Deputy Governor of the South African Reserve Bank Kuben Naidoo has tendered his resignation.
Kuben Naidoo, a deputy governor at the South African Reserve Bank, had tendered his resignation almost 18 months before his second five-year term was due to end.“Naidoo has expressed a desire to resign,” Vincent Magwenya, South African President Cyril Ramaphosa’s spokesman, said in a separate text message. “The matter is still under consideration.”The announcement comes a month before the central bank’s monetary policy committee is due to announce its final interest rate decision for the year.
The central bank has held rates steady at 8.25% at its last two meetings after tightening policy by a cumulative 475 basis points since November 2021 to anchor inflation around the midpoint of its 3% to 6% target range. Annual inflation accelerated to 5.4% in September from 4.8% a month earlier. “Naidoo is very much respected in policy circles and will be missed,” Razia Khan, chief economist for Africa and Middle East at Standard Chartered Bank, said. “Until a reason is given for his departure, it is likely to create some uncertainty.”
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