South African Reserve Bank Appoints Franz Ruch to Policy Committee

The South African Reserve Bank appointed economist Franz Ruch as the seventh member of its Monetary Policy Committee and an adviser to the governors on Thursday. Ruch transitions to the central bank from the World Bank, where he served as a senior economist and contributed to the Global Economic Prospects report.

Ruch previously worked in the economic research department of the South African Reserve Bank, where he focused on the Monetary Policy Review and economic models. His appointment comes as the bank manages economic instability caused by the Iran war.

The Monetary Policy Committee recently raised the policy rate for the second time this year. The bank attributed this decision to "large and sustained" price shocks resulting from the conflict. The central bank is scheduled to make its next policy announcement in November.