The South African Reserve Bank has appointed Dr Konstantin Makrelov as Chief Economist and Head of Economic Research. In that role, he will also serve on the bank’s Monetary Policy Committee and Financial Stability Committee. Dr Makrelov joined the South African Reserve Bank in November 2018 as Lead Economist and became Divisional Head for Economic and Climate Change-Related Research in January 2024. His work at the bank has included shaping economic analysis and research, coordinating the Climate Change Programme and the bank’s participation in the Network for Greening the Financial System, leading the Working Paper Series, and managing cross-departmental research. He also co-led the Group of Twenty Sustainable Finance Working Group in 2025. Before joining the central bank, he spent 12 years at National Treasury working on fiscal forecasting and the assessment of government policies including taxation and national energy programmes.
South African Reserve Bank 2026-05-11
South African Reserve Bank appoints Dr Konstantin Makrelov as Chief Economist and Head of Economic Research with roles on key policy committees
The South African Reserve Bank has appointed Dr Konstantin Makrelov as Chief Economist and Head of Economic Research, with membership on the Monetary Policy Committee and Financial Stability Committee. Dr Makrelov has led the bank’s economic and climate change-related research since January 2024 and previously spent 12 years at National Treasury working on fiscal forecasting and policy assessment.