Johannesburg - Reserve Bank Governor Tito Mboweni has announced the appointment of Daniel Mminele as Deputy Governor of the bank.
President Jacob Zuma appointed Mr Mminele to the position for the next five years.
His appointment comes after a lengthy consultation between the President, the Finance Minister Pravin Gordhan and the South African Reserve Bank Board of Directors.
According to Section 4 of the South African Reserve Bank Act, the President has to appoint the governor and three deputies.
Mr Mminele joins other two deputies, Dr Xolile Guma and Dr Renosi Mokate.
Speaking at a media briefing on Tuesday, Mr Mboweni said the Reserve Bank was honoured to have Mr Mminele as part of its top leadership.
"I am delighted by this appointment, I would like to welcome Mr Mminele as Deputy Governor and we wish him a fruitful, successful and rewarding period in his new responsibilities," he said.
Mr Mnenele, who has much experience in the banking industry, including heading African Mechant Bank Limited, said he was looking forward to continuing with the work of the bank and to help it achieve its objectives.
He added that he would do his best not to disappoint.
Governor Mboweni said the management and staff at bank would give Mr Mnenele all the necessary support during his tenure.
