© André Vorster

For the first time ever, the Deutsche Bundesbank has posted a representative at the German Embassy in South Africa. Jenny Kilp started representing the German central bank there on 1 August 2016. Bundesbank Executive Board member Andreas Dombret and Deputy Head of Mission at the German Embassy Klaus Streicher marked the appointment of the new representative with a formal reception at the embassy in Pretoria. Governor Lesetja Kganyago and deputy governor Daniel Mminele of the South African Reserve Bank attended the event, together with around 80 invited guests.

In his speech, Mr Dombret delved into the topic of the opportunities and risks presented by the emerging market economies, a group of countries which includes South Africa. He explained how the emerging markets now play a more important role in an increasingly interconnected global economy, stressing that even the slightest disruption within the closely-integrated financial markets can spread like wildfire and potentially engulf the entire system.

Cooperation and consultation

© SARB

As the new representative to South Africa, Jenny Kilp has the job of deepening cooperation with the G20 emerging market economy. As well as performing the classic role of Bundesbank representative and advisor on financial issues at the Embassy, Ms Kilp also fulfils an important function within the context of a bilateral cooperative project which had been previously agreed upon by the Bundesbank and the South African Reserve Bank. The representative post in Pretoria is the newest of 12 such international positions at the Bundesbank.

South Africa is Germany's most important partner in Sub-Saharan Africa, with a bilateral trading volume of more than €15 billion in 2015 which made Germany South Africa's second-largest trading partner once again that year.