Fri, 19 Jul 2019

President Cyril Ramaphosa met with the Board of the South Africa Reserve Bank (SARB) on Friday, the Presidency said in a statement.

The meeting, which took place at the Sefako Makgatho Presidential Guesthouse in Tshwane, was called to discuss vacancies which have arisen in the executive leadership of the central bank, the presidency said.

The vacancies relate to the resignation of Deputy Governor Francois Groepe in January this year and the expiry of Deputy Governer Daniel Mminele's term at the end of June.

Governor Lesetja Kganyago's legislated term of office also expires in November 2019, the statement said.

"According to the South African Reserve Bank Act, the Bank is managed by a board of 15 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," the presidency said.

"The President has welcomed the engagement with the Board and will be applying his mind to its recommendations. The President has reiterated his commitment to safeguarding the high reputation the SARB enjoys in the international financial community and markets and is committed to ensuring directors of a high calibre ... are appointed."

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