The South African Reserve Bank's communications department confirmed on Tuesday that Governor Tito Mboweni would not be resigning in the wake of the Cabinet resignations announced on Tuesday.

Mboweni's spokesperson confirmed that his stance as stated on 2 September remained.

"My own position is that I have been Governor of the Bank since August 1999 and I will complete my current term in August 2009. If asked to serve, I will. That should put that issue to rest and I will not entertain that question in future," said Mboweni in his speech on September 2.

That speech followed some uncertainty around Mboweni's desire to continue in his post under a new government.

The markets have been apprehensive around both Mboweni and [Finance Minister] Manuel's future under a new regime after their stewardship under Mbeki had seen to the best economic growth in the country's history.

I-Net Bridge