The South African Reserve Bank announced on Thursday that its Deputy Governor, Daniel Mminele, will be retiring when his second five-year term ends on June 30.
"Mr Mminele has advised President Cyril Ramaphosa and the Board of Directors of the SARB that he has decided not to serve another term," said the central bank in an note.
"The SARB takes this opportunity to thank Mr Mminele for his dedicated service, commitment and significant contribution to the work of the SARB and wishes him well for the future."
In a message to staff, SARB Governor Lesetja Kganyago said Mminele has left an "indelible mark on this fine institution and his contribution to the bank has been invaluable and immeasurable.”
The bank said its board has been in communication with President Cyril Ramaphosa and the minister of finance regarding the process to announce a successor.