President Jacob Zuma on Friday named Lesetja Kganyago as the new deputy governor of the South African Reserve Bank (SARB), with effect from May 16.

Kganyago has been with the National Treasury since 1996, serving as director-general since 2004.

Finance Minister Pravin Gordhan has been tasked to immediately start the process of appointing a new director-general for the National Treasury to ensure that there is a smooth transition, Zuma told journalists at a briefing in Pretoria.

"Kganyago leaves behind a strong team at the National Treasury, one of the most stable in government," Gordan stated.

Zuma said Kganyago’s experience in managing the South African economy and his role in the Group of Twenty and the Financial Stability Board would be important assets to his contribution in the SARB.

Kganyago would be responsible for specific portfolios in the SARB, which would be allocated after today’s announcement, SARB governor Gill Marcus said.

Kganyago said at a press conference that it was a privilege to be appointed as deputy governor of the SARB.

“Banking has always been my passion and I see my public service as a calling,” he noted.

Before he was appointed  the director-general of the National Treasury, Kganyago was head of economic policy in the National Treasury. He also worked as an investment manager in the SARB.