South Africa announces new deputy governor

The president of the Republic of South Africa, Jacob Zuma, on Monday appointed Francois Groepe as the third deputy governor of the South African Reserve Bank.

Groepe will replace Xolile Guma, who decided not to renew his contract with the bank when his term ended this year. Groepe will serve a five-year term, with effect from January 1, 2012.

Groepe was appointed to the board of the central bank in 2004 as a non-executive director representing the government. He was until recently the group