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Ramaphosa meets with Reserve Bank board over new appointments

The meeting, was attended by the Deputy Finance Minister David Masondo and other representatives of the non-executive component of the bank's Board.

President Cyril Ramaphosa meets with the Board of the South Africa Reserve Bank (SARB) at the Sefako Makgatho Presidential Guesthouse in Tshwane. Picture: GCIS.

CAPE TOWN – President Cyril Ramaphosa met with the Board of the South Africa Reserve Bank in Pretoria on Friday to discuss new appointments of board members.

The meeting was attended by the Deputy Finance Minister David Masondo and other representatives of the non-executive component of the bank's Board.

Reserve Bank Governor Lesetja Kganyago was called to discuss vacancies in the bank's leadership.

The vacancies came about after the resignation of Deputy Governor Francois Groepe in January 2019 and the expiry of Deputy Governor Daniel Mminele’s term at the end of June 2019.

Governor Kganyago’s legislated term of office expires in November 2019.

According to the South African Reserve Bank Act, the Bank is managed by a board of fifteen directors including the Governor, three Deputy Governors and three other directors, all of whom are appointed by the President after consultation with the Minister of Finance and the Board.

Amid the controversy within the ANC over the bank's independence, Ramaphosa reiterated his commitment to safeguarding the high reputation the bank enjoys in the international financial community and markets.

RAND STEADY

South Africa’s rand held steady on Friday as investors assessed local and international political developments ahead of a long weekend and a US Federal Reserve meeting next week.

At 0618 GMT, the rand traded at 14.8625 versus the dollar, 0.05% up from its previous close.

Government bonds also gained, with the yield on the benchmark 2026 bond falling 0.5 basis points to 8.385%.

Political uncertainty has fed investor jitters.

The Democratic Alliance is calling for South Africa’s graft watchdog to release a report into allegations Ramaphosa misled parliament over a donation to his 2017 campaign to lead the ruling African National Congress party.

Senior ANC officials, meanwhile, contradicted each other over whether the party had decided to expand the central bank’s mandate in the wake of data showing the worst economic contraction in a decade.

South African markets will be closed on Monday for a public holiday.

(Edited by Leeto M Khoza)

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