Mampho Modise appointed new Deputy Governor of SARB

Deputy Director-General of the Public Finance Division in the National Treasury, Mampho Modise, has been appointed as the new deputy governor of the South African Reserve Bank (SARB) starting from 1 April for five years.

President Cyril Ramaphosa made her appointment to fill a vacancy left by Kuben Naidoo, who resigned from the central bank last year.

Meanwhile, Lesetja Kganyago has been reappointed as Governor of the South African Reserve Bank for five years, effective from 9 November this year.

KGANYAGO REAPPOINTMENT TO ENSURE STABILITY – PRESIDENCY

His reappointment will ensure “continuity and institutional stability at the reserve bank,” said Vincent Magwenya, the President’s spokesperson.

“Dr Modise is currently the Deputy Director-General for the Public Finance division in the National Treasury (NT). She started her career as an intern at the South African Reserve Bank in 2004 and progressed to the role of economist at the bank.”

“Dr Modise left the SARB in 2009 to join the National Treasury, where she started as a senior economist in the Economic Policy division. She was soon promoted to Director of Fiscal Policy, then to the Chief Director of Strategy and Risk Management in the Asset and Liability Management division of the NT.” Magwenya said.

He said that in 2017, Modise was promoted to the position of deputy director-general.

SARB CRITICISED FOR RAISING INTEREST RATES TO FIGHT INFLATION

Magwenya also said that the President had reappointed Ms. Nomfundo Tshazibana and Dr. Rashad Ismail Cassim as Deputy Governors of the Reserve Bank for five years, effective 1 August this year.

TimesLive reported that under the leadership of Kganyago, the central bank has received criticism recently for its support of raising interest rates to fight inflation.

Kganyago has maintained it is critical to fight inflation, even if it means increasing rates. He says underlying inflation is a constant worry that won’t disappear; hence, the interest rates stay higher for longer.

SA WAS PLACED ON THE GREY LIST FOR FAILING TO TACKLE ILLICIT FINANCIAL FLOWS

The Daily Investor reported that South Africa was placed on the grey list in February 2023 after the Paris-based Financial Action Task Force identified shortcomings in tackling illicit financial flows and combating terror financing. 

“But this has been a costly episode for us. The lesson is that joint efforts are required to look after the integrity of South Africa’s financial system,” the publication quoted Kganyago.