Kuben Naidoo, the Deputy Governor of South African Reserve Bank (SARB), has submitted his resignation to President Cyril Ramaphosa, initiating a review process and potentially leaving a significant gap in monetary policy decisions. Naidoo's exit date is currently undetermined and will be subject to discussions with Governor Lesetja Kganyago, who is also nearing the end of his term, and finance minister Enoch Godongwana.
Naidoo's decision to resign came as a surprise, given he was serving his second five-year contract which was due to last until 2025. As part of his role at SARB, he was integral to the five-person Monetary Policy Committee and led the Financial Stability and Currency Cluster. This development has been noted by Kokkie Kooyman of Denker Capital as it coincides with ongoing discussions regarding the independence of the Central Bank.
During his tenure at SARB, Naidoo played a key role in advising the governor and influencing monetary policy during a rates hiking cycle that caused significant stress to businesses and households. Prior to this role, he held leading positions at Prudential Authority, National Planning Commission secretariat, and had a 12-year tenure at National Treasury. His departure from SARB marks the end of an influential career in South Africa's financial sector.
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