Mboweni proud of tenure at Reserve Bank

Thursday, September 17, 2009

Pretoria - Tito Mboweni says he will look back at his tenure as Reserve Bank Governor and the bank's many achievements in the past ten years with pride.

The outgoing Governor, who will be replaced by Gill Marcus on 9 November, described his ten years at the central bank as a privilege and time well spent.

"This is my last annual address to shareholders. I wish to thank the Presidency for the opportunity to serve as Governor of the South African Reserve Bank (SARB). It has been an honour and a privilege," Mboweni told shareholders at the bank's 89 Annual General Meeting.

He further congratulated Marcus on her appointment as his successor. "I know that I will be leaving the bank in extremely capable hands."

Mboweni said the job as Governor could sometimes be lonely, but it helped to have the support of the Finance Minister.

"I will miss being chairperson of the AGM but will probably attend next year's AGM as a shareholder. I will also miss the bank, good people work here it has been time well spent," said Mboweni, after proceeding over his last AGM meeting.

The bank is yet to decide on the exact cooling off period for the Governor before he is able to take up a new post, however it will probably be between six to 12 months.

Tom Boardman, Chief Executive Officer of Nedbank, expressed his gratitude to the Governor for playing a role in manoeuvring South Africa through the recession.