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Gill Marcus new Governor of S Africa's Reserve Bank

world Updated: Jul 19, 2009 22:03 IST
PTI
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Former political activist of the ruling African National Congress in South Africa, Gill Marcus, was on Sundaye appointed as the country's new Reserve Bank Governor. President Jacob Zuma made the announcement at the Government's Union Buildings in Pretoria.

Zuma said Marcus, a former Deputy Governor of the Reserve Bank, would take over from the current governor, Tito Mboweni, in November.

"Mr Mboweni's contract expires in August and he has indicated that he will leave in November to pursue other
interests," said Zuma.

Mboweni, a former Minister in Nelson Mandela's first cabinet, has been Governor of the Reserve Bank since 1999.

Marcus, who is currently the chairman of the ABSA Bank Group, said she was honoured by the appointment. "I will
follow in the footsteps of Mr Mboweni," she said. Economists have widely welcomed the decision, saying Marcus was the "right person" for the job.

Johannesburg Economist, Iraj Abedian said, "I think the first challenge that Ms Marcus will have to face is to engage the Cabinet and the new Minister of Finance on the controversial policy of inflation targeting."

Country's largest trade union federation COSATU has also supported Marcus's appointment.

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