On 22nd March 1974, King Sobhuza II established The Monetary Authority of Swaziland, through The Monetary Authority of Swaziland Order of 1974. On 1st April 1974, the Bank officially began its operations. His Majesty appointed Mr. Ethan Mayisela, ‘uZangashane’, as the Authority’s first Governor. The Members of the Board of Directors included: Mr. I. F. Hodgkinson, Mr. A. M. Fakudze, the Governor Mr. E. Mayisela, Mr. David Cohen, the Attorney General, Mr. Nst. Keng, Mr. J.S. Matsebula, Princess Msalela and Mr. L. Masuku.

At the very beginning, the Monetary Authority of Swaziland’s staff complement totalled 8 people. They consisted of the Governor himself, the late Esther Mazibuko who was a cleaner and tea provider, John Mazibuko who was in support services and still works at the Bank to this day.
Fikile Dlamini (now Kunene) who was secretary to all of the Governors, an Economist called Peter Davies, Beauty Hlope who was an accountant and administrator and finally, Moses. V. Mabuza who was an accounts clerk.
They were very small in numbers but, nevertheless, a highly efficient and productive team. As 1974 progressed, the enthusiastic Governor established more divisions and therefore employed more staff members.

Christmas 1974 was celebrated with twenty- seven staff. On 31st March 2008, the staff complement totalled 270. The Monetary Authority of Swaziland started by renting premises from Swaziland Development and Savings Bank (Engungwini Building). Later in the year, it became apparent that the Authority needed its own money storage (Ingungu) since they had acquired their own assets (money). They could no longer rely on the surrogacy house of Engungwini, hence the idea of Emantsholini (the inner secret storage) was hatched for the Umntsholi building.

The Board of Directors, especially the late J.S.M. Matsebula invented the name for storing the Authority’s wealth. The Bank’s building was carefully planned and officially opened by His Majesty King Sobhuza II on July 20th 1979 – named ‘Umntsholi Wemaswati’. With the constant support of Government and the enthusiastic participation of commercial banks and the financial sector at large, the Central Bank of Swaziland was given a successful launch pad from which it has never looked back. A significant milestone was reached when on 6th September 1974, the national currency; the Lilangeni was issued to Swazis as legal tender on Independence Day. The ecstatic celebrations were held at Somhlolo Stadium, where King Sobhuza II officially launched the new national currency. It was pegged at par with the South African Rand. Following this, in 1975, the Financial Institutions Order was promulgated to regulate commercial banks. On 18th July 1979, the Order-in-Council was amended, replacing The Monetary Authority of Swaziland with The Central Bank of Swaziland. The Bank then assumed more responsibility, becoming banker to Government and commercial banks, managing reserves, administering exchange controls, collecting statistics on the economy and becoming permanent advisor to Government.


  • Eswatini Communications Commission Act of 2013
  • Electronic Communications Act of 2013

To have a stable price and self-regulating financial system.


    Relevant & Performnace Driven

    It is our task to deliver timely, appropriate, innovative, and quality services, to all our stakeholders.


    We take ownership and responsibility for all actions and decisions, and we always respond in a transparent manner.


    We are guided by honesty, ethics, uprightness, and objectivity; which means that we consistently do the right thing

    Open Communication

    We give and receive feedback from our stakeholders, and our communication is at all times transparent, timely, and effective.


    We appreciate every individual's worth and we conduct ourselves in a way that assures dignity for all.


  • To formulate and implement sound monetary policy to achieve financial stability.
  • To regulate and supervise the financial sector to the end of achieving a sound and efficient financial system.
  • To issue and redeem currency (notes & coins), which is legal tender in Eswatini.
  • To hold and manage foreign exchange reserves of the country.
  • To act as a banker, adviser and agent to the Eswatini Government on monetary and financial matters.
  • To facilitate the development and operation of an efficient national payment system.
  • To act as lender of last resort to financial institutions and facilitate the development of domestic financial markets.
  • To conduct research on monetary, financial and economic matters to support monetary policy formulation.
  • To strengthen stakeholder relationships.


The Office of the Governor comprises the Governor, Deputy Governor and Assistant Governor. The Office of the Deputy Governor is responsible for the Economic Policy Research and Statistics Department, Financial Regulation Department, Corporate Services Department and Internal Audit. The Office of the Assistant Governor is responsible for the Operations Department, Finance Department, Financial Markets and Risk Management. The Assistant Governor also serves as the Ombudsman for banking services in Eswatini.


The office of the Secretary to the Board is the custodian of corporate governance for the bank. It houses the legal office which is responsible for providing professional legal advice in all operations to avoid and or mitigate legal risks. It is also in charge of the information and records section which provides the central filing repository for the Bank. The office also provides administrative services to the Board of the Bank and is responsible for secretarial pool of the Bank.


