Reserve Bank's MPC finally back at full strength. Franz Ruch returns from World Bank, bringing global economic expertise. Economics Editor The South African Reserve Bank has appointed economist Franz Ruch as an adviser to its governors and the seventh member of its monetary policy committee (MPC), a move that is likely to make for even more robust discussions at its bimonthly interest rate meetings. Ruch's appointment, effective from Thursday, brings the MPC to full capacity for the first time since late 2018, just before Brian Kahn's retirement in December that year. Since then, the resignations of other members have at times whittled down the size of the committee to as few as five. The Reserve Bank said Ruch would bring vast monetary policy expertise to the position, returning to the institution from the World Bank where he served as a senior economist and led and contributed to research, technical analysis and writing for publications, most notably the organisation's Global Economic Prospects report. Before the World Bank, Ruch, who has a PhD from the University of Stellenbosch and a master's from Oxford University, worked in the Reserve Bank's economic research department, where he developed and operated economic models and contributed to the monetary policy review. He is the latest member of the MPC since the Reserve Bank appointed Konstantin Makrelov in May to fill the vacancy left by the retirement of Christopher Loewald in March. Makrelov, who joined the central bank in November 2018 as lead economist, was promoted to chief economist and head of economic research. Later in May, Makrelov joined the five other members of the MPC in deciding to hike interest rates by 25 basis points, citing intensified inflation risks stemming from higher oil prices linked to the Middle East war, which have hit South African fuel prices especially hard. Four MPC members favoured the hike, while two advocated for keeping rates on hold. The Reserve Bank kept the key policy rate unchanged at 7% at its meeting in July, with four members preferring a hold, while two voted for an increase of 25 basis points. Last week, it unanimously decided to raise it by another 25 basis points as a flare-up in tensions in the conflict rekindled concerns about inflation risks. Previous MPC members have secured high-profile jobs in the private sector after leaving the Reserve Bank, including former deputy governor Daniel Mminele, who retired from the central bank in mid-2019 when his second five-year term expired. He went on to serve a stint as Absa CEO before becoming chair of Nedbank. Another former deputy governor, Kuben Naidoo, joined Investec Bank in 2024 and is also a member of President Cyril Ramaphosa's economic advisory council. Financial services group PSG announced in March that Loewald would join its board as a nonexecutive director from September after a six-month cooling-off period following his early retirement from the Reserve Bank. In September, global political risk research and consulting firm Eurasia Group said that Loewald was joining the company as director for South Africa. Update: October 1 2026 Business Day

Kozarev participates in GZERO Summit Asia 2026. 10. Sep 2026. The Secretary General of the Ministry of Foreign Affairs of the Republic of Serbia Dušan Kozarev participated today in the inaugural GZERO Summit Asia 2026 in Singapore, organised by Eurasia Group. The international gathering brought together government representatives, senior executives from leading companies, investors and experts to exchange views on geopolitical and economic developments and their implications for the global landscape. Addressing the opening session, Kozarev emphasised that Serbia, guided by the vision of President of the Republic of Serbia Aleksandar Vučić, is working to establish itself as a regional hub for advanced technologies, with a particular focus on artificial intelligence, software development and the infrastructure required to support the economy of the future, including the development of data centres. He noted that Serbia is undergoing a far-reaching economic transformation, moving from an economy traditionally reliant on agriculture and labour-intensive, low-value-added manufacturing towards a modern, knowledge-based economy in which services, high-technology industries, innovation and expertise play an increasingly prominent role. Kozarev highlighted Singapore's position as one of the global leaders in innovation, technology and the digital economy, stressing Serbia's readiness to learn from the experience of the world's most successful economies and to respond effectively to both the challenges and opportunities arising from the new technological era. Speaking about Serbia's investment potential, Kozarev underscored that the country's distinctive geostrategic position, balanced foreign policy, openness to international cooperation, and expanding economic and trade ties with partners across different regions of the world provide a favourable environment for attracting new investment and fostering the development of high-technology industries. Kozarev also informed conference participants of the Republic of Singapore's decision to participate in the Specialised Expo 2027 in Belgrade, which was announced during his working visit to Singapore, and reiterated his gratitude to the host country for this important decision. During his visit, Kozarev also met with Honorary Consul of the Republic of Serbia in Singapore Kelvin Cheng Ern Lee. The discussion focused on investment opportunities and professional prospects for citizens of Serbia and Singapore in both countries, as well as on opportunities to further strengthen ties between the two peoples.