BANELE MAGONGO
MBABANE – The Central Bank of Eswatini (CBE) will celebrate its Golden Jubilee on May 10, 2024.
This announcement was made by CBE Governor Dr Phil Mnisi during the second session of media engagement series, themed ‘Tee and Coffee with the Governor,’ at the MTN Club House in Ezulwini, yesterday.
This platform allowed an open discussion and interaction between the Bank and media houses. The periodic strategic engagements demonstrate the Bank’s commitment to transparency, sharing of information, and responding to pertinent questions from the media.
It looks like May is a special month for the bank. Other developments that were announced by the Governor include two high level meetings to be held in May. He said the Bank would host the SADC Committee of Central Bank Governors’ meeting, a rotational event among the 16-member states. Additionally, the Bank will welcome the Alliance for Financial Inclusion (AFI) meeting. AFI is the world’s leading organization advocating for financial inclusion policies and regulations.
Mnisi mentioned that the Bank was undertaking a significant project in a strategic and fast-growing area which has been envisaged as a future financial hub. This development will not only encompass a world-class headquarters for the Bank, but an innovation hub, a centre of excellence, and a world-class museum.
The governor shared insights from the International Monetary Fund’s (IMF) April 2024 World Economic Outlook (WEO) report, which projects steady global growth of 3.2 percent in 2024 and 2025, maintaining the 2023 pace. This resilience comes despite central banks’ interest rate hikes aimed at curbing inflation. Eswatini’s domestic economy also showed strength, with Quarterly Gross Domestic Product (QGDP) growing by 7.0 percent year-on-year (seasonally adjusted) in the 4th quarter of 2023, exceeding the revised 6.8 percent of the previous quarter.
The CBE Golden Jubilee celebration is a milestone provides an opportunity to reflect on the Bank’s achievements over the past 50 years and chart a future course that upholds its mandate of fostering price and financial stability to support Eswatini’s economic growth. A commemorative book has been compiled as part of the celebratory activities, which unpacks the Bank’s rich history and offers valuable insights into its evolution.
