Zuma said the job of finding a replacement for the well-respected Kganyago has already begun.
Kganyago, well regarded by investors, became director general in January 2004 after joining in 1996.
Reserve Bank Governor Gill Marcus welcomed Kganyago’s appointment. He will serve for five years.
“I am delighted with this appointment and welcome Mr Kganyago as Deputy Governor of the South African Reserve Bank and wish him a fruitful, successful and rewarding period in his new position,” she said.
Zuma said Kganyago has extensive experience in financial markets and is highly regarded for his knowledge and expertise of the South African and global financial system.
“His extensive experience in managing the South African economy and his role in the G-20 (Group of 20) and the Financial Stability Board will be important assets to his contribution in the Reserve Bank,” Zuma said.
Finance Minister Pravin Gordhan said Kganyago had provided
“excellent” leadership and praised him for leaving behind a strong team at the
Treasury and “one of the most stable in government.”
“I am leaving behind a National Treasury that has an excellent reputation with taxpayers and capital markets,” Kganyago said.
“The National Treasury continues to have the most competent
and committed public servants that I have ever worked with,” he added.
Kganyago started his career in accounting at First National Bank, subsequently working for Cosatu and the ANC. He spent two years (1994-96) at the Reserve Bank before joining the Treasury in 1996 as Director of International Commercial Financing.