BY MBONO MDLULI
EZULWINI – The Central Bank of Eswatini (CBE) should work towards making sure that the country’s monetary policy is reflective of Eswatini’s independence.
This was said by Prime Minister Russell Mmiso Dlamini yesterday evening during the Golden Jubilee celebration of the CBE, which took place at the CBE Complex Site in Ezulwini. Dlamini was introducing His Majesty King Mswati III to make his key-note address.
The premier pleaded with the CBE to ensure that the country’s monetary policy reflected independence and not the Common Monetary Area (CMA).
“It is my hope that when we celebrate 60 years of independence as a country, the bank’s monetary policy will reflect independence, and not the Common Monetary Area. I am confident that the bank, with the current leadership, and the country, have the intellectual resources to make this giant frog leap and still maintain the stability and prosperity of the country’s economy,” said the PM.
Dlamini said the achievements of the bank, under past and present leadership, in the past 50 years, have made the bank to establish itself as a pillar of price stability and a steward of Eswatini’s financial well-being. The prime minister also urged the bank to embrace innovation and navigate the financial and political landscape.
The country will celebrate its 60th independence anniversary in 2028, as it gained its independence from the United Kingdom (UK) on September 6, 1968. This year in September, the country will be celebrating its 56th year of independence.
Eswatini is part of the CMA, together with countries such as South Africa, Lesotho, and Namibia.
According to Money Land (moneyland.ch), the Common Monetary Area is a monetary union which includes South Africa, Namibia, Lesotho and Swaziland.
While each of these sovereign nations issues its own currency, all four currencies are governed by the South African Reserve Bank and are valued and exchanged at par with the South African Rand.
The South African Rand can be used as legal tender in all four countries which make up the Common Monetary Area. The Namibian Dollar, Eswatini Lilangeni and Lesotho Loti serve as legal tender within the respective countries.
