President Ramaphosa meets with the Board of the SARB
14 June 2019
President Cyril Ramaphosa has today met with the Board of the South Africa Reserve Bank (SARB) at the Sefako Makgatho Presidential Guesthouse in Tshwane
The meeting, which was attended by the Deputy Minister of Finance, representatives of the non-executive component of the SARB Board and the Governor of the Bank was called to discuss vacancies which have arisen in the executive leadership of the central bank.
The vacancies are occasioned by the resignation of Deputy Governor Francois Groepe in January 2019 and the expiry of Deputy Governor Daniel Mminele’s term at the end of June 2019. Governor Lesetja Kganyago’s legislated term of office expires in November 2019.
According to the South African Reserve Bank Act, the Bank is managed by a board of fifteen directors including the Governor, three Deputy Governors and three other directors, all of whom are appointed by the President after consultation with the Minister of Finance and the Board.