Mbabane – Eswatini’s gross official reserves climbed to E10.9 billion in March 2026, reflecting a 14.2 per cent increase month-on-month and 18.9 per cent growth year-on-year, according to the latest Monthly Statistical Release from the Central Bank of Eswatini.
The rise in reserves was driven by foreign currency inflows from trades with local banks, government external loan inflows, and exchange rate gains arising from the depreciation of the local currency against major trading currencies. As a result, the import cover improved from 2.2 months in February 2026 to 2.5 months in March 2026. In special drawing rights terms, the reserves amounted to SDR470.7 million, representing growth of 8.6 per cent month-on-month and 25.9 per cent year-on-year.
Credit extended to the private sector reached E22.9 billion in February 2026, growing by 2.5 per cent month-on-month and 6.7 per cent year-on-year. The growth was supported by positive contributions across all credit categories, including businesses, households, and non-profit institutions serving households. 
Gross Official Reserves (GOR) & Import Cover
February 2025 to March 2026
| Period | GOR (E’Billion) | Import Cover (Months) |
|---|---|---|
| Oct-25 | 14.4 | 3.3 |
| Nov-25 (Peak) | 15.5 | 3.6 |
| Mar-26 | 11.0 | 2.5 |
Source: Central Bank of Eswatini
Credit to businesses rose by 3.1 per cent month-on-month and 6.9 per cent year-on-year to close at E12.3 billion. Sectoral gains were recorded in manufacturing at 8.8 per cent, construction at 7.5 per cent, transport and communications at 2.5 per cent, community, social and personal services at 1.3 per cent, distribution and tourism at 1.3 per cent, and real estate at 1.2 per cent. These gains were partially offset by declines in mining and quarrying at 2.8 per cent and agriculture and forestry at 1.2 per cent.
Credit to small and medium enterprises rose by 5.1 per cent to E4.1 billion, accounting for 33.2 per cent of total business credit, while credit to large enterprises expanded by 2.2 per cent to E8.2 billion, maintaining a dominant share of 66.8 per cent.
Household credit stood at E9.5 billion in February 2026, up 1.7 per cent month-on-month and 7.2 per cent year-on-year. The increase was driven by a rise in unsecured personal lending, which grew by 4.0 per cent to E3.8 billion, and motor vehicle financing, which rose by 1.6 per cent to E1.4 billion. Housing loans declined slightly by 0.3 per cent to E4.3 billion.
The government’s financial position with the banking sector weakened in February 2026, with net claims on government rising to E2.0 billion from E960.8 million in January 2026. This was mainly due to a Central Bank advance during the review month, which pushed claims on government up by 14.0 per cent to E8.6 billion, while government deposits declined slightly by 0.6 per cent to E6.5 billion.
| Industry | Growth (%) |
|---|---|
| Manufacturing | 8.8% |
| Construction | 7.5% |
| Transport & Communication | 2.5% |
| Community, Social & Personal Services | 1.3% |
| Distribution & Tourism | 1.3% |
| Real Estate | 1.2% |
| Agriculture & Forestry | -1.2% |
| Mining & Quarrying | -2.8% |
| Source: Central Bank of Eswatini and Other Depository Corporations | |
Broad money supply stood at E27.0 billion in February 2026, contracting by 5.4 per cent month-on-month, though it remained 4.9 per cent higher year-on-year. The month-on-month decline was linked to a reduction in net foreign assets, which affected both narrow money supply and quasi-money supply components.
The liquidity position of the banking sector fell by 12.9 per cent month-on-month and 0.2 per cent year-on-year to E9.2 billion in February 2026, with the liquidity ratio dropping to 34.5 per cent from 37.6 per cent in January 2026.
The discount rate was maintained at 6.75 per cent in March 2026, while commercial banks’ prime lending rate remained at 10.25 per cent.
