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Tito Mboweni became Governor in 1999. /SARB
The transition to Mboweni (1999)
More black professionals joined the SARB, while some, like Kganyago, went to the National Treasury. Both institutions were transforming, the one faster than the other. The finance portfolio had Manuel as Minister and Ramos as Director-General. The ANC government had adopted the Growth, Employment and Redistribution (GEAR) plan as its economic policy.
The governing party was ready to start asserting itself on the SARB.
The Bank was seen as an important institution that should help inform the macroeconomic approach of the government. Much of what was contained in GEAR for purposes of stabilisation came from the modelling that had been done in the Bank in that period. “So the Reserve Bank was fundamental in helping inform the
In a special edition of the BankIndaba, the SARB’s internal magazine, Mboweni was celebrated for his 10-year tenure at the central bank. This ANC daily news briefing featured in that special edition. /SARB