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The Governor of the South African Reserve Bank, Mr Tito Mboweni, announced to Bank staff on Friday, 14 December 2001, that Deputy Governor James Cross would be retiring as from the end of December 2001, when his contract comes to an end.

Mr Cross had informed President Thabo Mbeki and the Governor that he would be unable to renew his contract on medical grounds. However, Mr Cross would still make himself available to the Bank on a consultative basis as and when required.

Enquiries: Cathy Powers, Tel: (2712) 313-4420

Issued by the Office of the Governor, SA Reserve Bank, 19 December 2001