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
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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.
