Deputy governor of the SA Reserve Bank Daniel Mminele will step down at the end of the month after almost 20 years in service, the central bank announced on Thursday.

It said Mminele will be retiring when his second five-year term as deputy governor comes to an end on June 30. Mminele joined the bank in September 1999.

He previously served as executive assistant to former senior deputy governor James Cross. He later led various departments within the central bank, including the international banking, and financial markets department. He was also the executive general manager of markets.

Mminele is currently a member of the governors’ executive committee, prudential committee, monetary policy committee and financial stability committee.

He also chairs the information technology steering committee, the reserves management committee, the board of directors of the corporation for public deposits and the financial markets liaison group.

He is also SA's G20 and Brics central bank deputy among other major positions he holds.

“Deputy governor Mminele has left an indelible mark on this fine institution and his contribution to the bank has been invaluable and immeasurable,” said Reserve Bank governor Kganyago.

In accordance with the policy of the Reserve Bank, Mminele will serve a mandatory six-month “cooling-off period”.

The bank said in a statement: “The board has been in communication with President Cyril Ramaphosa and the minister of finance, Tito Mboweni, regarding the process to announce Mr Mminele’s successor, in accordance with the SA Reserve Bank Act 90 of 1989, as amended.

"In the interim, governor Kganyago will take over the responsibility for the international economic relations and policy, and legal services departments, while deputy governor [Kuben] Naidoo will assume the responsibility for the financial markets and national payment system departments.”