OHANNESBURG, March 15 (Reuters) – South African President Cyril Ramaphosa has extended the term of central bank governor Lesetja Kganyago for another five years from November and appointed Mampho Modise as a new deputy governor of the bank, the presidency said on Friday.

“The re-appointment of Governor Kganyago will ensure continuity and institutional stability at the reserve bank,” the presidency said in a statement.

Kganyago’s term was extended to 2029, which will make him one of the longest serving governors in democratic South Africa. He was first appointed in 2014.

Modise, who is currently a deputy director-general in the National Treasury, will start her role on April 1 for a term of five years, the statement said. She replaces former deputy governor Kuben Naidoo.

Minister of Finance Enoch Godongwana said in a statement that Modise was a competent leader who had a “keen appreciation of the challenging macroeconomic period the country is facing”.

According to the central bank, Modise will be responsible for financial stability and economic statistics and will be a member of the Monetary Policy Committee.

The MPC will announce its next interest rate decision on March 27.

(Reporting by Bhargav Acharya and Kopano Gumbi; Editing by Alexander Winning and Alison Williams)