Reserve Bank Governor Gill Mar

Reserve Bank Governor Gill Marcus steps down

The first woman governor of the South African Reserve Bank, Gill Marcus, will step down when her contract expires in November

Reserve Bank Governor Gill Mar

President Jacob Zuma has thanked the outgoing Governor of the South African Reserve Bank, Gill Marcus, whose term expires at the end of November, for her excellent service and leadership.

Marcus announced on Thursday that she won’t be renewing her contract saying the Reserve Bank has enough talent to take over the reins.

Marcus delivered her farewell speech at a time when inflation is outside the targeted range of 3% and 6%.

Her announcement caused a minor panic in the markets and led to the rand weakening to its worst levels against the US dollar in seven months, but it quickly recovered.

Marcus’s term saw the bank focusing not only on inflation targeting, but it also started to pay more attention to growth.

President Zuma said Marcus has steered the bank during the difficult periods of the global economic and financial recession, and ensured the achievement and maintenance of stability.

“We value the Governor’s contribution immensely and wish her all the best in her future endeavours,” said President Zuma.

President Zuma will announce the new Governor in due course.