Tito Mboweni, the governor of South Africa’s Reserve Bank, is to step down in November, President Jacob Zuma announced on Sunday, ending mounting speculation on his future.

But the decision to replace Mr Mboweni with Gill Marcus should limit fallout in financial markets where investors are worried change could herald a shift in the bank’s cautious stance on monetary policy. Ms Marcus, 59, is the chair of ABSA bank, one of the country’s big four commercial banks and a subsidiary of Barclays of the UK, and a former deputy governor at the Reserve Bank.