**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.
Ms Marcus served as deputy governor of the South African Reserve Bank between 1999 and 2004.
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.