Mminele Reappointed for 5 Years as South African Deputy Governor

Daniel Mminele was reappointed for a second five-year term as deputy governor of the South African Reserve Bank, bringing continuity to the rate-setting Monetary Policy Committee.

Mminele, 48, will have his contract renewed with effect from July 1. President Jacob Zuma made the decision after consulting with Finance Minister Pravin Gordhan and the board of the Reserve Bank, chaired by Governor Gill Marcus, the president’s office said in an e-mailed statement today.

Mminele has been a central banker for more than 10 years and along with deputy governors Lesetja Kganyago and Francois Groepe, sits on the seven-member MPC. The bank’s mandate is to keep inflation within a range of 3 percent to 6 percent, with the committee last month raising interest rates for the first time since 2008 to curb pressure on inflation.

Kganyago was appointed in 2011 and Groepe a year later. Marcus’s first term ends in November.

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