SARB Appoints Konstantin Makrelov as Chief Economist
The South African Reserve Bank named Konstantin Makrelov as its new chief economist and MPC member. He replaces Christopher Loewald who retired in March 2026.
South Africa appointed Konstantin Makrelov as Chief Economist and Monetary Policy Committee member on May 11. Makrelov succeeds Christopher Loewald, who retired in March. The appointment fills the sixth seat on the seven-member committee responsible for national interest rate decisions.
### Fiscal Expertise Moves to Central Bank Leadership Makrelov joined the SARB in November 2018 as lead economist before leading economic and climate change research in January 2024. His background includes 12 years at the National Treasury focusing on fiscal forecasting and energy programs. This experience bridges the gap between government fiscal policy and central bank monetary oversight.
