Central Bank of Swaziland
LATEST PRESS RELEASE
Press Statement Recalling of Old Coins - Published on: 26th April, 2016FATCA information - Published on: 20th November, 2015

Operations Department

The Operations Department is a highly professional department that prides itself on having streamlined processes, state of the art, cost effective and relevant systems and business aligned policies.

DIVISIONS

  1. CURRENCY
  2. BANKING DIVISION
  3. ICT DIVISION
  4. DEVELOPMENT FINANCE

  1. CURRENCY

    The Currency Division is responsible for meeting the overall needs and regulation of currency in circulation within the country. The Division also ensures that the physical notes in circulation are in an acceptable condition and standard by replenishing currency stock and redeeming all notes from circulation.

    CURRENCY FUNCTIONS

    • Ordering and receipt of notes and coins from printers & minters
    • The safeguarding of the sash holdings and precious metals
    • Issue and receipt of currency to and from Banks
    • Processing of Cash deposited by Commercial Banks
    • Keeping records of all movements of cash within the cash center
    • Destruction of soiled / unfit notes in coordination with Internal Audit, Security and Finance
    • Redemption of mutilated notes from customers
    • Receipt and repatriation of Rand notes from customers
    • Ensuring adequate supplies of local currency notes and coins in order to meet the needs of the Swaziland economy
  2. BANKING DIVISION

    The Banking Division is divided into two parts; namely the front office and the back office. These are further divided into sections reporting to their respective heads. The front office has the local cash payment and deposits taking section which accepts deposits from Government and pay out by honouring Government cheques presented at the counter. The foreign exchange
    section, in the same office deals with the sale and purchase of foreign currencies.

    The Back office is responsible for clearing of local and cross boarder cheques, posting of entries, reconciliations and dispatching of customers' account statements. it consists of the ledgers and clearing,inland bills, remittances and reconciliations, movements, statement dispatching and cables.

    BANKING FUNCTIONS

    • Provide Banking services to the following clients: Government; Commercial Banks; CBS Staff and in some instances the General Public
    • The Front Office deals with cash and foreign exchange
    • The Back Office deals with ledgers and clearing
  3. ICT DIVISION

    To increase business value through innovative, robust and agile ICT services and solutions in the Bank, in line with international best practice.

    ICT FUNCTIONS

    • To ensure that ICT services meet business expectations and that they continually improve.
    • To provide agile ICT solutions that meet the automation needs of the Bank.
    • To provide a platform for maintaining accessible and reliable information.
  4. DEVELOPMENT FINANCE

    The Development Finance division works with Government in the facilitation of financial services for MSMEs as part of Government's financial inclusion agenda and also to promote economic development.

    The development finance operates two credit guarantee schemes, namely the Export Credit Guarantee (ECG) and the Small Scale Enterprise (SSE) Loan Guarantee. The schemes issue credit guarantees to commercial banks and participating financial institutions, when local producers bring viable business proposals for finance to supply local as well as international (export) markets.

    The schemes were set up in the early 1990s by the Swaziland Government and placed under the custody of the Central Bank.