19/01/2018 07:37 SAST | Updated 19/01/2018 07:38 SAST

Lesetja Kganyago Elected Chairperson Of IMFC

The members of the IMFC selected Kganyago for a term of three years, effective January 18. 

Lesetja Kganyago.
Bloomberg via Getty Images
Lesetja Kganyago.

South African Reserve Bank Governor Lesetja Kganyago has been appointed as the new chairperson of the International Monetary Fund's International Monetary and Financial Committee (IMFC).

Kganyago will serve a term of three years, effective January 18.

Kganyago already serves as South Africa's alternative governor on the IMF Board of Governors and will bring a wealth of experience to the position.

Bloomberg via Getty Images
Waldo Swiegers/Bloomberg via Getty Images

"He served as deputy governor of the South African Reserve Bank from May 2011 and was responsible for a wide range of areas, including research, financial stability and regulatory reform, bank supervision, and risk management and compliance. During his tenure as director-general of the National Treasury, he successfully steered a number of public finance and financial markets reforms," the IMF said.

He succeeds former governor of the Banco de México, Agustín Carstens, who resigned his chairpersonship on December 1, to assume the position of general manager of the Bank for International Settlements, the IMF said.