By S’thembile Cele.
South Africa’s central bank appointed Franz Ruch as an adviser to its governors and the seventh member of its monetary policy committee, with immediate effect.
Ruch joins the central bank from the World Bank, where he served as a senior economist and led and contributed to research, technical analysis and writing for various publications, including the organisation’s Global Economic Prospects report, the South African Reserve Bank said in an emailed statement on Thursday.
Ruch previously worked in the Sarb’s economic research department, where he developed and operated economic models and contributed to the Monetary Policy Review.
Governor Lesetja Kganyago has previously said he favours an odd number of MPC members to avoid a deadlock that would leave him with the deciding vote.
Ruch’s appointment follows the early retirement of Chris Loewald, the bank’s former head of economic policy development and research and an MPC member. He was replaced by Konstantin Makrelov earlier this year.
Ruch has a doctorate from Stellenbosch University and a master’s degree from Oxford University.