The Reserve Bank. Picture: SARB
The Reserve Bank. Picture: SARB

The Reserve Bank has appointed Christopher Loewald as the sixth member of the monetary policy committee (MPC).

 Bank governor Lesetja Kganyago announced Loewald’s appointment on Thursday, following the MPC’s decision to keep the repo rate unchanged at 6.75%.

Loewald, the Bank’s head of policy development and research, will join the MPC on June 1. Prior to joining the Bank in 2011, he spent 13 years at the National Treasury.

This follows the retirement of MPC member Brian Kahn in 2018  and the resignation of deputy governor Francois Groepe earlier in 2019, which has left the MPC two members short.

The other members of the MPC are Kganyago; deputy governor Kuben Naidoo; deputy governor Daniel Mminele; adviser to the governor Fundi Tshazibana; and the Bank’s head of economic research, Rashad Cassim.

Loewald has 30 years’ experience in public and economic policy and was involved in the development of SA’s inflation targeting and exchange rate policy.

menons@businesslive.co.za