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SARB governor pay rises above R5m

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Johannesburg - South African Reserve Bank Governor Gill Marcus’s salary increased by less than 1 percent last year, even as inflation exceeded 5 percent.

Marcus’s pay for the 12 months through March increased to 5.01 million rand from 4.99 million rand a year earlier, the Reserve Bank said in its annual report released in Pretoria, the capital, today.

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Cape Town. 100219. South Africa is coming out of its first recession in almost two decades reasonably rapidly, says Reserve Bank Governor Gill Marcus. Marcus also said monetary policy remains directed towards containing inflation. The central bank has cut rates by 500 basis points since December 2008, and left the repo rate flat at 7,0% at its last four meetings. Picture Mxolisi Madela

Deputy Governor Daniel Mminele’s salary, including benefits, decreased 0.1 percent to 3.8 million rand.

Deputy Governor Lesetja Kganyago was paid 3.9 million rand, 3 percent more than the year earlier and Deputy Governor Francois Groepe’s pay rose 6 percent to 3.78 million rand.

Policy makers agreed in 2003 to limit salary increases to 4.5 percent, the midpoint of the central bank’s 3 percent to 6 percent inflation target range.

Consumer price growth accelerated to 6.6 percent in May from 6.1 percent a month earlier, the highest since 2009, the statistics agency said last week. - Bloomberg News

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