There is no specific law guaranteeing independance. Functionally, the bank falls under the Ministry of Finance, but has its own structure which is independent of government, as well as a minority government representation (by Principal Secretary, Ministry of Finance) in the Bank's Board of Directors. Also, in its execution of duties the bank operates independently as a parastatal organisation, Clause 3(2) of the Monetary Authority Order gives the bank Statutory powers; recommendation and clearance of the Finance Minister on such policies as exchange rate and staff salaries is however sought before implementation.

For quite some time now, Swaziland has maintained the same mix of banks in the Kingdom. What has changed over the years is ownership and hence the trade name. At the end of March 1988, there were four banks in the country.