SA elections: State of play & implications for the SARB

South Africa’s election results have continued to trickle in, but the overriding message since the early hours of the count is that the ANC has fallen well short of a majority. A coalition with one of the larger opposition party now appears inevitable, introducing potentially more radical post-election coalition scenarios. Meanwhile the SARB is likely fretting about how electoral outcomes could affect it. Privately they are probably hoping for an ANC-DA tie up that would help to affirm and reinforce the institution’s inflation-fighting credentials. On the other hand, an ANC-EFF/MK scenario would bring clear challenges to its mandate and independence.