06 Oct 2014
That's it for the press conference. Congratulations and all the best to Lesetja Kganyago. All the best to Gill Marcus.
06 Oct 2014
Marcus: I
will decide after I leave what I will do – there is a cooling off period of 6
months in which I will find a bit of time for myself.
06 Oct 2014
Marcus: To
my successor: It is a marathon, not a sprint!
06 Oct 2014
Marcus:
Stamina, stamina, is my advice to the new governor! We usually start
communicating at 3am in the morning.
06 Oct 2014
Marcus: We
do not follow a process of exclusion in the SA banking industry.
06 Oct 2014
Marcus: SA
has a very strong, sound banking system. Outside banks will only find it
difficult to operate here if they do not comply with regulations.
06 Oct 2014
Marcus:
SA’s policies on banking in SA is one in which we look at a sound and inclusive
approach.
06 Oct 2014
Nene: It
did not take too long to find the new governor. The president took enough time
to take into account all the processes.
06 Oct 2014
Nene: The
buck now stops with you (to governor designate) on monetary policy.
06 Oct 2014
Nene: He
walks into a team that is committed – and he will take the policy to the next
level in challenging times. I assure him of our support.
06 Oct 2014
Finance
Minister Nhlanhla Nene: A message of encouragement to the governor designate – he comes
from a team which has done well. He also now takes the reins.
06 Oct 2014
Marcus is
asked what she will be doing after November 8 when she leaves.
06 Oct 2014
Another question
from the audience: Why was so much time taken in finding Marcus’ replacement?
06 Oct 2014
Still at press conference,
question
from the audience: How can there be a more fluid system of banking between SA
banks and banks in other African countries?
06 Oct 2014
Lesetja Kganyago
ranked at number 6 on global Twitter trend.
06 Oct 2014
Kganyago:
The primary object is balanced and sustainable growth – it cannot be balanced
if there are internal or external imbalances.
06 Oct 2014
Kganyago: I
have learnt from the best matriarch who knows where the best watering holes are.
06 Oct 2014
Kganyago:
About intra-Africa trade – that is something central banks are not good at but
in a way we did in no small manner by introducing a cross border payment system
and we believe that will facilitate trade.
06 Oct 2014
Kganyago: I
believe institutions that attract the best brains to them.
06 Oct 2014
Kganyago:
Challenges will remain what they have been. I do not foresee new challenges at
this point but others might crop up too.
06 Oct 2014
Economist
Trudy Makaya: Marcus was always an advocate for what is needed for economic
growth in SA – and that Sarb’s influence is only one part.
06 Oct 2014
Economist
Trudy Makaya: Marcus also had a challenging time – she had to steer SA’s
recovery post the financial crisis. She lowered interest rates and also had to
deal with African Bank.
06 Oct 2014
Economist
Trudy Makaya: When one goes into a position like Sarb governor one has big
shoes to fill.
Indeed, big shoes...
06 Oct 2014
Economist
Trudi Makhaya: Kganyago has worked his way up the ranks. DG of National
Treasury for 7 years so have understood policy framework etc.
06 Oct 2014
Economist Trudi
Makhaya is an independent micro-economist and strategist: You want
someone at the head of Sarb you know who won’t succumb to lobbying.
06 Oct 2014
There was even speculation once that Kganyago would become the new
finance minister.
06 Oct 2014
Zuma and
Marcus hug and laugh. Hugs all around for Marcus – including Nene.
06 Oct 2014
Marcus:
Deputy is not the same as the buck stops here – I wish you all the success and
I have no doubt in you.
06 Oct 2014
Marcus:
This is your place now my dear (to her new successor).
06 Oct 2014
Marcus:
Glad my successor was chosen from the depth of knowledge and commitment and
trust within Sarb.
06 Oct 2014
Marcus: I
want to thank you Mr President for your confidence in all of us.
06 Oct 2014
Outgoing governor Gill Marcus takes to podium.
06 Oct 2014
Kganyago: I
will pursue our mandate without fear, favour or prejudice.
06 Oct 2014
Kganyago:
You are bestowing trust on me and I have no doubt this trust is also from the
people of SA. They have also bestowed trust in me in the past. I do not take
this trust for granted.
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