Pretoria: Chief Economist at the Reserve Bank and advisor to the Governor Dr Monde Mnyande has opted to go on early retirement, said the Reserve Bank.

Mnyande who has been with the bank for 17 years will go on early retirement from 1 January 2013.

He has served as a member of the Monetary Policy Committee since its inception, and was a member of the Financial Stability Committee. Dr Mnyande chaired the Board of the South African Reserve Bank Captive Insurance Company Limited.

He held a number of positions in the Research Department before becoming Head of the Department, Chief Economist and Executive General Manager in the South African Reserve Bank.

“The Bank would like to thank him for his 17 years of uninterrupted service and the leadership he provided. We wish him well in his future endeavours,” Hlengani Mathebula head of group strategy and communication at the bank said on Tuesday.

Mnyande is currently serving a cooling-off period, effective from 1 September to 31 December 2012.