David Fowkes, who was appointed as advisor to the governor last December, has been working at the Reserve Bank since 2013. (LinkedIn/David Foulkes)
RSaving Bank Governor Lesetya Kganyago has appointed David Fawkes to the Monetary Policy Committee (MPC) following the resignation of Kuven Naidoo.
Foulkes was part of the five-strong MPC that voted unanimously on Thursday to keep the repo rate at 8.25%, the highest level since 2009.
President Cyril Ramaphosa has not yet appointed a replacement for Mr Naidu. Mr Naidu resigned as lieutenant governor in October and is on a six-month “gardening leave” during which he is prohibited from entering into a contract with a new employer.
“I have heard that the president has tightened his belt,” Kganyago said on Thursday.
Once Mr Ramaphosa appoints a new deputy governor, the MPC will have six members. However, Kganyago pointed out that an odd number of committee members would be preferable. “We'll keep looking for another guy to make this seven. But he's definitely better at six than five,” he said.
Mr Foulkes was appointed as Advisor to the Governor on 1 December 2023 after serving in various roles at the Reserve Bank for 10 years.
From 2013 to 2021, he worked in the bank's economic research department and edited the biannual Monetary Policy Review.
In addition to his role as an MPC member, Mr Fawkes will provide analytical support to governors on key economic and financial developments and their impact on the Bank's policy, the Reserve Bank said in a statement.