Policy hawk Mminele’s exit leaves the Reserve Bank vulnerable

After months of speculation, the SA Reserve Bank confirmed that deputy governor Daniel Mminele will depart when his term ends on Sunday, setting off speculation about his replacement and the effect on the institution’s policy direction.

Together with governor Lesetja Kganyango, whose first five-year term ends in November, Mminele is perceived as a policy hawk, and has recently mounted strong defences of the Bank’s independence and inflation-targeting policy framework in the face of political attacks from within the ANC.

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