Kganyago has been the deputy governor of the South African Reserve Bank since 2011, will replace the respected Gill Marcus, whose five-year term ends on the 8 November 2014.
“I would like to thank Ms Marcus for her sound leadership, commitment and dedication which has enabled the Bank to perform as well as it has done, under a difficult economic climate,” said Zuma in his public announcement.
(READ MORE: Marcus steps down as South African central bank chief)
South Africa's central bank will continue to pursue its mandate of ensuring price and financial stability after the departure of Governor Gill Marcus, added Kganyago.
"I have no doubt that eyes will be on me ... I shall not disappoint," he said.
Zuma praised Kganyago's expertise in financial markets and said that the transition should be a smooth one.
“The Governor-designate has wide-ranging experience in financial markets. He is highly regarded for his extensive knowledge and expertise of the South African and global financial systems,” he added.
“The Governor-designate also brings the experience of having served in government at a top management level, as a former Director-General of the National Treasury from 2004. He had joined the Treasury in 1996. During his tenure as Director-General, he successfully steered several public finance and financial market reforms,”
“I wish Mr Kganyago all the best in this new responsibility. I have no doubt that he will acquit himself as proficiently in this new role as he has previously done in other strategic positions.”
Plans are currently underway to fill the position of SARB’s Deputy Governor.