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President Cyril Ramaphosa has extended the term of South African Reserve Bank (Sarb) governor Lesetja Kganyago for another five years from November and appointed Mampho Modise as a new deputy governor of the bank, the presidency said on Friday.

“The re-appointment of Governor Kganyago will ensure continuity and institutional stability at the Reserve Bank,” the presidency said in a statement.

Modise, who is currently a deputy director-general in the National Treasury, will start her role on 1 April 2024 for a term of five years, the statement said. She replaces former deputy governor Kuben Naidoo, resigned in October last year.

The Sarb welcomed the announcement, saying that the institution will now have a full complement of executives.

Modise, who holds a PhD in Economics from the University of Pretoria, has a wealth of experience in fiscal and monetary management. She started her career at the Sarb in 2004 as an intern. She was subsequently appointed as an economist in the Economic Research Department – a position she held until 2009.

She held several positions at National Treasury, including chief director of strategy and risk management, director of fiscal policy, chief economist in the economic policy division, and most recently, deputy director-general of public finance in October 2017.

In this position, Modise was responsible for fiscal and financing monitoring, as well as the evaluation of policy proposals across national departments. She also oversaw the performance of public and state-owned entities.

Kganyago’s new term – and third five-year term – will begin on 9 November and will end on 8 November 2029.

He was first appointed Sarb governor on 9 November 2014 and was reappointed for a second five-year term on 9 November. -Reuters.