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| Zuma replaces central bank chief | Zuma replaces central bank chief |
| (10 minutes later) | |
| South Africa's President Jacob Zuma has named former deputy governor Gill Marcus as the new governor of the country's central bank. | South Africa's President Jacob Zuma has named former deputy governor Gill Marcus as the new governor of the country's central bank. |
| She replaces Tito Mboweni, who has faced criticisms in some quarters for keeping interest rates too high, and will take over in November. | She replaces Tito Mboweni, who has faced criticisms in some quarters for keeping interest rates too high, and will take over in November. |
| Ms Marcus served as deputy governor of the South African Reserve Bank between 1999 and 2004. | Ms Marcus served as deputy governor of the South African Reserve Bank between 1999 and 2004. |
| She is currently chairwomen of banking group Absa. | She is currently chairwomen of banking group Absa. |
| "I have reappointed Mr Mboweni as Reserve Bank Governor. However, he has indicated his wish to leave in November 2009 to pursue other interests," said Mr Zuma. | |
| "I have therefore decided to designate Ms Gill Marcus." | |
| The appointment has been closely watched. With the country in recession, the president has come under pressure from unions to loosen monetary policy, and focus more on job creation. | |
| But, for now, Mr Zuma seems to be resisting such calls. | |
| "She's not new... let nobody wonder what's going to happen. She was there when the policy was made, so there's nothing really new," he said. |