Kganyago to move to SARB as deputy

South African National Treasury Director General Lesetja Kganyago is to leave his position to become deputy governor of the central bank from May 16.

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South African National Treasury Director General Lesetja Kganyago is to leave his position to become deputy governor of the central bank from May 16, President Jacob Zuma said on Friday.

“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.”

Zuma said the job of finding a replacement for the well-respected Kganyago had already begun.

Kganyago was present at the announcement, together with Governor of the Reserve Bank, Gill Marcus, and Finance Minister Pravin Gordhan.

South Africa's rand briefly firmed against the dollar on Friday after President Jacob Zuma announced the appointment of Treasury Director General Lesetja Kganyago as a deputy governor of the central bank.

At 15:06 SA time the rand traded at 6.8740 against the greenback after rising to 6.8725 from 6.8796 before Zuma's announcement.

Kganyago has been head of the National Treasury since January 2004 after joining in 1996. Before that he occupied a junior position at the Reserve Bank.

At Treasury, he lead a team that consolidated the national budget and led to fiscal surpluses in 2006/07 and 2007/08 under former Finance Minister Trevor Manuel.

Kganyago's appointment should have limited impact on financial markets, said Ion de Vleeschauwer, chief dealer at Bidvest Bank.

“He is a well known figure in the financial markets. If anything it would be a sign of strength in the Reserve Bank that Zuma is appointing people that have good financial market knowledge,” he said. - Reuters and Sapa

Source: http://www.iol.co.za/kganyago-to-move-to-sarb-as-deputy-1.1047335

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