Naidoo's successor must have the blessing of the ANC, and, according to one analyst who spoke to Daily Maverick on condition of anonymity, there is no real succession plan in the works.

Deputy SA Reserve Bank Governor Kuben Naidoo, regarded by some analysts as a "dove" in the bank's Monetary Policy Committee (MPC), has tendered his resignation. The date of his departure is not clear, but it comes at a poignant moment for domestic monetary policy as inflation pressures remain in the pipeline of a fragile economy that is barely growing.

Naidoo's resignation comes 18 months before his term was to end, but he is reportedly in talks with the Presidency and the South African Reserve Bank about the date of his departure. So he may still be on hand for the next scheduled interest rate announcement on 23 November.

Bloomberg and other news organisations reported his resignation, but by Monday afternoon the central bank had yet to issue a statement and did not immediately respond to Daily Maverick's queries.

The news did not set off any immediate alarm bells in the markets. The rand was firmer on the day against the US dollar in late afternoon trade on Monday, fetching around 18.92/dlr from 19.14/dlr earlier in the day.

The MPC can have up to seven members, but currently has five, and the President will appoint Naidoo's successor. That means the appointee...