Zuma thanks Marcus for 'excellent service'
Marcus announced this afternoon that she will stand down on 8 November at the end of her 5-year term.
JOHANNESBURG - President Jacob Zuma has thanked South African Reserve Bank Governor Gill Marcus for what he says is her excellent service and leadership to the nation.
Marcus announced this afternoon that she will stand down on 8 November at the end of her five-year term.
Zuma's spokesperson Mac Maharaj says Marcus has performed a valuable service to the nation.
"We wish to thank the governor for her excellent service and leadership. She has steered the bank during the difficult periods of the global economic and financial recession and ensured the achievement and maintenance of stability."
Stanlib economist Kevin Ling says she was in charge during a very difficult time for the local and international economies.
"Given those circumstances, I don't think you could've expected her to do much better than she's done."
The South African Chamber of Commerce and Industry's Neren Rau said Marcus has made an extraordinary contribution to the stability of the South African economy.
Marcus said she's comfortable with her decision not to be available for a second term.
Marcus left interest rates unchanged at 5.75 percent on Thursday, as expected, saying the domestic growth outlook had deteriorated further.
"Despite the 75 basis point increase so far this year, monetary policy remains accommodative and will continue to be supportive of the domestic economy subject to achieving its primary inflation-targeting objective," Marcus said.
The bank hiked rates in January and July, trying to stem inflationary pressures in Africa's most advanced economy.
The bank expects the economy to grow 1.5 percent this year, down from its previous forecast of 1.7 percent.
Growth forecasts for the two years after that have also been reduced, with the bank saying platinum production was unlikely to return to full potential before the end of the year after a five-month strike.
The mining sector, now in recession, helped to drag the economy into a 0.6 percent contraction in the first quarter.
However, Marcus reiterated the bank was still in a hiking cycle but stressed any moves would be highly dependent on data.
Inflation data released on Wednesday showed prices rose slightly in August, but the bank has forecast CPI may have already peaked in the second quarter, when it printed 6.6 percent in May.