Mboweni’s Successor Announced

The information in this article is courtesy of iAfrica ( Mboweni steps down - 20 July 2009)

The current Chair of Absa Bank, Gill Marcus will be Reserve Bank Governor Tito Mboweni’s successor. This was announced by president Jacob Zuma at the Union Buildings on Sunday, 19 July 2009 after Mboweni indicated that he wanted to step down to pursue his own personal interests.

After being introduced to the media, Marcus refused to be bated on her views about the bank’s current inflation targeting policies, saying that it is far to early to comment.

Marcus has been seen as someone with good economic experience from both private and public sectors. This indicates that the market will likely welcome her appointment.

Mboweni said in his speech that he enjoyed an excellent working relationship with the presidency, the national treasurer and the minister of finance during his time as governor. He also congratulated Marcus on her appointment.

The SA Communist Party also congratulated Gill saying that her appointment is a “breath of fresh air”.

Economist Mike Schussler said that Marcus is a person with sound judgment, adding that her knowledge of the institution would ensure continuity. According to him there should be change in policy from her.