South African Reserve Bank (SARB) deputy governor Daniel Mminele will retire when his second five-year term expires on June 30.

Mminele has advised President Cyril Ramaphosa and the SARB board of his decision not to serve another term.

Mminele leaves the SARB after almost 20 years of service.

His most recent responsibilities as deputy governor include the financial markets, the international economic relations and policy, the legal services and the national payment system departments, as well as oversight of the human capital cluster and operations cluster reporting to COO Mogam Pillay.

Mminele is a member of the SARB Governors’ Executive Committee, the Prudential Committee, the Monetary Policy Committee and the Financial Stability Committee.

He also chairs the Information Technology Steering Committee, the Reserves Management Committee, the Board of Directors of the Corporation for Public Deposits and the Financial Markets Liaison Group.

Mminele currently serves as South Africa’s Group of 20 and Brazil, Russia, India, China and South Africa central bank deputy, and as chairperson of the International Monetary and Financial Committee deputies of the International Monetary Fund.

In a statement issued on Thursday, the SARB extended its thanks to Mminele for his “dedicated service, commitment and significant contribution to the work of the SARB” and wished him well for the future.

In accordance with the policy of the SARB, Mminele will serve a mandatory six-month cooling-off period.

The board has been in communication with the President and Finance Minister Tito Mboweni regarding the process to announce Mminele’s successor, in accordance with the SARB Act 90 of 1989, as amended.

In the interim, SARB governor Lesetja Kganyago will take over the responsibility for the international economic relations and policy, and legal services departments, while SARB deputy governor Kuben Naidoo will assume responsibility for the financial markets and national payment system departments.

The COO will report to the governor, and the executive responsible for the Currency Cluster will report to Naidoo.