Central banking is supposed to be boring. Financial markets don’t like surprises, especially negative ones. Yet the leaked news of the intended resignation of Reserve Bank deputy governor Kuben Naidoo, 52, 18 months before the end of his second term, is certainly a negative surprise, given his depth of experience.

Central bankers are meant to grow old in their roles, but nobody is reading anything sinister into Naidoo’s decision. Still, once the news broke, the Bank and the presidency (whose job it is to appoint the governor and three deputy governors) should have immediately issued a joint press statement confirming Naidoo’s plan, outlining the reasons for it and announcing his exit date after the November 23 monetary policy committee (MPC) meeting...

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