The South African Reserve Bank (SARB) welcomes the re-appointment of Mr Francois Groepe by President Jacob Zuma as one of the three Deputy Governors of the SARB for a second term of five years. Mr Groepe, whose re-appointment is effective from 1 January 2017, was first appointed a Deputy Governor in January 2012. In terms of section 4 (1) (a), read with section 5 (1) (a) of the South African Reserve Bank Act (No. 90 of 1989), the President appoints the Governor and the three Deputy Governors of the South African Reserve Bank after consultations with the Minister of Finance and the Board of Directors of the SARB. The Governor and the three Deputies constitute the executive management of the SARB. The SARB Act confers on executive management the original powers (as opposed to powers that are delegated to management by another authority such as the board of directors) to manage the affairs of the SARB, make and execute policy. Monetary policy decisions are taken by the Monetary PolicyCommittee (MPC), which is chaired by the Governor and includes the three Deputy Governors and two officials of the SARB.Issued by SARB Media Relationsmedia@resbank.co.za