The South African Reserve Bank appointed economist Franz Ruch as an adviser to the governors, effective 1 October 2026. The role also makes him the seventh member of the bank’s Monetary Policy Committee. The appointment expands the group that sets the country’s policy interest rate.
Ruch joins the central bank from the World Bank, where he worked as a senior economist on research and publications including Global Economic Prospects. He previously served in the reserve bank’s economic research department. In that earlier role, he helped develop economic models and contributed to the bank’s Monetary Policy Review.
COMMITTEE RETURNS TO SEVEN MEMBERS
The reserve bank says its Monetary Policy Committee can comprise up to seven members drawn from the governor, three deputy governors and selected senior officials. Reuters and Business Day reported that Ruch’s appointment brings the committee to seven, its full complement for the first time since 2018, according to Reuters. He becomes the second new committee member in 2026 after Konstantin Makrelov was appointed in May.
Ruch arrives after the committee raised the policy rate by 25 basis points to 7.25% in September. That was the second increase of 2026, as policymakers cited inflation risks from geopolitical supply shocks and higher energy costs. The committee’s decisions are announced after scheduled meetings chaired by Governor Lesetja Kganyago.
NOVEMBER DECISION WILL BE FIRST TEST
The appointment comes before the committee’s final scheduled rate decision of the year. The reserve bank said Ruch brings extensive monetary policy expertise to the role.
The next concrete milestone is the reserve bank’s monetary-policy announcement scheduled for 19 November. That meeting will be the committee’s first rate decision since Ruch joined.