The South African central bank appoints Makrelov as chief economist

The South African Reserve Bank announced on Monday the appointment of Konstantin Makrelov as chief economist, replacing Christopher Loewald, who took early retirement in March.

Makrelov will also join the Monetary Policy Committee (MPC) and the Financial Stability Committee of the South African Reserve Bank, according to a statement from the institution.

Having joined the central bank in November 2018 as a senior economist, he was promoted in January 2024 to head the division in charge of economic research and issues related to climate change.

Before joining SARB, he had worked for twelve years at the South African National Treasury, where he participated in budget forecasting and the evaluation of major public policies, particularly in the areas of taxation and energy.

The central bank's Monetary Policy Committee can have up to seven members. With this appointment, Makrelov becomes the sixth member of the committee.

At its last meeting in March, the central bank maintained its key interest rate at 6,75%. The next monetary policy decision is expected on May 28.