South African Reserve Bank Governor Lesetja Kganyago has been appointed head of the International Monetary and Financial Committee (IMFC), the advisory body of the Board of Governors of the International Monetary Fund (IMF).
Elected for a three-year term, Mr Kganyago succeeds Agustín Carstens, former governor of the Bank of Mexico, who resigned from the presidency on 1 last December to take up the post of managing director of the Bank for International Settlements (BIS).
Deputy Governor of the Reserve Bank of South Africa from May 2011 to November 2014, then governor of the same institution, Kganyago was notably responsible for studies, financial stability and regulatory reform, banking supervision, as well as risk management and compliance.
During his tenure as Director General of the National Treasury of South Africa, he successfully led several public finance and financial market reforms.
He also led South Africa’s technical team in various meetings of G20’s finance ministers and central bank governors, including during the South African presidency of 2007.
Lesetja Kganyago also chaired the alternates group of the Development Committee of the IMF and the World Bank, as well as the G20 Working Group on Governance Reform of the IMF. He is currently President of the Association of African Central Bankers, Chair of the Committee of Governors of the Central Bank of the Southern African Development Community, and Co-Chair of the Regional Advisory Group of the Financial Stability Board for Sub-Saharan Africa.
He also chairs the Standing Committee of the Financial Stability Board for the implementation of the standards.
As a reminder, the IMFC is composed of finance ministers and central bank governors. It is the principal consultative body of the IMF’s Board of Governors and deals in particular with the main issues facing the IMF.
