Associate Economist

About SARB

Primary mandate of the SARB

Section 224 of the Constitution of South Africa states the mandate of the SARB as follows:

The primary object of the South African Reserve Bank is to protect the value of the currency in the interest of balanced and sustainable economic growth in the Republic.

The South African Reserve Bank, in support of its primary objective, must perform its functions independently and without fear, favour or prejudice.

WHAT WE DO

Monetary Policy

The Constitution gives the SARB the mandate to protect the value of the rand. We use interest rates to keep inflation low and steady.

Financial Stability

The SARB has a mandate to protect and enhance financial stability. We identify and mitigate systemic risks that might disrupt the financial system.

Prudential Regulation

The Prudential Authority regulates financial institutions and market infrastructures to promote and enhance their safety and soundness, and support financial stability.

Financial Markets

Open market operations are the main tool we use to implement monetary policy. We manage South Africa’s gold and foreign exchange reserves.

Financial Surveillance

The SARB is responsible for regulating cross-border transactions, preventing the abuse of the financial system and supporting the regulation of financial institutions.

Payments and Settlements

The SARB is responsible for ensuring the safety and soundness of the national payment system, which is the backbone of South Africa’s modern financial system.

Statistics

The SARB provides important economic and financial statistics that present an overview of the economic situation in South Africa.

Research

Research conducted by the SARB focuses on economics, financial stability, banking and emerging trends in finance. Our research supports policy decision-making.

Banknotes and Coin

The SARB has the sole right to make, issue and destroy banknotes and coin in South Africa.

The successful candidates will be responsible for the following key performance areas:

• Develop, enhance and implement economic models for macroeconomic forecasting and policy simulations in line with best practice. This includes using artificial intelligence (AI) methods such as machine learning, natural language processing and big data automation to improve efficiency.

• Process new and large datasets, including text, images and high-frequency data.

• Contribute to data and model pipelines through data processing and system development.

• Present the results of economic modelling, forecasting exercises and policy simulations as well as complex economic phenomena affecting monetary policy.

• Conduct econometric analyses using large and complex datasets to support economic policy decisions.

• Collaborate with cross-functional teams to develop data-driven insights and predictive models.

• Stay up to date with advancements in AI, data science and econometric techniques, applying them to the SARB policies and initiatives.

• Communicate findings through reports, research papers and presentations to policymakers and stakeholders.

• Contribute to the compilation of the Monetary Policy Review.

To be considered for this position, candidates must be in possession of:

• a Master’s degree in Economics or an equivalent postgraduate qualification (a PhD would be an added advantage); and
• two to three years’ work experience in a policy or financial institution or similar environment.

Additional requirements include:

• prior experience in central banking, finance or policy research;
• model development and forecasting skills;
• experience in model development, big data, AI and econometrics;
• programming skills with proficiency in open-source software such as Python and ‘R’, with exposure to EViews and other modeling software;
• skills in the use of AI for improved productivity and output delivery;
• economic policy research and analytical skills;
• innovation and problem-solving skills;
• ability to pay attention to detail;

• industry, business and organisational knowledge and skill;

• continuous improvement knowledge and skill;

• economic markets reporting knowledge and skill;

• a drive for results;

• strategic thinking skills;

• managing complexity and ambiguity;

• planning and organising skills;

• developing and growing others;

• good judgement and decision-making skills;

• resilience;

• excellent verbal and written communication skills in English;

• building and maintaining relationships; and

• the ability to work well in teams.