Insofar as the currency markets hardly reacted, with the rand driven by external factors, the impending retirement of Daniel Mminele as Reserve Bank deputy governor was hardly a surprise. His future has been the subject of speculation for months, and reasons for him to call it a day at the end of his second five-year term are compelling enough.

He leaves after almost 20 years, which by anyone’s standard is a long time serving a single organisation. Since his commitment and sense of duty to the Bank and the identity it has developed over the past two decades cannot be questioned, one can hardly begrudge him a desire to explore new ventures.

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