SARB deputy governor Kuben Naidoo resigns

Deputy governor of the South Africa Reserve Bank (SARB) Kuben Naidoo has tendered his resignation to President Cyril Ramaphosa. Naidoo's second five-year contract was due to end in March 2025. He is one of three deputy governors. Naidoo's last day has not been finalised and discussions between Ramaphosa, Governor Lesetja Kganyago, and Finance Minister Enoch Godongwana are still in process. A spokesperson for the Reserve Bank, Thoraya Pandy, referred queries to the Presidency, which is the appointing authority for the governor and their deputies. Appointments are made in consultation with the finance minister and the board of the Reserve Bank.Spokesperson for Ramaphosa, Vincent Magwenya, said: The South African Reserve Bank deputy governor Kuben Naidoo has expressed a desire to resign, however, the matter is still under consideration.It is expected that Ramaphosa will announce a replacement soon, as the bank is required to have three deputy governors.CommitteeNaidoo is a member of the Monetary Policy Committee, which sets interest rates, and is regarded as "a dove" in contrast to Kganyago's hawkish stance. He has a 28-year history of public service – including a long stint at the National Treasury - and in his biography on the bank's website is described as "an activist and a public servant committed to achieving a socially just society".In his present role, he oversees the financial stability and currency cluster. He was formerly head of the Prudential Authority and supervised the prudential cluster. His departure will narrow the options for a successor to Kganyago whose second five-year term ends in 2024. While Kganyago could be reappointed, deputy governor Fundi Tshazibana is also a strong contender. Rashaad Cassim is the third deputy governor of the trio. Governors and deputy governors are strictly prohibited in their contract of employment from seeking alternative employment while still employed at the bank. They must also complete six months of "gardening leave" after leaving and before taking on new employment or commercial ventures.-Fin24

SARB deputy governor Kuben Naidoo resigns

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Republikein 2025-05-07

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SARB deputy governor Kuben Naidoo resigns

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