SARB Appoints New Chief Economist

May 12, 2026

The logo of South Africa's central reserve bank is seen during the delivery of a keynote address by South Africa's central bank governor, Lesetja Kganyago, at the University of the Witwatersrand in Johannesburg, South Africa, November 1, 2022. Credit: REUTERS/Siphiwe Sibeko

The South African Reserve Bank (SARB) has officially named Konstantin Makrelov as its new chief economist.

Makrelov steps into the role previously held by Christopher Loewald, who took early retirement in March.

In this capacity, he will also join the bank’s influential Monetary Policy Committee (MPC) and the Financial Stability Committee, bringing the MPC to six active members.

Makrelov is a veteran within the institution, having joined the SARB in 2018 and most recently leading research on economic and climate change issues.

His extensive background also includes over a decade at the National Treasury, where he specialised in fiscal forecasting and the evaluation of critical government initiatives, such as national energy programmes and taxation policies.

This leadership transition comes at a pivotal time for South African fiscal policy. During the last meeting in March, the MPC voted unanimously to maintain the repo rate at 6.75 per cent.

Markets are now looking toward the next interest rate announcement on May 28, which will be the first meeting featuring Makrelov in his new official role.

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Abisoye Adeyiga

Abisoye Adedoyin Adeyiga holds a PhD in Languages and Media Studies and a Master’s in Education (English Language). Trained in digital marketing and investigative journalism, she is passionate about new media’s transformative power. She enjoys reading, traveling, and meaningful conversations.