Governor Dr X P Guma
3 July 2006
The Governor of the South African Reserve Bank, Mr T T Mboweni, today
informed the staff of the South African Reserve Bank (SARB) as follows:
Personnel Circular No: 2006-000133
Appointment: Dr X P Guma
Dr X P Guma was in terms of section 4 of the South African Reserve Bank Act,
(Act No. 90 of 1989 - the Act), appointed by the President of the Republic of
South Africa (the President) as a Deputy Governor of the Bank, for a period of
five years.
The aforesaid appointment of Dr Guma expired on 30 June 2006
Consequently, Dr Guma and the Governor, acting on behalf of the South
African Reserve Bank (Bank), have with effect from 1 July 2006 entered into a
written agreement (the Contract) of which the relevant salient details are the
following:
Dr Guma will with effect from 1 July 2006, subject to the conditions
precedent mentioned in items (d) and (e) hereunder, for a period of three
years, be employed as a Special Advisor to the Governor, for purposes of:
* temporarily acting as Deputy Governor, and, in that capacity, attending
meetings of the Board of the Bank
* attending meetings of the Governorâs Executive Committee (GEC) and the
Monetary Policy Committee (MPC) of the Bank
* executing and fulfilling all tasks, which may include (but is not limited to)
the supervision of such Departments of the Bank, as may be determined and
designated by the Governor.
Dr Guma will report directly to the Governor, or in the latter partyâs
absence, to the Governorâs duly appointed nominee.
Dr Guma shall on a temporary basis, until the date of the official
appointment of a Deputy Governor into the vacant position previously occupied
by him, or, until 30 June 2009, whichever date arrives first, act as Deputy
Governor: Provided that in the event of Dr Guma again being officially
appointed, by the President as Deputy Governor, the Contract shall terminate
forthwith and shall with effect from the date of such appointment no longer be
of any force and effect. Or a person other than Dr Guma being appointed, by the
President, as Deputy Governor into the position vacated by Dr Guma, the latter
shall with effect from the date of such appointment no longer act as Deputy
Governor, but will continue to attend meetings of the GEC and MPC and will
continue to be responsible for the execution and fulfilment of such tasks as
may be determined and designated by the Governor in terms of the Contract.
Issued by: South African Reserve Bank
3 July 2006
Source: South African Reserve Bank (http://www.resbank.co.za)
