Annual Report 2022-23

Annual Integrated Report

The Central Bank of Eswatini (the CBE or the Bank) is pleased to present its Annual Integrated Report (Report) for the year ended 31 March 2023. The Report forms part of the CBE’s public accountability, transparency and responsibility to a broad range of stakeholders.

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2022/23

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Governor's Statement

Dr. Phil Mnisi

It gives me great pleasure to present to the Minister for Finance, Eswatini citizens and other stakeholders the 6th Central Bank of Eswatini (CBE) Annual Integrated Report for the financial year ended 31 March 2023.

The Report provides a comprehensive overview of the work of the CBE during the reporting period.

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Highlights

Annual Headline Inflation

Annual headline inflation averaged 5.3 per cent for the 2022/23 financial year from 3.6 per cent in the previous financial year. It averaged 4.8 per cent for the 2022 calendar year.

Profit for the year

This is an improvement of 111.7% from the E182.3 million profit realised the previous year.

Import Cover

Reserves’ import cover at the end of March 2023 closed at 2.5 months, slightly weaker than the 2.6 months recorded at end of March 2022.

Comprehensive Income

A total of E445.46 million was paid by the Bank as dividend to the Government of Eswatini in line with the CBS Order of 1974 (as amended) - following a total comprehensive income of E1.01 billion realised by the CBE in 2022/23.

Monetary Policy

The Bank has the goal of attaining price stability as well as a stable and sound financial system that will ensure sustainable economic development. Eswatini‘s monetary policy objective, as stated in Section 4 (a) of the CBS Order of 1974 (as amended), is to ensure price and financial stability. Monetary policy formulation is, to a large extent, influenced by the country‘s membership to the Common Monetary Area (CMA). To influence monetary conditions in the country and achieve its mandate.

Our Business Model

The Bank uses monetary and macro-prudential policies to drive the achievement of both price and financial stability within Eswatini. Our Mission captures the mandate of the CBE. Through our Vision, we have defined a desired future state that enables us to continue to deliver on the mandate. The Bank’s strategy seeks to drive operational efficiency and strategic effectiveness. This means striking a balance between running the business and changing it. Operations run the organisation whilst strategy transforms it. We run our operations through business processes / systems and we execute our strategy through programmes.