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South African Rand Tumbles To 7-Month Lows As Central Bank Governor Steps Down
In a surprise for the market, South Africa's Reserve Bank chief Gill Marcus has announced she will not be available for another term when her contract is up in November. On the heels of an expected decision to leave rates unchanged, this has sent the Rand tumbling to its lowest since February. While Marcus exporessed every confidence in her successor, it appears the market is less confident (for now). Forget the economy, sell ZAR because the true leader of the nation's wealth is to step down...
- *S. AFRICAN CENTRAL BANK GOVERNOR SAYS TO STEP DOWN
- *S. AFRICA'S MARCUS SAYS NOT AVAILABLE FOR RENEWAL
- *S. AFRICA'S MARCUS SAYS CONTRACT ENDS IN NOVEMBER
- *S. AFRICA'S MARCUS SAYS `THIS IS MY LAST MPC'
- *S. AFRICA'S MARCUS SAYS EVERY CONFIDENCE IN SUCCESSION
Doesn't seem like anyone is in a hurry...
- *S.AFRICA'S MARCUS: ZUMA TO ANNOUNCE SUCCESSOR IN DUE COURSE
As Bloomberg reports,
South African central bank Governor Gill Marcus said she will step down from her post when her contract expires in November.
Marcus, who turned 65 on Aug. 10, informed President Jacob Zuma of her decision, she told reporters in Pretoria today at the end of the Monetary Policy Committee meeting. Zuma hasn’t yet announced her successor.
“I have advised the president some time ago that I will not be available,” she said. “I think the bank has an outstanding team of leadership, both in the executive monetary policy leadership of management of the bank.”
Marcus, a former deputy finance minister and chairwoman of Barclays Plc’s South African unit, took office in 2009 after the global financial crisis hit, dragging the local economy into its first recession in 17 years and pushing up inflation. Her appointment was announced weeks after Zuma, 72, was elected as leader, dogged by corruption allegations and investor concern that he would push for looser fiscal controls.
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Now if only Yellen would follow Gill Marcus's lead and leave stage right.
Good luck with that. Yellen will only leave when the FED finally implodes.
She is ....white?
Wow
Considering that Yellen is also female and white (if jews can be considered white), I'd be happy if she was replaced with a Zebra.
Obama ???
Ooops, I stand corrected. No hope, No change.
Personally i think both Yellen and Marcus are men. Like a wolf in sheeps clothing (short hair, unattractive, not femine looking at all). I mean just put a skirt and some earings on a voala! a Woman!
Marcus is political appointee of the ANC. "Cadre deployment" as it is called: "Loyalty before competence".
I wonder what the background of the successor will be?
Expert in digital finance?
ZAR has only lost 33.6% from its level of 8.30 and today at 11.09 in the last 2 years......South Africa has turned to be one of the worst currency in the world.
Wonder when will they beat Zimbabwe or Venezuela's currency despite having lot of gold and minerals?
Just as with America, the TRIBE runs the banks/financial in South Africa, and has...
South Africa's Reserve Bank chief Gill Marcus
I assume that by "tribe" you mean the Zulu, to which the current president belongs.
I remember the recent BRIC picture. Let's refresh our memory. Russia with the rouble falling to 38 to the dollar, Brazil slowing downlike mad, India gettign monsooned and government doing very little under the new leader, China housing and GDP collapsing. Add in SA, Venezuala and Argentina (three real go-getters). I gotta get me a loan from them B4 the place collapses.
"Jim Morrison! Jim Morrison! Jim Morrison!"
So in one year the two people Gordan, and Marcus, that at least had an understanding of the world financial situation and tried to rein in South Africa's politic from spending are now out. This is truely bad news.