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South Africa central bank chief to head IMF steering committee

South Africa’s central bank chief Lesetja Kganyago will take over as chair of the International Monetary Fund’s policy advisory committee, the IMF announced Thursday.

Kganyago, who has served as governor of the South African Reserve Bank since late 2014, takes on a three-year post as head of the International Monetary and Finance Committee.

He replaces Agustin Carstens, former head of the Bank of Mexico, who resigned in December to take over as head of the Bank for International Settlements (BIS).

His first major role will be to oversee the IMF’s Spring meeting in Washington in mid-April.

The 24-member IMFC is the primary advisory body of the IMF Board of Governors on the principal policy issues facing the fund.

Kganyago is only the second IMFC chair from Africa, and the first from the southern part of the continent.