Head of South African Central Bank Appointment Boosts ZAR

South Africa’s president, Jacob Zuma, has named the former Treasury boss, Lesetja Kganyago, as the new governor of the country’s central bank.

Following the announcement, the rand strengthened to a session high of 11.2590 against the dollar, after recently dropping to a six-month low.

Mr Kganyago is South Africa’s tenth Reserve Bank boss.

He has pledged to continue the path of financial stability advocated by his predecessor, Gill Marcus.

Ms Marcus will leave the job on 8 November, when her five-year term expires.

She is the first woman to have held the position, and was widely respected during her tenure as governor for her ability to correctly predict global and domestic economic trends, as well as for her handling of the country’s banking crisis.

via BBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza