Reserve Bank Deputy Governor Francois Groepe resigns

Reserve Bank Deputy Governor Francois Groepe has resigned with effect from January 31, 2019, according to a statement from the bank.

The South African Reserve Bank (SARB) issued the statement on Wednesday afternoon. Groepe had tendered his resignation in December, to pursue "outside opportunities", the statement read.

Groepe had served at the SARB for 14 years, seven of which he served as a non-executive director and the remaining seven as an executive.

"During his terms as Deputy Governor, Mr Groepe provided oversight over the Financial Stability Department, the National Payment System Department, Risk Management & Compliance Department, the Currency Cluster and the Security Management Department," the statement read.

"The Governor [Lesetja Kganyago] has been in communication with the President, the Minister of Finance and the Board of the SARB in this regard. The process of appointing Mr Groepe’s successor is currently underway," the bank said.

The SARB also thanked Groepe for his years of service and wished him well in his future endeavours.

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