Zuma appoints new central bank chief

Published: July 20, 2009

South Africa’s president Jacob Zuma has named former deputy governor Gill Marcus as the new governor of the country’s central bank. Marcus will take over from Tito Mboweni in November.

Zuma said he had initially appointed Mboweni for a third five-year term, but said that he had asked to leave early.

Marcus served as deputy governor of the South African Reserve Bank between 1999 and 2004. She is chairwoman of Absa banking group.

"I have reappointed Mr Mboweni as reserve bank governor. However, he has indicated his wish to leave in November 2009 to pursue other interests,” said Zuma. “I have therefore decided to designate Ms Gill Marcus. I think she is a good appointment, she is not a stranger to the bank.”

Mboweni assumed his role in 1999, coming at a critical moment when the country was positioning itself on the path of sustained growth.

Zuma said there will be no change in the bank’s policy.