All eyes on Zuma for Marcus replacement

The Banking Association of SA says Zuma should appoint a replacement sooner rather than later.

Reserve Bank Governor Gill Marcus. Picture: AFP.

JOHANNESBURG - The Banking Association of South Africa says it hopes President Jacob Zuma acts soon to appoint a new governor of the South African Reserve Bank.

Current governor, Gill Marcus, announced on Thursday that she is not available for another term in office and will step down in November.

It's understood the front-runners for the post may be two of the deputy governors, Lesetja Kganyago and Daniel Mminele.

The association's Cas Coovadia said, "We obviously want the president to exercise his mind very carefully on this but we would certainly hope that he would make an appointment sooner rather than later."

Marcus said she's comfortable with her decision not to be available for a second term.

She left interest rates unchanged at 5.75 percent on Thursday, as expected, saying the domestic growth outlook had deteriorated further.