Africa-Press – South-Africa. Naidoo serves on the Monetary Policy Committee – which decides on interest rates in the country and, his second five-year contract was due to end in March 2025.
SA Reserve Bank (Sarb) Deputy Governor Kuben Naidoo has handed in his resignation to President Cyril Ramaphosa.
Naidoo serves on the Monetary Policy Committee – which decides on interest rates in the country and, his second five-year contract was due to end in March 2025.
Naidoo was also overseeing the financial stability and currency cluster at the Sarb.
Executive director and portfolio manager at Denker Capital Kokkie Kooyman said Naidoo’s resignation is a big blow to the Sarb.
“I think the timing of Naidoo’s resignation is crucial, especially with the role the reserve bank has been playing.”
Kooyman said Naidoo’s resignation comes at a time when the Sarb has been under pressure not to raise interest rates.
“He’s been very good at explaining the role of the central bank, and why you cannot have the central bank or reserve bank working with the government. It must always be independent and as its mandate says without fear, favour or predujuice.”
The Presidency said Naidoo’s resignation is still being reviewed.
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