The Finance Department has two divisions, namely; Internal Finance and Investment and Exchange.
Definition and Philosophy:
“To be a professional department that prides itself upon accuracy and responsiveness to client needs.”
- Improve reserve management.
- Achieve financial independence of the CBS.
- Enhancement of operational efficiency.
- Deliver excellent results to all of our clients.
The Internal Finance Division
The Internal Finance Division has three sections, Budget, Accounts, and Salaries and Loans. This is the Accounting Division of the institution. The Budget Section is responsible for the preparation of quarterly, half yearly and year end budgets; processing and payment of suppliers invoices; collection and payment of rent; accounting for fixed assets; reconciliation of Budget Office disbursement; disposition of fax and telex charges; processing of central disbursement unit cheques; and recoveries in respect of expenses incurred. The Accounts Section prepares and ensures that financial statements are prepared in accordance with the applicable accounting standards. It is where data capture for all transactions that go through the systems is checked. Nostro (correspondent banks) accounts are also reconciled in the office. The Salaries and Loans Section prepares staff and payroll and process loans/advances granted to staff.
The Investment and Exchange Division
The Investment and Exchange Division is responsible for implementing the Banks’ monetary policy decisions. This entails refinancing the Bank’s liquidity requirements through repurchase transactions and other facilities such as the averaging of cash reserves or marginal lending, as well as managing liquidity in the money market through open-market operations such as debentures, longer-term reverse repurchase transactions and foreign currency swaps. This includes participating on the spot and forward foreign exchange markets to service the foreign exchange needs of the Central Bank and its clients. This Division acts as funding agent of the Government by conducting bond and treasury bills auctions, and participating in the formulation of debt management strategies. The Division is also responsible for managing the Bank’s gold and foreign exchange reserves and provides market information and analyses to assist the Governors in their decision-making.
Central Bank of Swaziland
Mbabane, Swaziland (H100)
Tel: [+268] 2408 2000
Fax: [+268] 2404 0063