SARB's newest rate-setter on inflation and global risk

The newest member of the South African Reserve Bank's Monetary Policy Committee has spoken publicly for the first time about his experience on the committee. Dr Konstantin Makrelov, appointed Chief Economist at the SARB in May 2026, spoke with CNBC Africa's Keamo Mosepele about his early impressions, the shifting inflation landscape, and the growing impact of global risks.

The interview, published on 6 August 2026, marks Makrelov's first major media appearance since joining the MPC. He stepped into the role after the early retirement of Christopher Loewald in March, becoming the sixth member of a committee that seats up to seven.

Contents

01

A seasoned hand at the central bank

02

Inflation and the MPC's next moves

03

Global risks in focus

04

What the newest member brings

A seasoned hand at the central bank

Makrelov joined the SARB in November 2018 as lead economist and became divisional head for economic and climate change-related research in January 2024. He coordinated the SARB's Climate Change Programme, including its participation in the Network for Greening the Financial System, and managed the bank's cross-departmental research.

Before the SARB, Makrelov spent 12 years at the National Treasury, working on fiscal forecasting and assessing major government policies including taxation and national energy programmes. He holds a PhD from SOAS, University of London, and a Master's in Economic Science with distinction from the University of the Witwatersrand.

Inflation and the MPC's next moves

The interview gave Makrelov a platform to reflect on his first MPC meetings against an evolving inflation environment. At its last decision in March, before his appointment took effect, the MPC held the policy rate at 6.75% in a unanimous vote.

Makrelov enters the rate-setting fold as central banks globally navigate the tail end of tightening cycles while watching for sticky inflation. His perspective, shaped by years of fiscal and monetary analysis, adds a fresh dimension to the committee's debates.

Global risks in focus

Much of the conversation centred on the growing impact of global risks. In 2025, Makrelov served as co-lead of the G20 Sustainable Finance Working Group, helping develop policy-focused workstreams and overseeing the first joint meeting of the SFWG and the Framework Working Group.

That cross-border experience gives him a vantage point on how external shocks, from trade disruptions to climate-related financial risks, transmit into South Africa's macroeconomic outlook. The interview highlighted these linkages as a growing concern for the MPC.

What the newest member brings

Makrelov initiated the SARB Winter School for postgraduate students and has co-authored more than 15 papers on macroeconomic topics. With one seat still vacant on the seven-member MPC, his dual role as Chief Economist and MPC member means his analysis feeds into both the SARB's public communications and its rate deliberations. As South Africa confronts an uncertain global backdrop, the committee's newest member has signalled that inflation and external risks will remain firmly in his sights.