Kuben Naidoo has been reappointed as a deputy governor of the South African Reserve Bank (SARB), it was announced yesterday.
The SARB has three deputy governors, who serve alongside the bank’s governor, Lesetja Kganyago.
In a statement, the Reserve Bank said: ‘The South African Reserve Bank welcomes the re-appointment of Mr Kuben Naidoo by President Cyril Ramaphosa as one of the three Deputy Governors of the SARB for a second term of five years. Mr Naidoo, whose re-appointment is effective from 1 April 2020 to 31 March 2025, was first appointed a Deputy Governor on 1 April 2015.’
As part of his Reserve Bank duties, Naidoo will continue in his role as CEO of the Prudential Authority, which acts as a regulator of entities in the financial sector. Naidoo had also previously headed up the secretariat of the National Planning Commission.
The SARB also announced yesterday that it would be buying government bonds in an attempt to inject liquidity into the financial markets, in the midst of the current market crash. The SARB had also cut the repo rates by 100 basis points last week to try to boost the flailing South African economy.