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Appointment of new MPC member Chris Loewald welcomed

Economists have welcomed the appointment of Christopher Loewald as the sixth member of the monetary policy committee, lauding him as a man of integrity.

The South African Reserve Bank. Picture: Supplied.

JOHANNESBURG - Economists have welcomed the appointment of Christopher Loewald as the sixth member of the monetary policy committee, lauding him as a man of integrity.

While announcing its latest rates decision on Thursday, the SA Reserve Bank also revealed that Loewald will be joining the MPC for a three-year term from the first of next month.

His appointment follows the resignation of deputy governer Francios Groepe earlier this year, and the retirement of former MPC member Brian Kahn in 2018.

Economist at Econometrics, Azar Jammine said that Loewald was the ideal man for the job.

"He is a person who has great economic insight. He has been with the reserve bank for a number of years and he has a lot of experience there and has been at the forefront of presenting the reserve bank's view at the monetary policy forum every six months and doing a very good job at that."

Chief economist Mike Schussler said that Loewald's appointment should be seen as a good move.

"Dr Chris Loewald is very much a respected economist through and through, somebody that other economists have a lot of respect for in South Africa and probably many others around the world."

Reserve Bank governor Lesetja Kganyago also announced that the repo rate would remain unchanged at 6.75%, a move largely anticipated by local markets.

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