DANIEL MMINELE

Johannesburg – President Jacob Zuma has appointed Daniel Mminele a central bank deputy governor for a five-year term from July 1, Reserve Bank head Tito Mboweni said yesterday.

Mminele, currently executive general manager at the bank, becomes the central bank‘s third deputy, joining Xolile Guma and Renosi Makote, filling a position left vacant since the retirement of Ian Plenderleith in 2005.

Some have speculated that the new deputy governor could be Mboweni‘s successor when his term ends in August.

Analysts said Mminele was a good choice. The SA Chamber of Commerce and Industry (Sacci) also welcomed his appointment.

“His experience in financial markets will no doubt strengthen further an already strong top management team at the bank,” Sacci said.

Trade unions have been pushing for Mboweni to go after his term ends, claiming he has not heeded their calls to cut interest rates aggressively to help boost the economy and save jobs.

But after making the Mminele announcement, Mboweni played down comments from the labour federation as being “irrelevant and of no consequence”.

Mboweni also said he was not in the business of strengthening or weakening the rand, following recent media reports that the central bank had changed its policy towards intervening in the currency market.

Mboweni said the Reserve Bank had not changed its policy but repeated that it would continue to try to build up its reserves when possible.

The reports have helped weaken the currency, along with a rise in global risk aversion. The rand was slightly firmer after Mboweni‘s comments. – Reuters