The Central Bank of Eswatini released its September/October 2025 Monthly Statistical Release, reporting continued growth in private sector credit and broad money in September, a weaker banking system liquidity position, and a sharp rise in provisional gross official reserves in October. Private sector credit increased by 2.1% month-on-month and 8.9% year-on-year to SZL 21.7 billion in September 2025, while broad money supply (M2) rose by 0.2% month-on-month and 10.3% year-on-year to SZL 26.0 billion. Provisional gross official reserves rose to SZL 14.4 billion in October 2025, lifting import cover to 3.4 months, while the discount rate and commercial banks’ prime lending rate were 6.75% and 10.25%, respectively. Credit growth was broad-based across subsectors, with business credit up 0.9% month-on-month to SZL 11.6 billion and household and non-profit institutions serving households credit up 2.2% to SZL 9.0 billion, while credit to other sectors rose 14.9% to SZL 1.1 billion led by a 28.9% increase in lending to other financial corporations. Credit to small and medium enterprises rose 9.5% to SZL 3.9 billion, raising their share of total business credit to 33.6%, while credit to large enterprises fell 3.0% to SZL 7.7 billion. Government’s net claims with the banking sector increased to SZL 1.6 billion in September, driven by a rise in claims on Government to SZL 8.2 billion alongside increased utilisation of the Central Bank credit facility. M2 growth reflected an 11.5% increase in narrow money (M1) to SZL 10.3 billion, while quasi money fell 6.1% to SZL 15.7 billion, and domestic liquid assets declined 3.0% month-on-month to SZL 8.7 billion, reducing the liquidity ratio to 34.3%. The reserve build-up was attributed to quarterly Southern African Customs Union receipts and net rand inflows from trades with commercial banks, with reserves also reported at SDR 610.8 million. The central bank noted that the figures are subject to revision and that gross official reserves are provisional pending the official closure of its accounts.
Central Bank of Eswatini 2025-11-11
Central Bank of Eswatini publishes September monetary aggregates and reports October reserves jump to SZL 14.4 billion
The Central Bank of Eswatini's September/October 2025 Monthly Statistical Release highlights continued growth in private sector credit and broad money, alongside a weaker banking system liquidity position. Private sector credit rose 2.1% month-on-month to SZL 21.7 billion, while broad money supply increased 0.2% to SZL 26.0 billion. Provisional gross official reserves surged to SZL 14.4 billion in October, enhancing import cover to 3.4 months.