The Economic Policy, Research and Statistics department (EPRS) 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.

Strategic Goals
  • Provide a strong conceptual and empirical basis for policymaking and to better communicate policy to the Government, markets and the public.
  • Undertake high-quality research to ensure that the CBE is well equipped to cope with the unprecedented challenges associated with conducting a credible monetary policy.
  • Provide models, tools and analyses relevant to the conduct of monetary policy and the fulfilment of other tasks of the monetary policy formulation in the country.
  • Coordinate all Bank research in line with the Integrated Research Agenda.
The Department is Constituted of Four Divisions:
  • Balance of Payments and International Affairs,
  • Domestic Economy which encapsulates the Real Sector, Public Finance as well as Monetary Statistics and Financial Units
  • Policy Research and Macroeconomic Analysis
  • Information and Records

Balance of Payments (BOP) and International Affairs (IA)

The Balance of Payments and International Affairs division compiles the balance of payments 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 organizations.

The division is divided into two sections namely the Balance of Payments 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 Payments statement and International Investment position.
  • International Relations and Regional Affairs - This section is responsible for reporting issues and policies on regional and international developments and cooperation developments. It also, 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.

Domestic Economy

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 (MFS), Public Finance (PF) and Real Sector (RS).
  • Monetary and Financial Statistics - The Monetary and Financial Statistics unit 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 Real Sector Office 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.
  • Policy Research and Macro-Economic Analysis (PRAMA) 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. Functions
  • The Modelling and Forecasting – This 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 - This section conducts applied economic research to inform economic policy, advice and decision-making.

Information and Records

The Information and Records Division secures, processes and preserves information and knowledge. It encompasses the Records unit and the Library.
  • Records – This unit secures and preserves documents Bank wide, ensuring that essential Bank information is kept securely.
  • Library – avails information for the utilisation of internal staff for the purposes of academics and research in order to support the Bank's activities and research projects.

Research and Statistics Mandate

The Bank conducts research on monetary, financial and economic matters and uses this information in policy formulation. The Bank, together with government, is responsible for formulating and monitoring economic policies that are aimed at promoting economic growth, development.


The Bank undertakes catalytic & strategic research to advance the Bank’s advocacy for macroeconomic stability, sustained growth and economic development whilst ensuring price stability.


The Bank publishes statistics on the monetary, financial and fiscal system which are relevant to economic policy and its regulatory responsibilities.

The Finance Department is responsible for the recording and reporting of all financial transactions relating to the CBE 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.


Supply chain management

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 CBE.
  • 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.

Management accounting

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

Financial accounting

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.

National Payment and Settlement Systems

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.

Financial Markets

The Central Bank of Eswatini, through the Financial Markets Department, engages in a variety of operations covering money markets, bond markets, and foreign exchange markets. This is in support of the core objectives relating to monetary and financial stability, and the implementation of the Bank’s monetary policy decisions. In line with the Central Bank of Eswatini’s mandate as outlined in the CBE Order (1974 as amended), the key responsibilities of the Financial Markets Department are as follows:

  • To prudently manage the foreign exchange reserves of Eswatini to ensure they are safe, readily available to meet obligations (liquid) and earn market related returns.
  • To act as agent and adviser for the Government of the Kingdom of Eswatini in debt origination. The Bank functions as an agent of Government in the issuance, service and redemption of Government securities and Treasury Bills.
  • To provide Treasury management services to Government (manage foreign currency inflows, outflows, and all external payments).
  • Manage liquidity in the domestic market and facilitate implementation of monetary policy by providing cross-border liquidity for domestic banks.
  • Together with other market players, facilitate the development of domestic financial markets.

The Financial Markets department is divided into four sections namely; Investments, Risk and Compliance, Treasury Operations, and Domestic Markets. The main areas of responsibility of each section are outlined below.


Front Office (Investments)

The Investments team is responsible for strategy and dealing in execution of the reserves management function of the Bank. The unit’s activities include the following:

  • Devise and implement annual investment strategy for the reserves portfolios and continuous review of such strategy in line with market movements.
  • Analyse and interpret economic and financial data, news and geopolitical developments to identify appropriate investment opportunities and execute trading activities to implement investment strategy and/or necessary review thereof.
  • Deploy the reserves by trading in fixed income, money market, and foreign exchange markets and products, in line with the outlined objectives of safety, liquidity and return and in compliance with the Investment Policy and Guidelines.
  • Conduct operations in spot, forward, swaps and options markets in the local market to grow the portfolio of foreign exchange reserves.
  • Report to Management and Executive in respect of financial market conditions, investment activities and performance of the portfolio.

