Lesetja Kganyago, South Africa’s current deputy central bank governor, had been appointed by beleaguered president, Jacob Zuma as the new central bank governor, succeeding the out-going Gil Marcus, it emerged on Monday.South Africa’s currency gained against a basket of currencies, including the dollar, on the news.
Reuters said the strengthening of the South African unit was attributable to the fact that investors saw Kganyago as a loyal protector of the impartiality of the central bank in Africa’s most advanced economy.
Marcus’ five-year term comes to a close early next month while Kganyago will start his term on November 9 this year.
Kganyago told journos on Monday that the bank’s primary plan was to defend the value of the South African currency, to bolster balanced and sustainable economic growth and keep the financial system steady and inflation under control. [eap_ad_2]
“I have no doubt that eyes will be on me,” Reuters quoted Kganyago as having said, assuring the country he will chase after the bank’s mandate “without fear, favour or prejudice”.
“I shall not disappoint,” he told journalists gathered at a news conference on Monday.
According to Reuters, Kganyago is likely to have to deal with endless stress from trade unions who have often accused the Reserve Bank of not doing enough to help overcome the legacy of South Africa’s racially-divided economic history. (VENTURES AFRICA) [eap_ad_3]
