South Africa's central bank appoints Makrelov as new chief economist and MPC member

The South African Reserve Bank (Sarb) said on Monday, 11 May 2026 that Konstantin Makrelov had been appointed as its new chief economist, replacing Christopher Loewald who took early retirement in March.

Source: Reuters.

Makrelov will also serve as a member of the Sarb's Monetary Policy Committee (MPC) and Financial Stability Committee, the central bank said in a statement.

He joined the bank in November 2018 as lead economist, later becoming divisional head for economic and climate change-related research in January 2024.

Before joining the Sarb, Makrelov spent 12 years at South Africa's National Treasury, working on fiscal forecasting and the assessment of major government policies, including taxation and national energy programmes.

The Sarb's MPC consists of up to seven members. Makrelov will be the sixth member of the committee.

At its last interest-rate decision in March, the MPC kept its policy rate at 6.75% in a unanimous decision.

The Sarb's next interest-rate announcement is scheduled for Thursday, 28 May 2026.