The South African Reserve Bank has appointed economist Franz Ruch as an adviser to the governors and the seventh member of its Monetary Policy Committee, bringing the committee to full capacity for the first time since 2018.
Ruch’s appointment took effect on Thursday, Oct. 1. He joins the Reserve Bank from the World Bank, where he served as a senior economist and worked on research, technical analysis and publications, including the World Bank’s Global Economic Prospects report.
Before joining the World Bank, Ruch worked in the Reserve Bank’s Economic Research Department, where he developed and operated economic models and contributed to the bank’s Monetary Policy Review. He holds a doctorate from Stellenbosch University and a master’s degree from Oxford University.
The appointment completes the MPC’s seven member structure. The committee is chaired by Governor Lesetja Kganyago and includes Deputy Governors Rashad Cassim, Nomfundo Tshazibana and Mampho Modise, Chief Economist Konstantin Makrelov, Adviser to the Governors David Fowkes and now Ruch. The Reserve Bank says the MPC can have up to seven members.
Ruch is the second economist to join the MPC this year. In May, the Reserve Bank appointed Konstantin Makrelov as chief economist and an MPC member following the early retirement of Christopher Loewald. Makrelov had previously worked in the bank’s economic research department and at South Africa’s National Treasury.
His appointment comes as the Reserve Bank faces renewed inflation pressures. At its September meeting, the MPC raised the policy rate by 25 basis points to 7.25 percent, citing higher fuel prices and other inflation risks. The bank said inflation stood at 4.4 percent and projected that it would return to its 3 percent target toward the end of 2027.
The September rate increase was the second such increase in 2026. The Reserve Bank said global developments, including disruptions linked to conflicts and higher energy prices, had increased uncertainty around the inflation outlook.
Ruch’s return to the central bank therefore comes at a time when monetary policymakers are balancing inflation risks against weak economic growth. The Reserve Bank lowered its 2026 growth forecast to 1.2 percent in September, from an earlier projection of 1.4 percent, after the economy contracted in the second quarter.
The MPC’s next monetary policy decision is scheduled for November. Ruch will participate as a full member as the committee assesses inflation, economic growth, exchange rate developments and other factors affecting South Africa’s monetary policy stance.
The appointment strengthens the committee’s membership at a period of elevated economic uncertainty, while restoring the MPC to the maximum membership permitted under the Reserve Bank’s framework.
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