President Jacob Zuma announced Reserve Bank Governor Tito Mboweni's successor, at the Union Buildings in Pretoria on Sunday.

Gill Marcus is the current Chair of Absa Bank and on 9 November she will take over the reigns of the Reserve Bank as Mboweni told President Zuma that he would like to step down.

A relaxed Zuma was flanked by Deputy President Kgalema Motlanthe and Finance Minister Pravin Gordhan.

While making the announcement President Zuma was careful to point out that he did reappoint Mboweni, but the Reserve Bank Governor declined to renew his contract saying he would like to pursue his own personal interests.

The president then introduced Marcus to the media but she refused to be bated on her views about the bank's current inflation targeting policies, adding it was simply too soon for her to comment because she has not yet taken up her new post.

The markets are likely to welcome the move as Marcus has been seen as someone with good economic experience both from the private and public sectors.

President Zuma described Marcus as the woman for the job: "She brings to this task, qualities of proven leadership, sound judgment and integrity we are confident that she will prove a worthy successor Mr.Mboweni."

"Allow me to thank you for bestowing on me this enormous honour and confidence in me to pick up on the institution — the South African Reserve Bank — on the excellent work that has been done today by the governor and I wish him every success and I look forward to the interaction before his retirement," Marcus responded as she addressed the press room.

Mboweni said he will take time to think about his next endeavor: "I've enjoyed an excellent working relationship with the presidency, the national treasurer and the minister of finance, I'm really grateful for this opportunity to have served and I congratulate Ms Marcus on her appointment."

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