The Reserve Bank in Pretoria. Picture: FINANCIAL MAIL
The Reserve Bank in Pretoria. Picture: FINANCIAL MAIL

THE Reserve Bank has confirmed that newly appointed adviser to governor Gill Marcus, Kuben Naidoo, will also become a member of the Bank’s monetary policy committee (MPC), whose many functions include deciding on interest rates.

The Bank announced on Monday that Mr Naidoo would become the governor’s adviser from April 1, replacing Monde Mnyande, who left the bank last year.

The Bank also announced the appointment of Leon Myburgh as head of the financial markets department. Mr Myburgh’s appointment is with effect from March 1.

Mr Naidoo is currently on contract with the Development Bank of Southern Africa, and has previously served as the acting head of the secretariat for the National Planning Commission.

He has also worked at the Treasury, where his responsibilities included education finance‚ public-sector personnel policy‚ intergovernmental fiscal relations‚ capital budgeting‚ budget reform and fiscal policy.

He spent two years at the UK Treasury where he worked on capital budgets and biannual spending reviews.

Mr Naidoo holds a Bachelor of Science degree‚ and a Postgraduate Diploma in Public Management from Wits University, and a Master of Business Administration from the University of Birmingham.

Mr Myburgh’s main responsibility will be to provide leadership and strategic direction to the financial markets department‚ including implementing the Bank’s monetary policy decisions in financial markets; managing official gold and foreign exchange reserves; providing domestic and international banking and Treasury services; and maintaining relationships with the Bank’s counterparts in domestic and international financial markets.

Mr Myburgh holds a BCom Honours (economics) degree from Stellenbosch University, and a Master of Business Administration from the University of Pretoria. Before his appointment to the Reserve Bank‚ he was a sub-Saharan Africa strategist at Citibank‚ where he also provided trading views on interest rates and currency markets across the region and South Africa.

"The Reserve Bank welcomes both Mr Naidoo and Mr Myburgh and wish them success as they take up this new challenge‚" the Reserve Bank head for group strategy and communications, Hlengani Mathebula, said.

With Mariam Isa