South African Reserve Bank Names Konstantin Makrelov as New Chief Economist and MPC Member
The South African Reserve Bank (SARB) announced on 2 November 2025 that Konstantin Makrelov has been appointed chief economist, head of economic research, and the sixth member of its Monetary Policy Committee (MPC), effective immediately. The appointment fills the vacancy left by Chris Loewald, who resigned earlier this year.
Professional Background and SARB Tenure
Makrelov joined the SARB as a senior economist in November 2018. During his tenure he has:
- Co‑ordinated the bank’s climate‑change programme, including SARB’s participation in the Network for Greening the Financial System (NGFS).
- Led the SARB working‑paper series and oversaw a cross‑departmental research programme.
- Contributed to policy‑relevant research papers and strategic memoranda that have informed monetary‑policy discussions.
In a statement, the SARB noted that Makrelov “helped shape the bank’s economic analysis and research agenda and contributed to monetary and macroeconomic policy as well as longer‑term structural issues impacting the South African economy.”[1]
Experience Prior to the Reserve Bank
Before his SARB role, Makrelov spent 12 years at the National Treasury, where he produced financial forecasts and evaluated key government policies—including taxation and national energy programmes. He also collaborated with the UN World Institute for Development Economics Research (UN‑WIDER) to develop new data sources and strengthen the quality of policy research.[2]
Immediate Responsibilities on the MPC
Makrelov will sit alongside the five existing MPC members at the committee’s third meeting of the year later this month. The agenda will focus on the interest‑rate outlook amid rising inflation pressures linked to the Middle‑East conflict.
At the SARB’s March 2025 meeting, the MPC unanimously kept the repo rate unchanged at 6.75 %, citing increasing inflation risks that had emerged only weeks earlier.[3] Governor Lesetja Kganyago remarked that, without the bank’s prudent policies—including the adoption of a lower inflation target of 3 % in 2024—South Africa’s inflation outlook would be considerably worse today.[4]
Policy Context and Outlook
South Africa’s headline inflation rose to 5.2 % year‑on‑year in September 2025, driven largely by fuel price spikes following the escalation of the US‑Israeli conflict with Iran.[5] The SARB has signalled that it will monitor second‑round effects from these energy shocks and stand ready to adjust rates if necessary.
Analysts at the International Monetary Fund (IMF) note that South Africa’s monetary‑policy stance remains cautiously tight, with the policy rate still above the neutral estimate of roughly 5.5 %.[6] Makrelov’s expertise in climate‑related financial risks and structural economic analysis is expected to add depth to the MPC’s deliberations on both short‑term inflation dynamics and long‑term growth considerations.
Conclusion
The appointment of Konstantin Makrelov brings a blend of macro‑economic expertise, climate‑policy experience, and treasury‑level forecasting to the SARB’s leadership team. As the MPC prepares to navigate a complex inflation environment shaped by geopolitical tensions, his insights are likely to influence both the immediate policy response and the bank’s broader research agenda.
References
- [1] South African Reserve Bank – Press Release, 2 Nov 2025.
- [2] UN World Institute for Development Economics Research (UN‑WIDER) – Institution profile.
- [3] SARB – Monetary Policy Committee Meeting Minutes, March 2025.
- [4] SARB – Governor Lesetja Kganyago Statement, 12 Mar 2025.
- [5] Statistics South Africa – Consumer Price Index, September 2025.
- [6] International Monetary Fund – South Africa Country Page, accessed Nov 2025.
