South Africa has named a new reserve bank governor.

South Africa's President Jacob Zuma announced Monday morning that Lesetja Kganyago will be the country's new reserve bank governor. Kganyago replaces Gill Marcus, who is retiring next month.

Marcus told the media that the appointment of a successor from within the bank was a vote of confidence. Marcus announced her plans to retire last month and will officially step down in the beginning of November after five years at the helm.

Kganyago is the country's third governor since 1994. The governor-elect has worked in the country's public service since 1996, beginning his career in the national treasury.

The South African Reserve Bank is the country's central bank and is tasked with maintaining the economic stability of Africa's second largest economy.