DR Maluke Letete has been appointed governor and chairman of the Central Bank of Lesotho (CBL) with effect from the June 1.

The appointment follows the departure of his predecessor, Dr Retšelisitsoe Matlanyane earlier this year.

Lehlomela Mohapi, who had been acting as governor since Dr Matlanyane left has been appointed the bank’s first deputy governor.

“The Central Bank of Lesotho wishes to thank the former Acting Governor, Mr Mohapi for his service to the Bank and the nation,” the bank said in a statement on Wednesday.

“The bank also wishes Dr Letete and Mr Mohapi well as they take up the responsibility of steering the ship towards fulfilling the principal objective and many other varied functions of the Bank.”

Dr Letete brings significant experience of the CBL’s mandate to the role, having sat on the Bank’s Board of Directors as a Non-Executive Director for more than five years.

He last served as Chief Economic Advisor to the Prime Minister and head of the accountability unit.

Dr Letete has also held senior roles at the National University of Lesotho (NUL), serving as senior lecturer and head of the economics department between 2006 and 2018.

He was also a lecturer in macroeconomics at the University of Cape Town and a Consultant for UNDP, SADC and IDRC/HEARD amongst others.

He holds a Doctor of Philosophy (Phd) in Economic Science, Financial Economics, Political Economy and Institutional Economics from the University of Cape Town.

Mr Mohapi on the other hand has served as Board Chairman for the Lesotho Revenue Authority (LRA) and the Fund Executive Secretary for the Lesotho Communications Authority (LCA).