The South African Reserve Bank (SARB) has appointed renowned economist Franz Ruch as an adviser to the governors, adding a seventh member to the Monetary Policy Committee (MPC).
The senior economist in the World’s Bank’s Prospects Group effectively started duty on Thursday, making him part of the group responsible for setting the country’s monetary policy amid the challenging inflation and growth environment.
The committee consists of the governor, three deputies and selected senior officials appointed by the governor.
“A seasoned economist, Ruch brings his vast monetary policy expertise to the position. He joins the SARB from the World Bank, where he served as a Senior Economist and led and contributed to research, technical analysis and writing for various publications, most notably the organisation’s Global Economic Prospects report,” the central bank said.
Ruch previously worked the SARB Economic Research Department, where he developed and operated economic models and contributed to the central bank’s Monetary Policy Review.
His appointment means the MPC is now at full capacity for the first time since late 2018, when the retirement of Brian Kahn reduced its membership to six. The committee has subsequently operated with between five and six members at various points.
The appointment comes after the MPC raised the repo rate by 25 basis points to 7.25% in a unanimous decision, citing renewed fuel-price pressures and broader inflation risks arising from global geopolitical tensions.
READ: SARB raises repo rate to 7.25% amid high inflation
Ruch also joins the MPC at a time when the central bank is balancing renewed inflation pressures against weak economic growth.
The economy contracted by 0.2% in the second quarter of 2026, while the SARB expects full-year growth of 1.2%.
At the same time, the central bank expects headline inflation to remain above 5% later this year and into early 2027 before gradually returning to its 3% target by the end of 2027.
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- Franz Ruch has been appointed as an adviser to the governors and a seventh member of the South African Reserve Bank's Monetary Policy Committee (MPC).
- Ruch previously served as a Senior Economist at the World Bank’s Prospects Group and worked in the SARB Economic Research Department.
- His appointment brings the MPC to full capacity for the first time since late 2018.
- The MPC recently raised the repo rate by 25 basis points to 7.25% due to inflation pressures and geopolitical risks.
- South Africa's economy contracted by 0.2% in Q2 2026, with full-year growth expected at 1.2% and inflation forecast to remain above 5% into early 2027.
