Statement by Minister of Finance Pravin Gordhan on the appointment of Mr Lesetja Kganyago as Deputy Governor of the South African Reserve Bank, March 25 2011

President Jacob Zuma has appointed Mr Lesetja Kganyago as Deputy Governor of the South African Reserve Bank with effect from 16 May 2011. Mr Kganyago is currently the Director-General of the National Treasury.

Mr Kganyago leaves behind a strong team at the National Treasury, one of the most stable in government.

Mr Kganyago has provided excellent leadership to the National Treasury, leading a team of dedicated and talented civil servants in carrying out the National Treasury's mandate, which is derived from the Constitution of the Republic of South African and the Public Finance Management Act (PFMA).

"I am leaving behind a National Treasury that has an excellent reputation with taxpayers and capital markets. The National Treasury continues to have the most competent and committed public servants that I have ever worked with," Mr Kganyago said.

To ensure that the transition to the new appointment is smooth, we have begun the process of filling the post of the Director-General.

Mr Kganyago has been Director-General of the National Treasury since February 2004. He began his career in accounting at First National Bank, subsequently working for the Congress of South African Trade Unions (Cosatu) and the African National Congress (ANC). Before joining the National Treasury in 1996 as Director of International Commercial Financing, Mr Kganyago spent two years (1994-96) at the South African Reserve Bank.

On behalf of the National Treasury and the Deputy Minister of Finance, Mr Nhlanhla Nene, I wish Mr Kganyago the very best in his new position.

Issued by the National Treasury, March 25 2011

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