The Central Bank on behalf of the Government of Swaziland issues treasury bills on a weekly basis. This is a short dated paper maturing in ninety one days. They are open for sale to commercial banks, companies, non bank financial institutions, stockbrokers, corporate and individual investors (farmers, shops, churches, man on the street, etc.). They are offered as competitive bids and non competitive bids; competitive bids have a minimum of E5 million there after applications can be made in multiples of E1 million.
For non competitive bids where individuals can make applications the minimum amount is only E10, 000 or more in multiples of a thousand. This can be done through primary dealers namely, First National Bank, Standard Bank of Swaziland Limited, Nedbank (Swaziland) Limited, Swaziland Development and Savings bank (Swazi bank). Auctions are normally on Wednesdays for settlement at T+2 normally Friday. Results are published on the Central Bank website and also shown on the Reuters page (SWAT) immediately after lunch of the auction day and local newspapers the following day after the auction day.