South African central bank appoints seventh Monetary Policy Committee member

Thursday, 1st October 2026

Johannersburg— The South African Reserve Bank (SARB) has appointed economist Franz Ulrich Ruch as an adviser to the governors and the seventh member of its Monetary Policy Committee (MPC), strengthening the committee as it navigates renewed inflationary pressures and a challenging global economic environment.

Ruch joins the central bank from the World Bank, where he served as a senior economist and worked on research and publications, including the institution's Global Economic Prospects report.

According to the SARB, Ruch previously worked in its economic research department, where he contributed to the development of economic models and the bank's Monetary Policy Review. The World Bank has also identified him as a senior economist specialising in fiscal policy and sustainable growth.

The appointment brings the MPC to seven members. The SARB's monetary policy committee is chaired by Governor Lesetja Kganyago and is responsible for determining the country's monetary policy stance within its inflation-targeting framework.

The appointment comes shortly after the MPC raised South Africa's policy rate by 25 basis points to 7.25% at its September meeting. The central bank said geopolitical tensions and disruptions to global supply chains were creating persistent inflationary pressures and warned of the risk that temporary price shocks could become entrenched.

The SARB said inflation was running at 4.4%, above its 3% target, while it expects inflation to return to the target towards the end of 2027. It also lowered its 2026 economic growth forecast to 1.2%, from 1.4%, amid a weaker global environment.

Ruch's return to the SARB places an economist with previous experience at the institution and international policy research at the centre of its monetary policy deliberations.

The MPC is scheduled to make its next interest-rate announcement on 19 November 2026.

Source:Reuters

Reporting:Sfundo Parakozov

Editing:Alexander Winning

Why it matters

The addition of a seventh member comes as the SARB faces the difficult task of balancing inflation control with weak economic growth. Ruch's experience in economic modelling, monetary policy research and international economic analysis could add another perspective to the committee's assessment of inflation, growth and global economic risks.

The appointment also comes at a time when the central bank is placing increased emphasis on preventing temporary external shocks from feeding into broader and more persistent domestic inflation.