Reserve Bank Governor, Lesetja Kganyago, has been selected to chair the International Monetary and Financial Committee of the International Monetary Fund for the next three years, thefund announced earlier on Thursday.

Kganyago will succeed Mexico’s Reserve Bank Governor, Agustin Carstens, who resigned from the position in December.

The IMFC is the primary advisory body of the IMF Board of Governors on the supervision and management of the international monetary and global financial system. One of its main concerns is being responsive to unfolding events that may disrupt the international financial system, as was experienced with the global recession that began in 2007.

The IMFC usually meets twice a year, where it issues a bi-annual communiqué summarizing its views while providing guidance for the IMF’s work programme. The IMFC has 24 members comprising central bank governors and ministers drawn from the funds 189 member countries.

Kganyago’s appointment is effective immediately.