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Monday, 23 October 2023 17:11

SARB Deputy Governor's Kuben Naidoo resigns.

By Lehlohonolo Lehana.

Deputy governor of the South African Reserve Bank (SARB) and former head of the Prudential Authority Kuben Naidoo has resigned.

Naidoo was re-appointed by President Cyril Ramaphosa as the governor for his second term at the Bank in March 2020.  

His second five-year contract was due to end in March 2025. 

Presidency spokesperson Vincent Magwenya, confirmed Naidoo has indicated he wants to resign, this is still being considered.  

"The South African Reserve Bank Deputy Governor Kuben Naidoo has expressed a desire to resign, however, the matter is still under consideration", notes Magwenya. 

The reason for Naidoo's resignation is not yet clear. 

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.

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.

Naidoo 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.