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

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.

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.

Kganyago's term was extended to 2029, which will make him one of the longest serving governors in democratic South Africa. He was first appointed in 2014. 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.

Minister of Finance Enoch Godongwana said in a statement that Modise was a competent leader who had a "keen appreciation of the challenging macroeconomic period the country is facing". According to the central bank, Modise will be responsible for financial stability and economic statistics and will be a member of the Monetary Policy Committee.

The MPC will announce its next interest rate decision on March 27.

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