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Provisional gross official reserves stood at E15.4 billion at the end of November reflecting growth of 6.8 per cent month-on-month and 21.8 per cent year-on-year.
The month-on-month growth was mainly driven by inflows from foreign currency trades between the Central Bank and commercial banks. As a result, the import cover rose from 3.4 months in October to 3.6 months in November.
In special drawing rights (SDR), the reserves amounted to E660.5 million representing a growth of 8.1 per cent month-on-month and 25 per cent year-on-year.
According to the report the liquidity position of the banking industry strengthened in October with domestic liquid assets rising markedly by 33.6 per cent month-on-month and 20.2 per cent year-on-year to reach E11.6 billion.
The sharp month-on-month increase was largely driven by higher balances held by banks with the Central Bank.
Consequently, the liquidity ratio improved significantly, rising from 34.3 per cent in September to 42.3 per cent in October 2025.
Meanwhile, the Government’s position with the banking industry improved in October with net claims falling from E1.6 billion in September to E1.3 billion. This improvement resulted from a larger decline in claims on the government relative to the fall in government deposits.
According to the monthly statistical release, claims on the government decreased by 8.4 per cent to E7.5 billion, following the repayment of the advance from the Central Bank of Eswatini (CBE). Government deposits declined by 6.2 per cent to E6.2 billion in October, reflecting a settlement of fiscal obligations during the month.
Broad money supply (M2) stood at E28.8 billion in October, depicting growth of 10.7% month-on-month and 13.9% year-on-year. The rise in M2 was driven by a substantial increase in quasi-money supply, which offset a fall in narrow money supply (M1).
In the report it’s further mentioned that quasi-money supply grew by 18.9 per cent month-on-month and 17.2 per cent year-on-year, closing at E18.7 billion at the end of October.
This expansion was supported by both components: time deposits increased significantly by 21.2 per cent to E16.5 billion, while savings deposits rose moderately by 3.7 per cent to E2.2 billion. Narrow money supply (M1) declined by 1.7 per cent month-on-month but grew by 8.4 per cent year-on-year to reach E10.1 billion in October.
The month-on-month contraction was attributable to a 2.9 per cent decrease in transferable demand deposits, which fell to E9.1 billion. This was partly offset by a 10.4 per cent rise in currency in circulation which closed at E988.6 million at the end of October.
