RTTNews - South African President Jacob Zuma on Sunday announced the appointment of Gill Marcus as the Governor of the South African Reserve Bank, replacing the current chief Tito Mboweni.

The announcement came as the term of office of Mboweni is due to end on August 8, 2009. Marcus, 59, will take charge on November 9, 2009.

Zuma noted that Mboweni, 50, was initially appointed to lead the bank for a third five-year term, but indicated the wish to leave in November to pursue other interests.

Marcus had served as a Deputy Governor of the Reserve Bank from 1999 to 2004. In addition, she served as Deputy Minister of Finance from 1996 to 1999. She has served as chairperson of the Joint Standing Committee on Finance.

Marcus on Sunday resigned as chairwoman of banking group Absa.

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