President Ramaphosa Taps Mampho Modise To Become SARB Deputy Governor

Reuters runs comments from President Cyril Ramaphosa, who has confirmed that Deputy Director-General of Public Finance at National Treasury, Mampho Modise, will become a new Deputy Governor of the South African Reserve Bank (SARB).

• Modise's candidacy came to light last month as BusinessLive circulated a source report noting that the official was the front-runner to fill the vacancy left by Kuben Naidoo, who has been on gardening leave since December 1.
• BusinessLive reported that Modise was the preferred choice of Finance Minister Enoch Godongwana, who wanted Naidoo's replacement to be recruited from the National Treasury in order to ensure the diversity of perspectives in the MPC.
• Modise's appointment will bring the number of MPC members to six, following the addition of David Fowkes to the panel earlier this year. Fowkes participated in his first MPC meeting in January.
• During his latest presser, Governor Lesetja Kganyago revealed that the search for a new Deputy Governor and one more person was ongoing, with the central bank preferring to have an odd number of MPC members.