Monde Mnyande, chief economist at the South African Reserve Bank (SARB), says he does not see a change in overall macroeconomic policy in South Africa under the new government.

Mnyandes speaking at a Wits Business School lecture on Thursday.

This comes the day after South Africa's national election, in which a new regime under Jacob Zuma is set to take up the cudgels.

But Mnyande did say the Reserve Bank only implements policy and does not change it, but does advise government, which it will continue to do.

Mnyande said the inflation-targeting framework over the recent past has been consistent with higher growth.

He said inflation variability and output growth variability declined under this policy and "should be viewed as supportive of long-term economic growth and development".

There has been greater stability in the real interest rate.

He says it has "served us well", when looking at the growth levels achieved of 5%.