Picture: for illustration purposes
South African Reserve Bank's Deputy Governor, Kuben Naidoo, has submitted his resignation. The news was confirmed by Presidency spokesperson Vincent Magwenya on Monday, saying Naidoo’s request to resign was currently under evaluation by President Cyril Ramaphosa, who possesses the appointing authority.
Kuben Naidoo has served the South African Reserve Bank (SARB) for a decade in various capacities. He began as an advisor to the governor back in 2013, advanced to the role of deputy governor in 2015, and was reappointed to the post in early 2020. Additionally, Naidoo is a member of the monetary policy committee.
Thoraya Pandy, Reserve Bank's spokesperson, rerouted all inquiries regarding the matter to the presidency.
The announcement of Naidoo's resignation comes amid intensifying scrutiny of and pressure on the central bank. This follows a series of rate hikes, with no cuts since November 2021, which have escalated cost burdens on businesses and households.
Controversy surrounding a SARB report that cleared President Ramaphosa of any misconduct connected to undeclared foreign currency found at his Phala Phala game farm is also adding to the scrutiny. The report has been criticised by opposition parties, dismissing it as "a whitewash".
Prior to joining SARB, Naidoo held the position of head of the National Planning Commission secretariat between 2010 and 2012. He also spent 12 years in the National Treasury's budget office. As for his academic credentials, Naidoo obtained his Master of Business Administration from the University of Birmingham and a Bachelor of Science degree, as well as a postgraduate diploma in public management from the University of Witwatersrand.