SARB deputy-governor resigns

South African Reserve Bank Deputy Governor Daniel Mminele will step down when his term expires on 30 June.

Mminele, 54, will be the second deputy governor to leave the central bank in six months after Francois Groepe’s surprise resignation in January.

His departure takes the Monetary Policy Committee back to five members after Chris Loewald joined the panel this month and leaves only Kuben Naidoo as deputy governor.

Mminele, who has been at the central bank since 1999 and served two five-year terms as deputy governor, has told President Cyril Ramaphosa that he won’t be available to remain in his position, the Reserve Bank said Thursday in an emailed statement, without providing information about his future plans.

This may fuel speculation that Mminele could be appointed CEO of Absa, South Africa’s third-largest lender, but he will have to serve a mandatory six-month cooling-off period until 31 December.

The Reserve Bank governor and three deputies are appointed by the leader of the country for a fixed five-year term.

While Ramaphosa met with the central bank’s board, Governor Lesetja Kganyago, and the deputy finance minister two weeks ago to discuss vacancies in the bank’s executive leadership, the presidency has not yet made an announcement about replacements for Groepe and Mminele.

Read: President Ramaphosa sets the record straight on Reserve Bank

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SARB deputy-governor resigns