SARB total pay down to R16.1m

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

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

Published Jul 4, 2012

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The total remuneration of Reserve Bank executive directors for the financial year ended March 2012 amounted to R16.066 million from R16.552 million in the previous financial year‚ the bank's annual report released on Wednesday showed.

Reserve Bank head of strategy and communications‚ Hlengani Mathebula‚ said the marginal decline in total remuneration was attributable to the departure of some executive directors during the year under review‚ while those that joined the bank had been there for less than a year.

Bank governor Gill Marcus's remuneration and fringe benefits amounted to R4.8 million for the financial year‚ while her deputy Daniel Mminele's amounted to R3.6 million in the same period.

Lesetja Kganyago‚ who was appointed deputy governor on May 16 last year‚ received a remuneration and total recurring fringe benefits package of R3.1 million.

The bank's annual report also showed that non-executive directors' remuneration for services amounted to R3.1 million in the period from R3.6 million the previous financial year. - I-Net Bridge

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