President Cyril Ramaphosa has reappointed Kuben Naidoo as deputy governor of the SA Reserve Bank. He will serve a second term, the bank said in a statement issued on Wednesday.
Naidoo is one of three deputy governors of the Reserve Bank, who work alongside Governor Lesetja Kganyago in the executive management of the bank. They also are part of the Monetary Policy Committee which makes monetary policy decisions, such as the repo rate.
The president appoints the governor and deputy governors after consultations with the finance minister and directors of the SA Reserve Bank's board.
"The South African Reserve Bank welcomes the re-appointment of Mr Kuben Naidoo by President Cyril Ramaphosa as one of the three Deputy Governors of the SARB for a second term of five years.
"Mr Naidoo, whose re-appointment is effective from 1 April 2020 to 31 March 2025, was first appointed a Deputy Governor on 1 April 2015," the bank said.
During his first term Naidoo served as CEO of the Prudential Authority, established by the Reserve Bank as part of the Twin Peaks model of financial sector regulation. The Prudential Authority regulates banks, insurers, other financial institutions among other players in the financial sector.
Naidoo has also been reappointed CEO of the Prudential Authority, the appointment is effective of 1 April 2020.
Naidoo's fellow deputy governors Nomfundo Tshazibana and Rashad Cassim were appointed in July 2019. Former Deputy Reserve Bank Governor Daniel Mminele was recently appointed Absa CEO and while Francois Groepe, who had resigned as deputy governor in January 2019, was appointed deputy CEO of Discovery Bank in August of that year, Fin24 previously reported.