South African Reserve Bank Adds New MPC Member as Policy Meeting Nears

Mintesinot Niggusie

The Monetary Policy Committee of the South African Reserve Bank has been expanded to six members following the appointment of Konstantin Makrelov, ahead of its next interest rate decision scheduled for May 28.

The central bank said in a statement issued from Pretoria on Monday that Makrelov’s appointment takes effect immediately. He will serve on the Monetary Policy Committee, join the Financial Stability Committee, and continue in his role as chief economist. Makrelov replaces Chris Loewald, who retired in March.

At its most recent meeting, the MPC left the benchmark interest rate unchanged at 6.75 percent, opting for policy continuity as it assessed inflation risks and the broader economic outlook amid global uncertainty, including tensions linked to the US-Israel war with Iran and their potential effect on energy markets.

Makrelov joined the central bank in 2018 and was appointed head of economic and climate change research in January 2024, where he worked on monetary policy analysis and macroeconomic research. Before his tenure at the central bank, he spent 12 years at South Africa’s National Treasury, focusing on fiscal forecasting and policy evaluation.

He holds a PhD from the School of Oriental and African Studies at the University of London, as well as degrees in economic science and commerce from the University of the Witwatersrand. The appointment comes as policymakers continue to navigate persistent inflation pressures, currency fluctuations and heightened volatility in global energy markets.