Reserve Bank again searching for a deputy governor

Only two weeks after the Reserve Bank's newest deputy governor took up his position, the bank has to start a search for yet another deputy governor.

The Reserve Bank announced on Thursday that Xolile Guma, its senior deputy governor, will not renew his contract when his second five-year term expires at the end of July.

Guma held a number of positions in the bank's research department before being appointed deputy governor in 2001. He became senior deputy governor exactly a year ago.

The news of Guma's planned departure from the Reserve Bank came shortly after Lesetja Kganyago became a deputy governor on May 16. Kganyago replaced Renosi Mokate, who left the bank at the end of July last year.

Reserve Bank governor Gill Marcus and her three deputy governors serve on the monetary policy committee.

When Guma leaves at the end of July, none of the remaining three most senior officials at the bank will have been in their positions for much more than two years.

Deputy governor Daniel Mminele took up office in July 2009 and Marcus became governor in November 2009. She did, however, serve as a deputy governor from 1999 until 2004.

One analyst said Guma was a straight shooter, which might have made him somewhat unpopular in political circles. But bank staff regarded him highly.

"He was a quiet and stable figure (at the bank)," said Mike Schüssler, economist at Economists.co.za.

Razia Khan, economist at Standard Chartered in London, said Guma was very favourably regarded.

President Jacob Zuma will, after consultation , advise the bank as to who he has decided to appoint as Guma's replacement.