The South African Reserve Bank has announced the appointment of Konstantin Makrelov as its new chief economist, replacing Christopher Loewald, who took early retirement in March.
In a statement released on Monday, the central bank confirmed that Makrelov will also serve on both the Monetary Policy Committee (MPC) and the Financial Stability Committee, strengthening his role in shaping South Africa’s economic policy direction.
Makrelov joined the South African Reserve Bank in November 2018 as lead economist and was later promoted in January 2024 to divisional head for economic and climate change-related research.
Before joining the central bank, he spent 12 years at the National Treasury of South Africa, where he worked on fiscal forecasting and key policy assessments, including taxation frameworks and national energy programmes.
The MPC, which guides South Africa’s interest rate decisions, comprises up to seven members, with Makrelov becoming the sixth member of the committee.
At its most recent meeting in March, the committee unanimously decided to keep the benchmark interest rate unchanged at 6.75%.
The South African Reserve Bank is scheduled to announce its next monetary policy decision on May 28, a meeting closely watched by markets amid ongoing inflation and growth concerns.
Makrelov’s appointment comes at a time when South Africa’s monetary authorities are balancing efforts to control inflation while supporting fragile economic recovery.
His background in fiscal policy and climate-related economic research is expected to influence the central bank’s evolving policy priorities, particularly as global economic risks and domestic constraints persist.
Analysts say the upcoming MPC meeting will be an important indicator of the bank’s policy stance under its updated leadership composition.
