Konstantin Makrelov has been appointed Chief Economist and member of the Monetary Policy Committee (MPC) of the South African Reserve Bank, according to an announcement made on May 11, 2026. He succeeds Christopher Loewald, who has retired, and joins a key body that determines the country’s monetary policy.

This appointment comes as markets closely monitor interest rate developments and the stability of the South African rand. At its last meeting, the MPC maintained its policy rate at 6.75%, reflecting a cautious approach to inflation.

An experienced economist, Konstantin Makrelov has nearly twenty years of experience in the economic and financial sector. He joined the central bank in 2018 as a senior economist and was subsequently appointed in 2024 as Division Head for Economic Research and Climate Change Issues.

Prior to this, he worked for twelve years at the South African National Treasury. Makrelov participated in the preparation of budgets and the analysis of public policies, particularly in the areas of taxation and energy.