Senior Reserve Bank officials and Monetary Policy Committee (MPC) members Monde Mnyande and Brian Kahn have been appointed advisors to central bank Governor Gill Marcus with effect from 1 December 2009 as part of internal restructuring implemented by Marcus. Part of the aim of the exercise is to strengthen relationships with stakeholders.

Senior researcher Johan van den Heever now becomes deputy chief economist.

"There is some restructuring taking place at the Sarb, and this is part of that," spokesperson for the South African Reserve Bank Sam Henkemann told I-Net Bridge on Monday.

"Brian will be economic advisor to the Governor and Dr Mnyande will be involved more with partners outside the Bank to strengthen those relationships. He has always overseen research, and is now head of research," she said.

"The restructuring will change things as to where the emphasis is placed, for example in terms of relationships," explained Henkemann.

According to the Sarb statement issued on Friday, Mnyande will be responsible for establishing an outreach programme for the Bank to interact with stakeholders across the broad spectrum of South African society. He is also appointed head of the research department and remains chief economist.

"Mr Kahn will be advisor responsible for economic developments," it added.

Marcus took up the cudgels at the Bank on November 9 and made some welcome changes ? lauded by the market ? in encouraging her senior figures to be present at both the MPC meeting and press conference (where rates were kept on hold) and at the Monetary Policy Review (where they could express their views on the various debates with the market representatives).

Marcus also spoke more freely about what had transpired within the MPC as it debated rates and what had most occupied the members' minds, instead of reading from the actual statement.

Since taking up the reins, Marcus has stood firmly behind the Bank's independence, indicating it will not be swayed by any political ideology in exercising its mandate, nor would it intervene to try and set a level for the rand.