Mbabane – The Central Bank of Eswatini (CBE) holds 2,500 ounces of gold valued at E195 million as part of its reserve assets, following a purchase made in July 2025 to diversify its reserves portfolio and hedge against global risks.
The Bank is now looking to grow its gold holdings further by purchasing from local production, in line with global practices.
Gross official reserves averaged E11.5 billion in the 12 months between January and December 2025, reaching a peak of E15.5 billion in November 2025. This compares to an average of E9.9 billion recorded in 2024. 
The November 2025 peak gave Eswatini an import cover of 3.6 months, comfortably above the internationally recognised safety threshold of 3.0 months.
Gross Official Reserves
However, the country's reserves did not hold at those levels. After the late 2025 surge, the figures contracted sharply into early 2026, bottoming out at around E9.5 billion in February 2026, equivalent to 2.2 months of import cover. The CBE attributes this pattern to a classic post-holiday import rush and settlement phase common within the Southern African Customs Union corridor.
This was not the only significant dip in the period under review. In June 2025, reserves fell to E8.2 billion, pushing the country's import cover to its lowest point in the 18-month period at exactly 2.0 months.
The latest figures from April 2026 show signs of recovery. Reserves have edged up to E10.15 billion, pulling the import cover to 2.36 months.
Gross Official Reserves
Recent Trajectory & Import Cover Performance (2024 - 2026)
| Key Reporting Period | Gross Official Reserves (GOR) | Import Cover (Months) | Trend Status |
|---|---|---|---|
| December 2024 | E10.10 Billion | 2.6 Months | Baseline Period |
| February 2025 | E12.35 Billion | 3.1 Months | Early Peak |
| June 2025 | E8.20 Billion | 2.0 Months | Mid-Year Trough |
| October 2025 | E14.40 Billion | 3.3 Months | Aggressive Recovery |
| November 2025 | E15.50 Billion | 3.6 Months | Historical Peak |
| February 2026 | E9.50 Billion | 2.2 Months | Post-Holiday Correction |
| April 2026 (Latest) | E10.15 Billion | 2.36 Months | Stabilizing Margin |
