The Reserve Bank deputy Governor, Lesetja Kganyago, has been appointed to take over from Gill Marcus as Governor.
Marcus has welcomed the move and thanked President Zuma for appointing her successor from within the bank, indicating that it showed trust in the institution.
Kganyago has previously served as Director-General for the National Treasury and started his banking career with First National Bank.
“I don’t have to reinvent anything, I just have to carry on from where (Ms Marcus) left,” Mr Kganyago said in his acceptance speech.
He has previously stated that keeping inflation under control remains a priority of the Reserve Bank.