The Central Bank of Eswatini published its December 2025 and January 2026 Monthly Statistical Release, reporting continued growth in credit to the private sector alongside a month-on-month contraction in broad money supply and a fall in gross official reserves. Credit to the private sector rose to SZL22.4 billion in December 2025, while provisional gross official reserves declined to SZL11.2 billion in January 2026 and import cover eased to 2.6 months; the discount rate and commercial banks’ prime lending rate were maintained at 6.75 per cent and 10.25 per cent. Households and non-profit institutions serving households (NPISH) credit increased to SZL9.4 billion in December 2025, driven by growth in unsecured personal loans (up 5.9 per cent to SZL3.8 billion), motor vehicle loans (up 2.8 per cent to SZL1.4 billion) and housing loans (up 0.9 per cent to SZL4.3 billion). Business credit rose to SZL11.9 billion, with gains in transport and communications (14.9 per cent) and manufacturing (8.7 per cent) offsetting declines including construction (-14.8 per cent); credit to large enterprises (67.7 per cent of business credit) rose to SZL8.0 billion and SME credit increased to SZL3.8 billion. Broad money supply (M2) fell to SZL29.2 billion in December 2025, reflecting a drop in quasi-money (down 10.4 per cent to SZL17.9 billion) while narrow money (M1) increased to SZL11.3 billion; domestic liquid assets fell to SZL11.5 billion and the liquidity ratio declined to 40.9 per cent. The reserve drawdown was attributed to foreign currency outflows from trades with commercial banks and payments of government fiscal obligations, and reserves were reported at SDR508.4 million in January 2026. The release notes that it is issued monthly and that figures are subject to revision, including import cover calculations due to a lag in import data.

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