History of the Bank

King Sobhuza II established the Monetary Authority of Swaziland on 22 nd March 1974, through the Monetary Authority of Swaziland Order of 1974. Operations began on 1 st April 1974 with Mr. Ethan Mayisela appointed by His Majesty King Sobhuza II as the Authority’s first Governor. Legislations that establish the Bank are firstly, Section 3 (1) of the Central Bank of Swaziland Order, 1974 (as amended) - which stipulates that “There is hereby established the Central Bank of Swaziland which shall have the functions provided for in this Order and which shall be administered, managed and controlled in accordance with this Order”. Secondly, Section 206 (1) of the Constitution of the Kingdom Swaziland, 2005 confirms that “There shall be the Central Bank of Swaziland consisting of the Governor and such other staff and having such powers and functions as Parliament shall determine”. The Central Bank of Eswatini operates with a unique structure. While it is fully owned by the Eswatini government, it functions autonomously, as guaranteed by Section 206 (5) of the National Constitution. This independence allows the Bank to make unbiased decisions for a healthy and secure financial ecosystem for the country. The Bank's primary objective, as outlined in the Central Bank Order, is to foster a stable and efficient financial system. This stable foundation is seen as crucial for achieving long-term economic growth in Eswatini. Beyond its core function, the Bank serves as a trusted financial advisor to the government on matters related to money supply and government spending (monetary and fiscal policy). Additionally, it meticulously manages the country's foreign reserves, ensuring financial security. The Bank is not driven by profit making in its operations. Its primary focus is to serve the best interests of all Eswatini citizens. Any net profit generated throughout the year is directed towards the government's Consolidated Fund, to be used for public benefit. The inaugural Board included the following: Governor, Mr. E. Mayisela; alongside Mr. I.F. Hodgkinson; Mr. A.M. Fakudze, (legal expert); Mr. David Cohen, (Attorney General); Mr. Nst. Keng; Mr. J.S.M. Matsebula; Princess Msalela; and Mr. L. Masuku. A significant transformation took place on 18 th July 1979. An official amendment expanded the Monetary Authority of Swaziland's role, establishing it as the Central Bank of Eswatini. This evolution came with a range of new responsibilities. The Bank took on the role of banker to both the government and commercial banks, safeguarding the country's foreign reserves. Additionally, it assumed regulation of exchange controls, gathered economic data, and provided financial guidance to the government. This advancement was powered by the unwavering support of the Eswatini government and the enthusiastic participation of commercial banks and the broader financial sector. This strong foundation propelled the Central Bank of Eswatini towards a successful launch, paving the way for its continued growth and influence. The Central Bank's journey began modestly. In its earliest days, the bank had a dedicated team of just seven individuals, including the Governor. While small in number, this founding team was known for its efficiency and productivity. The late Esther Mazibuko ensured a clean and comfortable work environment, while John Mazibuko (deceased) provided essential support services. Moses V. Mabuza (also deceased) handled accounts, and Fikile Kunene provided invaluable administrative support, serving as personal assistant to four Governors namely; E. Mayisela, H.B.B Oliver, J. Nxumalo and M.G. Dlamini. Completing this team were Peter Davies, an economist; and Beauty Hlophe, who combined accounting and administrative duties. In the year 1974, the Bank's responsibilities grew, necessitating the creation of new departments. This growth required improved staffing levels, with the team expanding to 27 by year end. By 2014, the Bank had a workforce of 245, an