Tags: Gill Marcus | South African Reserve Bank | Jacob Zuma

Investors on Edge as South African Reserve Bank Gov. Resigns

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Monday, 29 Sep 2014 01:07 PM Current | Bio | Archive

U.S. and other foreign investors remain nervous after Gill Marcus, governor of the South African Reserve Bank (SARB) announced that she would not be renewing her contract for another five years. President Jacob Zuma and other leaders in the financial sector have commended Gill Marcus for her remarkable service in bringing stability to South Africa’s economy in the wake of the global financial crisis.

“I think it is an unfortunate announcement. I think Gill Marcus has done a superb job in terms of how she has managed monetary policy in South Africa,” said Stanlib Chief Economist Kevin Ling.

The favorites to succeed Marcus are Lesetja Kganyago and Daniel Mminele who are both deputy governors at the SARB. Kganyago is favored for his experience in the treasury with the current finance minister and his ability to forge and sustain valuable international relations.

Mminele has gained support due to his 15 years at the SARB in various senior positions.

President Jacob Zuma is set to appoint the successor before the end of Gill Marcus’s term on Nov. 8 of this year. The successful applicant will have their work cut out for them as they will be starting out in a relatively weaker economy.

The Rand has dropped against a stronger dollar and South Africa’s growth forecast for 2014 has dropped to 1.5 percent from 1.7 percent. Stunted growth has been mainly attributed to platinum mines being unable to fully recover by the end of the year following the record 5 month platinum strike.

Matthew Klynsmith earned a business administration diploma at CTI in Cape Town, South Africa. He now works at Strategic Options as an associate partner. To read more reports from Matthew Klynsmith, Go Here Now.
 


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President Jacob Zuma and other leaders in the financial sector have commended Gill Marcus for her remarkable service in bringing stability to South Africa’s economy in the wake of the global financial crisis.
Gill Marcus, South African Reserve Bank, Jacob Zuma
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2014-07-29
Monday, 29 Sep 2014 01:07 PM
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