Date: 19/07/2009

Source: The Presidency

Title: SA: Zuma: Briefing by the President of South Africa on on the appointment of Gill Marcus as Reserve Bank governor

Ladies and gentlemen of the media,

Welcome to this briefing on the appointment of the Governor of
the South African Reserve Bank.

In terms of the Constitution, the primary objective of the South
African Reserve Bank is to protect the value of the currency in the
interest of balanced and sustainable growth in the Republic. The
Reserve Bank must perform its functions independently and without
fear, favour or prejudice.

As the term of office of the current Governor, Mr Tito Mboweni,
is due to end on the 8th August 2009, I initiated a process of
consultation on the position.

I have re-appointed Mr Mboweni as Reserve Bank Governor. However
he has indicated his wish to leave in November 2009 to pursue other
interests.

Given the indication from Mr Mboweni, I have therefore decided
to designate Ms Gill Marcus as Governor of the South African
Reserve Bank with effect from the 9th of November 2009.

I wish to thank Mr Mboweni for his excellent service to the
nation.

He assumed this important responsibility at a critical moment in
the country's history, as we confronted the challenges of placing
our country on a path of sustained economic growth. Mr Mboweni met
these challenges with foresight and resolve.

We thank him for his contribution, and trust that we shall be
able to call upon his expertise, to serve the country in another
capacity in future.

Ms Marcus will assume responsibility for an institution that is
held in high regard in South Africa and among its counterparts
across the world.

During Mr Mboweni's tenure, the Reserve Bank has undertaken its
constitutional mandate with diligence and prudence. It has made a
critical contribution to the country's sustained economic stability
and has pursued monetary policies that have fostered economic
growth.

Ms Marcus has extensive knowledge of the institution she is now
called upon to lead, having served as a Deputy Governor of the
Reserve Bank from 1999 to 2004. In addition, she served as Deputy
Minister of Finance from 1996 to 1999. Ms Marcus has served as
chairperson of the Joint Standing Committee on Finance. She has
held a number of executive positions in the private sector.

She brings to this task qualities of proven leadership, sound
judgment and integrity. We are confident that she will prove a
worthy successor to Mr Mboweni.

On behalf of government and the nation, we wish her well in this
important responsibility.