and the Financial Stability Board will be important assets to his contribution in the Reserve Bank.

His expertise will enable him to contribute in a meaningful way in the functioning and strengthening of the Bank, working with the Governor Ms Gill Marcus and the whole team.

In light of this decision, I have also asked the Minister of Finance, Mr Pravin Gordhan to immediately begin the process of appointing a new Director General of the National Treasury to ensure that there is a smooth transition.

On behalf of the government and the nation we want to thank Mr Kganyago for his efficient service as leader of the National Treasury and wish him well in his new responsibilities.

I thank you.

Issued by The Presidency, March 25 2011

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