RESERVE BANK GOVERNOR FIRED!

South Africa's Reserve Bank Governor Tito Mboweni was on Sunday19, July 2009 fired (replaced) from his position by the country's President Jacob Zuma.

His employment contract was due for renewal on or before 7 August 2009 but Mboweni's resistance to attend from several civil society institutions to review inflation targeting policies seems to have put pressure to him holding as the central bank head for another five years.

President Zuma, personally, announced the shake-up and looked no further to fill the position as ANC heavyweight Gill Marcus was appointed immediately, though she is expected to assume duties on 9 November 2009.

The reception of Marcus' appointment was positive, judging from the responses canvassed and received from the business sector and the financial markets.

Business Unity South Africa CEO Jerry Vilakazi commended the decision to appoint Jill Marcus as the Reserve Bank Governor-designate by pointing out that she (Marcus) already possesvaluable inside information about the operations within the central bank after having served some time there as a Deputy Governor after the second national democratic elections.

"Ms Marcus is bringing along vast expertise into the Reserve Bank as a former deputy governor, also her leadership traits exhibited in the corporate sector as the chairperson of ABSA speak volumes about her appointment" said Vilakazi.

And the Chief Economist from Brait Investment Group Colen Garrow expressed full support for the appointment of Gill Marcus.
"She's highly respected in the marketplace. Gill Marcus oversaw the foreign exchange regulations and she is quite a good aministrator" noted Garrow.

Expressing a vote of thanks to President Zuma after her appointment in Pretoria Marcus was very cautious in divulging her immediate tasks regarding the inflation targeting policies and the repo rates.
"It is too early to pronounce on the Reserve Bank's inflation targeting policy. For now it's really to thank everybody for the enormous confidence shown in me and I intend to consult widely with all structures to chart the way forward" said Marcus.

Even the outgoing Reserve Bank Governor Tito Mboweni praised the appointment of Ms Marcus and he described her leadership qualities in glowing terms.