President Cyril Ramaphosa has re-appointed Mr. Lesetja Kganyago as governor of the South Africa Reserve Bank.

Kganyago’s whose current term will expire on November 8, will begin his new five-year term immediately thereafter, the National Treasury said in a statement on Wednesday.

CEOAfrica, learnt that President Ramaphosa made the decision after consulting with finance minister Tito Mboweni and the board of directors of the bank.

Ramaphosa, also approved the appointment of Fundi Tshazibana and Rashad Cassim as deputy governors of the bank for five years each which will be effective from August 1.

Both are currently employed at the bank, Tshazibana as adviser to the governors, and Cassim as head of economic research and statistics.

“We congratulate the appointees and look forward to working with them. We need not remind them of the tough economic and fiscal circumstances facing SA at the moment,” Mboweni said in the statement.

“They have my full support and confidence that they will take SA forward as we move to bring development to our people.”