Pretoria - Deputy Reserve Bank Governor Xolile Guma will not renew his contract with the bank when it ends in July this year, said the central bank.
Dr Guma's second five-year term in office will expire on 31 July 2011 following 16 years of uninterrupted service, the Reserve Bank said on Thursday.
The deputy governor has advised President Jacob Zuma and the board of the bank.
"He has decided not to renew his contract," said the bank's spokesperson Hlengani Mathebula.
According to the bank, President Zuma will in due course announce, after consultation with the board, who he has appointed as the next deputy governor.
The bank thanked Guma for his contribution to the SA Bank Note Company and the SA Mint. Guma has also served as a member of the board of the Reserve Bank and its sub-committees, the Governor's Executive Committee, the Governor's Co-ordinating Committee (GCC), the Monetary Policy Committee and the Financial Stability Committee.
"Dr Guma will serve a three-month cooling off period [that prohibits taking a paid job] until the end of October. We wish him well in future endeavours," said the Reserve Bank.
In March, former National Treasury Director General Lesetja Kganyago was appointed to one of the Deputy Governor posts at the Bank.
