The Mail & Guardian's website has reported that President Jacob Zuma will not be renewing Reserve Bank Governor Tito Mboweni's contract.

According to the article, former reserve bank deputy Gill Marcus will be appointed to the position instead.

On Friday, the Mail & Guardian reported that Mboweni would be staying on but on Saturday the Reserve Bank Governor denied the claims admitting that the paper "got it dead wrong".

Zuma will be holding a media conference at noon on Sunday but the presidency has refused to comment on what the briefing is about.

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