Risk management and compliance

The Risk and Compliance division is responsible for Risk Management & Analysis, Compliance Monitoring and Counterparty relationship management. Its functions include but not limited to:

  1. Risk Management and Analysis
    • Liquidity risk, credit, and counterparty credit risk management to ensure the safety and preservation of foreign reserves.
    • Portfolio risk management and performance measurement to ensure prudent portfolio management.
    • Operational risk and evaluation of operational risk management controls to ensure an effective mitigation of threats emanating from all operational activities.
    • Risk modelling, development and implementation of quantitative models and tools for strategic and tactical asset allocation.
  2. Compliance Monitoring and Counterparty relationship Management
    • Ensure compliance and adherence to Investment Policy and Guidelines in all foreign reserves management activities.
    • Conduct counterparty due-diligence, screening and on-boarding to ensure that counterparties and potential counterparties meet all the Investment Policy and Guidelines requirements.
    • Maintain collaborative and constructive relationships with all counterparties and stakeholders including external fund managers.
    • Responsible for putting systems in place for managing AML/CFT in the Financial Markets department. This is to ensure that the Bank is compliant with the measures fighting against Anti-Money Laundering and Terrorist Financing.

Treasury Operations

The Treasury Operations unit is responsible for the settlement, accounting and reconciliation of transactions emanating from both foreign reserves management and domestic debt management activities. It also provides international banking services to the Eswatini Government and other designated entities. The functions of the unit include:

  • Establishment and maintenance of relationships with customers, correspondent banks, counterparties and custodians.
  • Confirmation and settlement of trades emanating from Reserves Management and Debt Origination activities.
  • Accounting for financial instruments trades in accordance with adopted accounting standards.
  • Reconciliation of foreign account balances to internal records (General Ledger).
  • Provision of international banking services to the Eswatini Government, CBE and other designated customers.
  • Modernization of business processes and payment systems to enhance efficiency.
  • Continuous screening of all transactions to ensure compliance to regulatory standards.

Domestic Markets

The Central Bank of Eswatini plays a key role in the domestic financial markets. Various money market instruments are used to influence the level of liquidity in the economy, and the Bank acts as a lender of last resort to commercial banks on a daily basis. These functions act in support of the implementation of the Bank’s monetary policy decisions. The Domestic Markets unit is responsible for:

  1. Debt Origination
  2. The Bank functions as an agent of Government in the issuance, service and redemption of Government Bonds and Treasury Bills. The Domestic Markets Unit carries out these agency and advisory functions to the Government of Eswatini on debt origination by:

    • Assisting Government in raising debt in local and international markets, designing issuance strategies, and managing the debt portfolio.
    • Advising Government on alternative sources of funding both in the local and international markets.
    • Maintaining a Central Security Depository (CSD) for Government securities and performs custodial services
    • Collaborating with key stakeholders to develop and deepen local money markets and capital markets.
  3. Monetary Policy Implementation
Through the Financial Markets Department, Domestic Markets unit, open market operations are conducted to manage the level of liquidity in the local market and thus effectively implement monetary policy decisions. The activities involved include:

  • Forecasting liquidity in the domestic markets.
  • Conducting open market operations to either inject or drain liquidity, based on the results of the liquidity analysis.
  • Designing strategies to mitigate capital outflows in order to protect the level of reserves.
Financial Regulation

The Financial Regulation department is responsible for regulating and supervising the banking sector to the end of achieving a sound and efficient financial system. The department has 5 divisions; Bank supervision, financial surveillance, Policy and enforcement, Financial stability and Anti-money laundering.


Bank Supervision

The Bank Supervision division carries the responsibility of licensing, regulating and supervising banks and other financial institutions in Eswatini. Regulation refers to enforcement of compliance with the framework with which financial institutions are licensed to operate by the bank.
Licensed institutions are subject to prudential rules and regulations. Supervision entails the process of monitoring the control systems, activities and financial conditions of banks in order to ensure that these are operated in a safe and sound manner.

Financial Surveillance

The Financial Surveillance division administers exchange controls on behalf of the Minister of Finance, in terms of delegated authority. The division’s main functions are to implement, administer and monitor the provisions of the exchange controls regulations, as well as to collect, analyse and disseminate information relating to exchange control and cross border foreign exchange transactions.

The authorised dealers in foreign exchange (Banks) carry out the day to day administration of exchange controls, thus dealing directly with the public. Eswatini earns foreign exchange when it sells good and services to countries outside the Common Monetary Area (CMA) and uses foreign exchange when it pays for foreign goods and services. Since Eswatini is highly dependent on imported goods and services, it is necessary to ensure that whatever foreign exchange that is earned from exports, tourism and other sources is used to the best advantage of the country. Exchange control plays a major role in helping to achieve this important goal.

Policy & Enforcement

The Policy and Enforcement Division within Financial Regulation responsible for developing an accurate and effective regulatory framework for banking sector regulation, aligning it with international standards, best practices and strategic objectives of the CBE. Activities include reviewing and updating existing and drafting of new regulations including legal notices, circulars, and directives pertaining to Financial Regulation; Continually monitor changes in the legislative and regulatory landscape in the light of the CBE strategic objectives.

