SA Reserve Bank Governor Lesetja Kganyago. FILE PHOTO: Jonisayi Maromo/ANA

Johannesburg - South African Reserve Bank Governor Lesetja Kganyago was selected as chairman of the International Monetary and Financial Committee (IMFC), the International Monetary Fund (IMF) said on Thursday.

The members of the IMFC selected Kganyago for a term of three years, effective January 18. 

He succeeds former Governor of the Banco de México, Agustín Carstens -- who resigned his chairmanship on December 1, to assume the position of General Manager of the Bank for International Settlements, the IMF said.

"He served as Deputy Governor of the South African Reserve Bank from May 2011, and was responsible for a wide range of areas, including research, financial stability and regulatory reform, bank supervision, and risk management and compliance. During his tenure as Director-General of the National Treasury of South Africa, he successfully steered a number of public finance and financial markets reforms," the IMF said. 

"Mr. Kganyago led South Africa’s technical team to various meetings of G20 Finance Ministers and Central Bank Governors, including during South Africa’s presidency in 2007. Mr. Kganyago also chaired the IMF/World Bank Development Committee Deputies and the G20 Working Group on IMF Governance Reform. Mr. Kganyago is currently the chair of the Association of African Central Bankers, the chair of the Committee of Central Bank Governors of the Southern African Development Community, and the co-chair of the Financial Stability Board’s Regional Consultative Group for Sub-Saharan Africa."

Kganyago is also the chair of the Financial Stability Board’s Standing Committee on Standards Implementation.

The IMFC is the primary advisory body of the IMF Board of Governors and deliberates on the principal policy issues facing the IMF and has 24 members.

African News Agency/ANA