South Africa's Deputy Reserve Bank Governor Resigns

By: Taarek Refaat

PRETORIA, Jan. 2 (SEE)- The South African Reserve bank announced on Wednesday the resignation of its Deputy Governor Francois Groepe.

Groepe is scheduled to retire at the end of this month, following the expected monetary policy committee (MPC) decision on January 17.

Groepe has served the bank for 14 years, after resigning last month, expecting to be succeeded in two weeks.

Contrary to analysts' expectations, the MPC raised the interest rate last November for the first time since 2016 to reach 6.75 percent.

The bank anticipates an additional four interest rate increments of 25 basis points (BPS) each by the end of 2020.

The South African rand recorded $ 0.069, declining 0.3 percent against the greenback.