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.
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