The Internal Affairs department responsibility is to inculcate an ethics culture whilst ensuring adherence to national legislation and procedures and to protect the assets of the Bank. The department is divided into two divisions; namely;


  • To inculcate an ethics culture to employees, stakeholders and the board.
  • To administer the code of ethics and promote good conduct.
  • To conduct investigations on transgressions by employees.
  • To initiate and lead all investigations in the Bank.
  • To recommend remedial action to appropriate department(s).
  • To liaise with law enforcement.
  • To provide intelligence information to the Bank.
  • To develop anti- theft/fraud measures in the Bank.
  • To administer the regulatory compliance framework of the Bank


  • To provide physical security to Bank premises.
  • To protect all Bank assets, including people and money.
  • To provide armed response support during critical operations.
  • To manage and administer the Banks integrated security systems.

The Strategy and Communications Department is responsible for the CBS strategy and all Bank projects. The department ensures a positive public image (brand) and healthy relationships with all stakeholders-internal and external.


  • To inculcate an ethics culture to employees, stakeholders and the board.
  • To administer the code of ethics and promote good conduct.
  • To conduct investigations on transgressions by employees.
  • To initiate and lead all investigations in the Bank.
  • To recommend remedial action to appropriate department(s).


The Communications Office uses integrated marketing communications to serve as a yardstick for evaluation on progress in carrying out the Bank's mandate as well assisting the Bank in positioning itself in an increasingly complex global environment. It is responsible for stakeholder relationship management, media relations, branding and overall communications. The duty of the office is to build public understanding. It is also responsible for public relations, media relations, the Bank's website and newsletter, education and community programmes, including the Bank's Corporate Social Investment (CSI) programme. The Office also manages internal Bank-wide staff communications.


  • Brand Communication through positioning and exploiting the Bank's products and services in order to enhance the CBS brand, products (coins, notes, bonds, treasury bills) and services. it also involves the promotion and provision of information about products and services through advertising, public relations, media relations and Corporate Social Investment and providing products and services through tools that are convenient for stakeholders to access i.e. website, intranet, emails, noticeboards, roadshows etc.
  • Stakeholder Management through identifying, recognizing and acknowledging stakeholders, determining their influence and interest, establishing their communication management plan and engaging them.

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.


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 Eswatini economy


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 honoring 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

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

ICT Function

  • 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.


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 Eswatini Government and placed under the custody of the Central Bank.


The Finance Department is responsible for the recording and reporting of all financial transactions relating to the CBS and the preparation of all financial statements that are compliant with the Central Bank Order as well as International Financial Reporting Standards. The department provides management with accurate, relevant and timely financial information for decision making and oversees national payment and settlement systems and support to the country's Financial Sector Development Implement Plan.


This function is responsible for the strategic sourcing, procurement, contracting, and evaluation of goods and services required by the Bank by implementing the approved Procurement and Supplier Management Policies.


  • Create intelligence on sourcing trends with the intention of ensuring that the Bank derives value for money,delivery performance, customer satisfaction and innovation.
  • Act as a single point of contact with external suppliers and vendors and develop an effective
  • Communication and engagement strategy to ensure that business areas make Informed choices and plans on procurement and logistics issues.
  • Develop appropriate supplier relationships, including strategic supplier alliances between key suppliers and the CBS.
  • The other important role played by supply chain is the management of the bank's
  • motor vehicle fleet and driver staff, effectively acting as the primary custodian of
  • the approved Transport Policy.


This function provides financial information sufficient to assist management to make financial decisions in line with the Bank's strategy.


  • Bank's Budget & Expenditure Control
  • Staff Payroll, loans and allowances
  • Staff Terminal Benefits
  • Board Retainer & Sitting Allowances
  • Management of the bank's insurance portfolio
  • Management of the bank's tax matters


This division ensures that the financial statements of the bank are accurate and of the highest integrity, and that they comply with IFRS and IAS.


  • Payments processing - All payments processed must relate to services/goods received to support the operations of the bank i.e. valid, complete and accurate.
  • Balance Sheet Substantiation - All balances recorded in primary accounting system (Globus) are accurate/authentic and can be reconciled to appropriate source documents, in accordance with the Bank's policies and procedures.


The main role of this department is to oversee the National Payment Systems in accordance with the Central Bank Order and the National Clearing and Settlement System Act 2011.


The financial markets department predominantly is responsible for managing the country`s foreign currency assets commensurate with three investment objectives namely; capital preservation, liquidity and income generation. The division also issues short and long term government debt securities via open market operations to contribute to the bank`s monetary policy framework. This entails the structuring, auctioning and settlement of short & long dated securities. The financial markets department is divided into three units namely; front office which is tasked with mainstream investing of reserves; middle office which oversees the investment process through risk management, compliance monitoring and reporting; and back office which offers auctioning of government security services as well as settlement of investments.


