Sarb names Makrelov as sixth MPC member

The South African Reserve Bank named Konstantin Makrelov as a new member of its interest-rate-setting committee to replace Chris Loewald, who retired in March.

Makrelov will take over as chief economist at the bank and become a member of its Financial Stability Committee, the central bank said in a statement emailed from the capital, Pretoria Monday. The appointment is effective immediately, it said.

The appointment brings to six the number of MPC members and comes before the central bank delivers its next interest-rate decision on May 28. It kept its key rate at 6.75% at its previous meeting to give policymakers time to assess the impact of the US-Israel war with Iran on the inflation outlook.

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Makrelov joined the central bank in November 2018 before being appointed as divisional head for economic and climate change-related research in January 2024.

“In these roles, he helped shape the Sarb’s economic analysis and research agenda, contributing to monetary and macroeconomic policy as well as longer-term structural issues affecting the South African economy.

Before joining the bank, he spent 12 years at the National Treasury, where he worked on fiscal forecasting and the assessment of major government policies, it said.

Makrelov holds a PhD from the School of Oriental and African Studies at the University of London, a Master’s degree in economic science, and a Bachelor of Commerce in Economics degree from the University of the Witwatersrand.

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