Kganyago appointed new Reserve Bank Deputy Governor

Sunday, March 27, 2011
By: 
Chris Bathembu

Pretoria - National Treasury Director General Lesetja Kganyago has been appointed as the new Deputy Governor of the Reserve Bank, President Jacob Zuma announced on Friday.

He said the decision was taken after lengthy consultations that included both Finance Minister Pravin Gordhan and Reserve Bank Governor Gill Marcus. 

Kganyago has been Treasury Director General since 1996, presiding over 15 budgets during his tenor. 
He takes up his new role on 16 May 2011.

The position of Deputy Governor had been vacant since Marcus took the position of Governor from Tito Mboweni. 

Zuma attributed the delay in the appointment to the lengthy process of consultation required for the position of the Deputy Governor. "It needed careful planning, careful thinking and careful consultation," he said.

He added Kganyago's wealth of experience, including role in the G20, will be an "asset" to his contribution to the Reserve Bank. 

"His expertise will enable him to contribute in a meaningful way in the functioning of and strengthening of the bank, working with Governor Marcus and the whole team."

Describing the appointment as a "privilege and honor", Kganyago thanked Zuma for having shown confidence in him and promised to serve in his new role with distinction.

"Public service is an honour for me and I'm glad the President has given me an opportunity to serve again in this new position," he said. 

Gordhan has meanwhile been instructed to begin the process of appointing a new Director General in the National Treasury.