Deputy governor of the South African Reserve Bank (SARB) and former head of the Prudential Authority Kuben Naidoo has resigned, TimesLIVE has been told.
Naidoo has worked for the bank for a decade, serving as adviser to the governor in 2013. He became deputy governor in 2015 and was reappointed in early 2020. He is a member of the Monetary Policy Committee.
Presidency spokesperson Vincent Magwenya confirmed this on Monday. He said Naidoo’s request to leave was being considered by President Cyril Ramaphosa as the appointing authority.
“The South African Reserve Bank deputy governor Kuben Naidoo has expressed a desire to resign. However, the matter is still under consideration,” said Magwenya.
Reserve Bank spokesperson Thoraya Pandy referred questions to the Presidency.
This comes amid increased scrutiny and pressure on the central bank after a rates hiking cycle that has seen no cuts since November of 2021 amid rising cost pressures on businesses and households.
The bank's report on undeclared foreign currency found at Ramaphosa’s Phala Phala game farm, which absolved the president of wrongdoing, has been slammed by opposition parties as “a whitewash”.
Before joining the SARB, Naidoo served as the head of the National Planning Commission secretariat between 2010 and 2012. Before that, he spent 12 years at the National Treasury working in the budget office.
He holds a Master of Business Administration from the University of Birmingham as well as a Bachelor of Science degree and a public management postgraduate diploma from the University of Witwatersrand.
TimesLIVE
SARB deputy governor Naidoo quits
Image: SINO MAJANGAZA/ File photo
Deputy governor of the South African Reserve Bank (SARB) and former head of the Prudential Authority Kuben Naidoo has resigned, TimesLIVE has been told.
Naidoo has worked for the bank for a decade, serving as adviser to the governor in 2013. He became deputy governor in 2015 and was reappointed in early 2020. He is a member of the Monetary Policy Committee.
Presidency spokesperson Vincent Magwenya confirmed this on Monday. He said Naidoo’s request to leave was being considered by President Cyril Ramaphosa as the appointing authority.
“The South African Reserve Bank deputy governor Kuben Naidoo has expressed a desire to resign. However, the matter is still under consideration,” said Magwenya.
Reserve Bank spokesperson Thoraya Pandy referred questions to the Presidency.
This comes amid increased scrutiny and pressure on the central bank after a rates hiking cycle that has seen no cuts since November of 2021 amid rising cost pressures on businesses and households.
The bank's report on undeclared foreign currency found at Ramaphosa’s Phala Phala game farm, which absolved the president of wrongdoing, has been slammed by opposition parties as “a whitewash”.
Before joining the SARB, Naidoo served as the head of the National Planning Commission secretariat between 2010 and 2012. Before that, he spent 12 years at the National Treasury working in the budget office.
He holds a Master of Business Administration from the University of Birmingham as well as a Bachelor of Science degree and a public management postgraduate diploma from the University of Witwatersrand.
TimesLIVE
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