The appointment is with effect from Monday.
"Professor Cachalia has been appointed to this position for a period of three years in terms of section 4(1) (a) read together with section 5 (1) (b) of the South African Reserve Bank Act of 1989, which provides for appointment by the President, in consultation with the Minister of Finance, of four non-executive directors to the SARB Board," said the Bank.
Cachalia is currently a Proffessor at the University of Witwatersrand School of Law. He holds a Bachelor's Degree in Humanities, a BA (Hons) in Industrial Sociology, an LLB, a Higher Diploma in Company Law and various Master's Degree courses including Banking Law from the University of Witwatersrand.
President Zuma congratulated Professor Cachalia and wished him well in fulfilling his new responsibilities with Governor Gill Marcus welcomed the appointment.