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Deputy Governor’s Departure Leaves SARB with Four MPC Members Ahead of Next Meeting

SOUTH AFRICA
  • SARB Deputy Governor Kuben Naidoo, a perceived dove, officially left the central bank at the end of last year, having outlined his decision to quit close to three months ago. Naidoo has been on garden leave since Dec 1, a spokesperson for the bank told Bloomberg.
  • Naidoo’s departure leaves the MPC with four members. Unless new appointments are announced before the central bank meet next week (Jan 25), Kganyago will have the deciding vote in case of a split decision. In November, the SARB kept the repo rate unchanged at 8.25%. The vote split shifted to 5-0 from 3-2 in September.
  • The process to replace him is underway, and “an announcement will be made upon the conclusion of the process,” a presidency spokesman said in a text message seen by Bloomberg. He didn’t specify whether a name of a preferred candidate has been put forward.
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