The division operates under the premise that a successful regulatory framework is composed of a number of inter-related, which are regulation, supervision and enforcement. These components interact with each other to ensure effective banking system oversight and governance.

  • Regulation: Legislations, Regulations, Circulars, Legal Notices, Codes of best practices and other standards underpinning effective Supervision and Enforcement.
  • Supervision: Risk-Based Supervision, On-sight inspections and Off-sight surveillance of regulated institutions.
  • Enforcement: Gatekeeping, investigations and enforcement of regulatory framework and administrative sanctions
The Central Bank’s enforcement strategy is aimed at promoting principled and ethical behaviour in the banking sector. The Policy and Enforcement division liaises closely with the Central Bank’s supervisory divisions and advises on appropriate outcomes such as consumer redress schemes and takes necessary measures, including enforcement action, where required. The unit adopts an intrusive approach to investigations, placing emphasis on pursuing individual accountability, routinely undertaking data mining and conducting forensic interviews as part of the investigative process. Enforcement deals with issues identified, amongst other things, during the normal course of work undertaken by the BSD and Financial Surveillance Division, or as a result of an on-site inspection on a bank firm or a themed inspection across a particular sector.

The enabling legislation are the FIA, 2005, CBE Order, 1974, AML/CFT Act, 2011 and other secondary legislations.

Financial Stability

The Financial Stability Unit, formed in 2009, as a response to the global financial crises, sits in the Financial Regulation Department. It is responsible for ensuring Financial Sector Stability through macroprudential policy formulation and implementation, which promotes sound banking and non-banking financial institutions system, as well as encourage efficiency in financial markets. A stable and well-functioning financial system contributes significantly towards balanced and sustainable economic growth. This condition is therefore achieved when the risks and vulnerabilities affecting the financial system are mitigated as they are likely to negatively affect ‘real’ economic variables such as gross domestic product growth and unemployment, and may reduce public trust and confidence in the financial system.

Macroprudential analysis is forward looking by nature and this unit conducts assessment through the use of early warning system indicators and as well as the use of stress testing tools. The linkages in the various sectors of the economy and institutions are assessed for any vulnerabilities and systemic risks that may threaten the robustness of the financial system. These help the regulator monitor the system and inform policy makers on the appropriate interventions for financial stability.

Anti-money laundering

Money Laundering is governed by Money Laundering and Financing of Terrorism (Prevention) Act, 2011. It ensures that all accountable institutions are cognizant of the general principles and guidelines relating to money laundering.

The Ministry of Finance tasked the Central Bank with the responsibility to ensure that all banks are cognizant of the general principles and guidelines with regard to money laundering and terrorist financing in order to deter and detect money laundering and terrorist financing activities, thereby preventing abuse of the financial system by money launderers and terrorists. Under the supervision of the Central Bank, commercial banks are required to set up internal control measures in order to combat these activities.

Human Capital
The Human Resources & Administration Department supports the functions of all the other departments in the Bank. It is divided into three divisions namely, Human Resources, Learning & Institutional Development and Facilities.


Human resource and administration

This division consists of three sections, namely, Recruitment and Selection, Staff Benefits, Industrial Relations and Employee Assistant Programme (EAP). The generic functions of the HR division 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 and organizational development

Learning & OD division 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 organizes 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 division also manages access control and parking. The division further facilitates provision of communication tools such as telephones, faxes and cellphones. The management of the CBE transport fleet, staff canteen and also tea and messenger services falls within the function of the division.
Information & Technology (IT)

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

  • 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.

Internal Audit

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.

Legal & Board Secretary

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.

It also serves as the office of the ombudsman which provide individual small business Bank customer with a fair , quick and effective dispute solution process, free of charge. It provides a informal, easily accessible alternative to other remedis, such as litigation.

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.

  • 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.

  • Provide Banking services to the following clients: Government; Commercial Banks; CBE 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.

Development Finance

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.

National Payment Systems

The Bank facilitates the development and operation of efficient national payment systems. It therefore oversees the safety and soundness of the systems. The main aim is to ensure that payment systems are secure, reliable and cost effective to meet the needs of the Swati economy.

Ethics, Logistics & Security

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.


Internal Affairs

  • 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.

Security & Protection Services

  • 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.
Strategy and Communication


The Strategy division is responsible for the development, execution and evaluation of the Bank's corporate strategy. The office further manages all CBE projects.

  • Strategy development this entails doing an environmental analysis, goal setting and development of department execution plans.
  • Execution of Strategy this involves cascading and communication of the strategy.
  • Periodic reviews and evaluations of the strategy.
  • Managing and supervising all CBE projects according to the Projects Management Framework (PMBoK)


The Communications division 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 division 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 division also manages internal Bank-wide staff communications.


  • Brand Communication through positioning and exploiting the Bank's products and services in order to enhance the CBE 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.