South Africa Central Bank Names Makrelov as Sixth MPC Member

The South African Reserve Bank named Konstantin Makrelov as a new member of its interest-rate-setting committee to replace Chris Loewald, who retired in March.

Makrelov will take over as chief economist at the bank and become a member of its Financial Stability Committee, the central bank said in a statement emailed from the capital, Pretoria Monday. The appointment is effective immediately, it said.