Meet the new chief economist of the SA Reserve Bank: Dr Konstantin Makrelov
In his new role, Dr Makrelov will also serve as a member of the SARB’s Monetary Policy Committee and Financial Stability Committee.
Image: LinkedIn
The SA Reserve Bank has appointed Dr Konstantin Makrelov as its new Chief Economist and Head of Economic Research.
In his new role, Makrelov will also serve as a member of the SARB’s Monetary Policy Committee and Financial Stability Committee.
Makrelov joined the Reserve Bank in November 2018 as Lead Economist.
He was later appointed Divisional Head for Economic and Climate Change-Related Research in January 2024.
The SARB said he played a key role in shaping the bank’s economic analysis and research agenda, contributing to monetary policy, macroeconomic policy and long-term structural economic issues.
He also coordinated the SARB’s Climate Change Programme, including its participation in the Network for Greening the Financial System.
Makrelov led the SARB’s Working Paper Series and managed its cross-departmental research programme.
The Reserve Bank said he was closely involved in international policy work and served as co-lead of the Group of Twenty (G20) Sustainable Finance Working Group in 2025.
Before joining the SARB, Makrelov spent 12 years at National Treasury, where he worked on fiscal forecasting and assessed major government policies, including taxation and national energy programmes.
He also collaborated with the United Nations World Institute for Development Economics Research on policy research and data development initiatives.
The SARB said \Makrelov was committed to developing young economists and established the SARB Winter School for postgraduate students.
He holds a PhD from the SOAS University of London, as well as postgraduate economics qualifications from the University of the Witwatersrand.
Makrelov has co-authored more than 15 academic papers on macroeconomic topics and previously served on the board of Economic Research Southern Africa.