The Governor of the South African Reserve Bank, Mr TT Mboweni, today informed the staff of the SARB as follows: Personnel Circular No: 2006-000133 Appointment: Dr X P Guma Dr X P Guma was in terms of section 4 of the South African Reserve Bank Act, (Act No. 90 of 1989 - “the Act”), appointed by the President of the Republic of South Africa (“the President”) as a Deputy Governor of the Bank, for a period of five years; The aforesaid appointment of Dr Guma expired on 30 June 2006; Consequently, Dr Guma and the Governor, acting on behalf of the South African Reserve Bank (“Bank”), have with effect from I July 2006 entered into a written agreement (“the Contract”) of which the relevant salient details are the following: Dr Guma will with effect from 1 July 2006, subject to the conditions precedent mentioned in items (d) and (e) hereunder, for a period of three years, be employed as a Special Advisor to the Governor, for purposes of - (a)          temporarily acting as Deputy Governor, and, in that capacity, attending meetings of the Board of the Bank; (b)          attending meetings of the Governor’s Executive Committee (“GEC”) and the Monetary Policy Committee (“MPC”) of the Bank; and (c)          executing and fulfilling all tasks, which may include (but is not limited to) the supervision of such Departments of the Bank, as may be determined and designated by the Governor. Dr Guma will report directly to the Governor, or in the latter party’s absence, to the Governor’s duly appointed nominee. Dr Guma shall on a temporary basis, until the date of the official appointment of a Deputy Governor into the vacant position previously occupied by him, or, until 30 June 2009, whichever date arrives first, act as Deputy Governor: Provided that in the event of - Dr Guma again being officially appointed, by the President, as Deputy Governor, the Contract shall terminate forthwith and shall with effect from the date of such appointment no longer be of any force and effect; or a person other than Dr Guma being appointed, by the President, as Deputy Governor into the position vacated by Dr Guma, the latter shall with effect from the date of such appointment no longer act as Deputy Governor, but will continue to attend meetings of the GEC and MPC and will continue to be responsible for the execution and fulfilment of such tasks as may be determined and designated by the Governor in terms of the Contract. T T MboweniGOVERNOR