S.Africa will not rush to appoint new cbank governor: Nene

by Reuters 0

The process to appoint South Africa’s new central bank governor is underway, but government will not rush through it as it still has time.

This is according to finance minister, Nhlanhla Nene.

Current governor Gill Marcus unexpectedly announced last week she would step down at the end of her term on 8 November, rather than seeking a second five-year tenure, sending the rand to its weakest level against the dollar in seven months.

(READ MORE: Marcus steps down as South African central bank chief)

Deputy governor Lesetja Kganyago is seen as most likely to succeed Marcus, providing policy continuity, a Reuters poll showed earlier this week.