Mboweni gets 2nd term

JOHANNESBURG – South Africa’s government extended central bank governor Tito Mboweni’s contract for another five years on Friday, ending speculation about his future in one of the most influential jobs in the country.

The rand pulled off session lows as the market displayed its relief, firming briefly by about five cents versus the dollar — partially reversing losses sparked by confusion over whether Mboweni would remain in his post. There had been speculation over whether Mboweni, who has presided over tough monetary policy and extreme currency volatility, would sign up for a second term – particularly after reports he may be replaced by former deputy Gill Marcus.Marcus left central bank last month at the end of her five-year term.”President Thabo Mbeki, after consultation with the Minister of Finance and members of the Board of the South African Reserve Bank, has decided to re-appoint Tito Mboweni as governor of the bank for a period of five years,” an official statement said.Mboweni’s current five-year term ends on August 8.He became the first black official to take the post in August 1999.- Nampa-ReutersThere had been speculation over whether Mboweni, who has presided over tough monetary policy and extreme currency volatility, would sign up for a second term – particularly after reports he may be replaced by former deputy Gill Marcus.Marcus left central bank last month at the end of her five-year term.”President Thabo Mbeki, after consultation with the Minister of Finance and members of the Board of the South African Reserve Bank, has decided to re-appoint Tito Mboweni as governor of the bank for a period of five years,” an official statement said.Mboweni’s current five-year term ends on August 8.He became the first black official to take the post in August 1999.- Nampa-Reuters