SA Reserve Bank Governor Appointed Chair of IMF’s International Monetary and Financial Committee

The Governor of the South African Reserve Bank (SARB) – Lesetja Kganyago – has been appointed as the new chairperson of the International Monetary Fund’s (IMF) International Monetary and Financial Committee.

Kganyago (52) is the first IMFC Chair from the Sub-Saharan African region.

The African National Congress (ANC) congratulated Kganyago and said his appointment is a resounding affirmation of a global confidence in South Africa’s financial institutions.

“The IMFC provides strategic direction to and makes decisions on crucial matters involving the international monetary and financial system and the ANC hopes he will leverage this appointment to ensure that the voices of developing countries are always taken into account in decision-making,” said the ANC.

“The transformation of international financial institutions such as the IMF and the World Bank in order to give a greater voice to emerging economies and at the same time advance development friendly global multilateral trade regimes; has long been a cornerstone of the ANC’s International Relations policy.”

Kganyago already serves as South Africa’s Alternative Governor on the IMF Board of Governors and brings a wealth of experience to the position, said the ANC.

No Change in Repo Rate

Earlier today, in his role as Reserve Bank Governor, Kganyago announced that the repurchase rate will remain unchanged at 6.75% per annum.

He said: “In light of the recent developments and the balance of risks, the MPC [Monetary Policy Committee] has decided that it would be appropriate to maintain the current monetary policy stance at this stage.”