South African Reserve Bank governor Tito Mboweni will be replaced by Absa chairperson Gill Marcus in November, reports the Mail & Guardian.

Mboweni, whose five-year contract expires on August 8th, was reappointed by President Jacob Zuma for a third term but chose to leave the bank in order to “pursue other interests”. Marcus served as Mboweni’s deputy between 1999 and 2004 and was the deputy finance minister between 1996 and 1999.

Marcus’s appointment has been welcomed by several political parties and economic institutions, and by the markets, the rand reaching its strongest level since July against the dollar. She will take office on the 9th of November this year.