By: Natasha Archary

Kuben Naidoo, Deputy Governor of the South African Reserve Bank (SARB) has tendered his resignation to President Cyril Ramaphosa.
Naidoo, was on his second 5-year contract which was only due to end in March 2025.
Dr Azar Jammine, Director and Chief Economist at Econometrix told Gugulethu Mfuphi on Kaya Biz that he was not surprised with Naidoo’s decision to resign.
“Am I surprised by Kuben Naidoo’s resignation? Yes and no. Kuben Naidoo has been in that position for a very long time. He’s quite an enterprising person, even though he’s been a public servant for decades, he’s quite ambitious, and quite a creative mind.
He’s the type who questions issues deeply and doesn’t just accept the regular run-of-the-mill responses. It’s something I’ve been exposed to a number of times.
Under those circumstances it’s not entirely surprising that he should be leaving, because one wonders whether he has identified a new opportunity at this stage of his life.
While some might question why he didn’t wait until his contract comes to an end in 2025, and maybe he felt the timing was right now.
Of course, there will be speculation and he has been rumoured to be one of the more dovish members of the MPC, and if you want to play devil’s advocate, which I have no reason to, but the speculation is that he might have reached a point where he was outnumbered by the hawkish approach by the Monetary Policy Committee and so decided it was time to leave.”
Dr Jammine said Kuben Naidoo may have had his eye set on the role as Reserve Bank Governor because of his ambitious nature, but that there are more talks of Fundi Tshazibane filling that position.
This could have been what drove the Deputy Governor to tender his resignation. Naidoo who was one of three Deputy Governors has to wait to hear when his last day in office will be.
His resignation has not been finalised, and discussions between President Cyril Ramaphosa, Governor Lesetja Kganyago, and Finance Minister Enoch Godongwana is still in the process.
When asked for comment on Naidoo’s resignation, Kaya Biz was directed to the Presidency for any queries.
Listen to the conversation on Kaya Biz:
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