South Africa Central Bank Appoints Naidoo, Myburgh

South Africa’s central bank named Kuben Naidoo as an adviser to Governor Gill Marcus and Citigroup Inc.’s Leon Myburgh to head the financial markets department.

Myburgh, the sub-Saharan Africa strategist at Citigroup in Johannesburg, will join on March 1, while Naidoo will start his job on April 1, the Pretoria-based Reserve Bank said on its website today.

Naidoo was previously acting head of the secretariat of the National Planning Commission, led by Minister Trevor Manuel, and a senior National Treasury official. Myburgh, 46, will be responsible for implementing the central bank’s monetary policy decisions in the financial markets, managing foreign-currency reserves and providing treasury services, according to the bank.

The appointments come as the Reserve Bank seeks to fill a spot left vacant on the Monetary Policy Committee after the early retirement of Monde Mnyande, the chief economist. The committee is currently comprised of six members, led by Marcus, who kept borrowing costs at the lowest in more than 30 years last month after a surprise rate cut in July.

Reserve Bank spokesman Hlengani Mathebula didn’t immediately return a call to his mobile phone seeking comment.

To contact the reporter on this story: Andres R. Martinez in Johannesburg at amartinez28@bloomberg.net

To contact the editor responsible for this story: Nasreen Seria at nseria@bloomberg.net

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