  • Manage the country's Foreign Exchange Reserves
  • Act as agent for Government in issuance and redemption of Government Securities
  • Contribute to monetary policy formulation & Implementation
  • Make contribution to development of local financial markets
  • Domestic market development
  • Central Securities Depository Management
  • Manage CBS balance sheet (assets & liabilities)
  • Streamlining/modernizing operations
  • Act as Banker to Government (International Banker/Treasury Services)
  • Provide treasury services to Government (all foreign currency payments & receipts)


Treasury Operations Functions

  • Payment & Settlement Systems Operation and Monitoring (RTGS/SWIPPS, Automated Clearing House, Regional Payment System (SADC & COMESA)
  • Payment & Settlement Systems Oversight (Electronic money transfers e.g MTN Mobile Money, Remittances e.g. Shoprite/Standard Bank Money Transfer) The operations of this department also assist to drive the implementation of the country's FSDIP to achieve financial inclusion targets.

This department consists of three sections, namely, Recruitment and Selection, Staff Benefits, Industrial Relations and Employee Assistant Programme (EAP). The generic functions of the HR department are recruitment of new employees, selection, placement and remuneration.


  • The recruitment and selection unit is responsible for the staffing needs of the bank.
  • The Staff Benefits unit is responsible for all employee welfare related matters including the administration of pension, administration of medical aid scheme, administration of group life insurances, supervision of the sports club, administration of rural housing scheme and organising staff events such as the Christmas Party, Family Day and the management of staff leave.
  • The Employee Assistant Programme (EAP) assistance to staff is available for 24 hours. Staff is able to access EAP services, which include but are not limited to counselling, treatment for minor illnesses and injuries, information on matters of wellness and health, and nutritional supplements to mention a few. The EAP coordinator may also assist with contact details of other professional service providers such as reputable medical practitioners and specialists, nutritionists, dentists, counselors, as well as financial advisors.

    Learning & OD unit takes a development view that seeks for the betterment of both individuals and the Bank, creating win-win solutions. The Division improves the necessary skills and knowledge that will enable staff members to continually improve their functions on their own. It plays a major role in the coordination, monitoring and implementation of the Bank’s strategic initiatives, performance management system, salary review and skills audit projects. The division also coordinates staff training interventions which add value to the skills inventory. The division also organises various general management development courses and coordinates general training interventions which cut across all the Bank departments.


    This division administers and rehabilitates all Bank premises including office buildings, residences, Bank flats, yards and gardens, as well as the assets therein. It manages and supervises new capital projects and renovations. The office also manages access control and parking. The office further facilitates provision of communication tools such as telephones, faxes and cellphones. The management of the CBS transport fleet, staff canteen and also tea and messenger services falls within the function of the office.


The Economic Policy, Research and Statistics department is the primary economic information and resource centre of the Bank. It compiles, produces and disseminates economic statistics for the major sectors of the economy. It is tasked with conducting applied economic research in order to provide effective policy advice in the pursuit of economic development and economic management in Eswatini.


This division compiles, produces, maintains and publishes economic and financial statistics in the Bank, to be used for economic analysis, policy research, policy formulation and performance monitoring. It is divided into three sections, namely Monetary and Financial Statistics, Public Finance and Real Sector


The monetary and financial statistics section is responsible for the collection, compilation and analysis of monetary sector data which includes money supply, credit extension, interest rates and foreign reserves.


  • Public Finance - The public finance office is responsible for the fiscal sector. It collects and analyses data on government revenue and expenditure, overall government fiscal position and domestic and foreign borrowing.
  • Real Sector - This section collects and analyses data on the Gross Domestic Product (GDP), prices and employment. It also monitors performance of key sectors of the economy namely; agriculture, construction, power and energy, manufacturing, tourism and mining.


The Balance of Payments and international affairs division compiles the balance of payment statement for Eswatini as well as developing and coordinating the Central Bank of Eswatini’s interactions and relations with other Central Banks and regional, international and multilateral institutions and organisations. The division is divided into two sections namely the Balance of Payment and International Relations and Regional affairs.


  • Balance of Payments - This section is responsible for the collection and analysis of external sector data. This includes data on trade in goods and services,international reserves, Factor income, transfers, capital account,financial account and then compiles the country’s Balance of Payment statement and international Investment position.
  • The International Relations and Regional Affairs section is responsible for issues and policies on regional and international developments and cooperation developments. It collects, analyses and advises Senior Management on developments taking place in international and regional groupings namely CMA, SACU, SADC, AACB, COMESA, IMF, World Bank, AFDB, BIS and SADC Central Bank.


The policy research and macro-economic Analysis Division undertakes applied economic research in general macro-economic and monetary issues supported by econometric modelling and forecasting. The Division is divided into two sections, namely; Modelling and Forecasting and Policy Research.


  • The Modelling and Forecasting section develops economic models using econometric techniques to enable a more rigorous understanding of how the Eswatini economy performs, in order to produce reliable forecasting of key
  • Economic variables.
  • Policy Research section conducts applied economic research to inform economic policy, advice and decision-making.

The Internal Audit department evaluates the Bank’s compliance with the law and its own internal policies and operational procedures. It provides an independent, objective assurance and consulting service designed to add value and improve the Bank’s operation. It helps the Bank to achieve its objectives by bringing a systematic, disciplined approach to evaluate and improve effectiveness of risk management, control and governance processes.