SARB senior staff get inflation-busting pay rise

The South African Reserve Bank has awarded its governor and deputies massive pay rises at a time when inflation is far above the central bank's target band.

The Reserve Bank's latest Annual Report shows Tito Mboweni, the governor, will earn R3.796m ($482,000) in 2008, 27.6% more than last year. His rise is dwarfed by that of his two deputies: Renosi Mokate will earn R2.839m ($360,400), a rise of 72.7%. Xolile Guma, will pick up R2.774m ($312,100) - a 66.4% rise.

The pay deals contrast with th