South Africa's new central bank chief pledges to work for financial stability

GMT 15:58 2014 Tuesday ,07 October

Arab Today, arab today South Africa's new central bank chief pledges to work for financial stability

Newly appointed Reserve Bank governor Lesetja Kganyago
Johannesburg - XINHUA

The newly appointed governor of the South African Reserve Bank (SARB) pledged on Monday to tackle inflation and steer the country to financial stability.
Lesetja Kganyago was appointed by President Jacob Zuma earlier in the day to replace Gill Marcus who will leave the bank at the end of her term on November 8.
"I am humbled and truly honored that the leadership of the country has found that I would be suitable to execute this mammoth task. I shall not disappoint," Kganyago said in Pretoria after the appointment.
"As you (Zuma) assigned me this task, I also had a sense that you are bestowing on me trust. I've got no doubt that the trust you are bestowing on me, is what our people are also bestowing on me. I do not take this trust for granted," Kganyago said.
During the past five years, the SARB performed its functions in the context of a tough global financial crisis and challenging domestic economic factors, notably the sharp depreciation of the local currency.
The reserve bank must perform its functions independently and without fear, favor or prejudice, he said.
Kganyago has been SARB deputy governor since May 2011. In this role, he has been responsible for various areas ranging from research, financial stability, risk management and compliance; and the SARB College. He is currently responsible for bank supervision, financial regulatory reform and financial surveillance.
He has wide-ranging experience in macroeconomic policy formulation, financial sector policy, public finance, international finance, public debt management and financial markets.

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