SARB credits 'passionate central banker' Mboweni for transforming SA's economic policies

JOHANNESBURG - The South African Reserve Bank (SARB) has paid tribute to former Finance Minister, Tito Mboweni.

Mboweni passed away on Saturday aged 65.

In a media statement on Sunday, the Reserve Bank said Mboweni played a huge role in South Africa's economic transformation.

"Mr Mboweni’s passing is a great loss to South Africa, the continent and the global economic community. He played a meaningful role in driving economic transformation and social change throughout a distinguished career. Mr Mboweni guided South Africa through periods of great uncertainty, with a steady hand on the economy during the Global Financial Crisis of 2008 as Governor, and later shepherding the country’s finances through the challenges of the COVID-19 pandemic as Finance Minister," SARB said.

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Mboweni made history when he became the country's first black Governor, a position he held for a decade from 1999 to 2009. 

The SARB described him as a "passionate central banker", who played a key role in shaping the organisation.

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"During his tenure, the SARB introduced live media conferences to publicly announce the decision of the Monetary Policy Committee, making it more transparent and accountable. He also introduced the Monetary Policy Forums in provinces across the country, giving ordinary South Africans the opportunity to engage directly with SARB officials," the Reserve Bank added.

SARB credited Mboweni for implementing SA's inflation-targeting policy,
which aimed to reduce inflation to within the target of 3−6%. 

"We will miss his candour and sharp wit, which endeared him to many. Our thoughts and prayers go out to his family during this difficult and trying time," SARB said.