Dr Makrelov appointed SARB Chief Economist
The South African Reserve Bank has appointed Dr Konstantin Makrelov as its Chief Economist and Head of Economic Research. He will also serve on the Monetary Policy Committee and Financial Stability Committee.
Makrelov joins SARB's top policy committees
Dr Konstantin Makrelov has been appointed Chief Economist and Head of Economic Research at the South African Reserve Bank (SARB).
In this pivotal role, he will also serve as a member of the SARB's Monetary Policy Committee (MPC) and Financial Stability Committee (FSC), directly influencing the bank's core policy decisions.
Dr Makrelov joined the SARB in November 2018 as Lead Economist, later becoming Divisional Head for Economic and Climate Change-Related Research in January 2024.
During his previous roles, he significantly shaped the SARB's economic analysis and research agenda, contributing to monetary and macroeconomic policy, as well as addressing longer-term structural issues affecting the South African economy.
His work included numerous analytical and policy-relevant outputs, such as research papers and strategic memoranda.
Furthermore, he coordinated the SARB's Climate Change Programme, including its participation in the Network for Greening the Financial System, and spearheaded the SARB's Working Paper Series, fostering internal research initiatives.
Global finance and a decade at Treasury
Dr Makrelov's international experience includes co-leading the Group of Twenty (G20) Sustainable Finance Working Group (SFWG) in 2025, where he developed policy workstreams and oversaw key events.
Prior to the SARB, he spent 12 years at National Treasury, focusing on fiscal forecasting and assessing major government policies, including taxation.
He also collaborated with the United Nations World Institute for Development Economics Research to enhance policy research.
Committed to developing research talent, Dr Makrelov initiated the SARB Winter School for postgraduate students.
He holds a PhD from SOAS, University of London (2017), and multiple degrees from the University of the Witwatersrand.
He has also co-authored over 15 papers on macroeconomic topics.