South Africa’s Mminele Quits as Reserve Bank Deputy Governor

Daniel Mminele will retire as deputy governor of the South African Reserve Bank at the end of the month after 10 years in the job, the Reserve Bank said on Thursday, making him the third member of its policy committee to quit the regulator recently.

Mminele’s retirement follows the departure of fellow deputy governor Francois Groepe in January and advisor to the governor Brian Kahn late last year.

Governor Lesetja Kganyago’s position is also up for renewal, with his five-year term expiring in November. He has previously said it is up to President Ramaphosa whether or not he will serve another five-year term.

“Mr Mminele has advised President Cyril Ramaphosa and the Board of Directors of the SARB (Board) that he has decided not to serve another term,” the bank said in a statement. The statement gave no further reasons for Mminele’s decision to stand down.

The bank has recently had to fend off renewed calls by the ruling African National Congress (ANC) to nationalise the regulator and extend its mandate beyond inflation targeting to include economic growth and unemployment.

The row rattled markets, which feared the bank’s independence was under attack.

In response the SARB has defended its ground, saying it already factored economic growth into its policy decisions by keeping a lid on consumer inflation and protecting the currency.

It next meets in July to decide on lending rates after keeping them on hold at its last three meetings.

Expectations are it will cut rates by at least 25 basis points with price-growth well below the 4.5% mid-point of its target range, and economic growth floundering following a deep contraction in the first quarter.

(Reporting by Mfuneko Toyanal; Editing by Alison Williams and Toby Chopra)