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

Johannesburg - South Africa’s central bank named Kuben Naidoo as an adviser to Governor Gill Marcus and Citigroup’s Leon Myburgh to head the financial markets department.

Naidoo, who will be on the Monetary Policy Committee, will start his job on April 1, Hlengani Mathebula, a spokesman for the Pretoria-based Reserve Bank, said in a phone interview.

Myburgh, the sub-Saharan Africa strategist at Citigroup in Johannesburg, will join on March 1.

Naidoo, 41, was previously acting head of the secretariat of the National Planning Commission, led by Minister Trevor Manuel, and a senior National Treasury official. He becomes Marcus’s second adviser along with Brian Kahn, and will be a member of the central bank’s Financial Stability Committee.

“I’m looking forward to it,” Naidoo said in a phone interview. “They have an excellent team there.”

Myburgh, 46, will be responsible for implementing the central bank’s monetary policy decisions in the financial markets, managing foreign-currency reserves and providing treasury services, according to the bank.

The Reserve Bank has sought to fill a spot left vacant on the MPC since the early retirement of Chief Economist Monde Mnyande in September. The seven-member committee, led by Marcus, kept borrowing costs at the lowest in more than 30 years last month after a surprise rate cut in July. - Bloomberg