South African president extends central bank governor's term, appoints new deputy governor

Modise, who is currently a deputy director-general in the National Treasury, will start her role on April 1 for a term of five years, the statement said.

South African President Cyril Ramaphosa has extended the term of central bank governor Lesetja Kganyago for another five years from November and appointed Mampho Modise as a new deputy governor of the bank, the presidency said on Friday.

"The re-appointment of Governor Kganyago will ensure continuity and institutional stability at the reserve bank," the presidency said in a statement. Modise, who is currently a deputy director-general in the National Treasury, will start her role on April 1 for a term of five years, the statement said. She replaces former deputy governor Kuben Naidoo.