SARB governor pay rises above R5m

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.

Central bank govenor Gill Marcus. Photo: Mxolisi Madela. Credit: Independent Newspapers

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