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By Delisa Thwala
- His Majesty King Mswati III says the first phase of the headquarters will be completed in 36 months
- The state-of-the-art axillary building will include conference, recreational facilities, financial services museum, innovation and centre of excellency
His Majesty King Mswati III has revealed that the under-construction state-of-the-art Central Bank of Eswatini Complex at Ezulwini is projected to inject at least E1 billion into the Eswatini economy during its construction period.
His Majesty further revealed that the first phase will be completed in a time record of 36 months (three years). The King made this revelation during the gala dinner to celebrate the bank’s 50th anniversary in an event that was attended by Emakhosikati, former Botswana President Ian Khama, Prime Minister, Russell Dlamini, Cabinet Ministers, former Central Bank governors Martin Dlamini, Majozi Sithole, SADC Governors and several dignitaries.
The King first cut the sod to mark the building of the new complex which will have conference, recreational facilities as well as financial services museum, innovation and centre of excellency.
“We are pleased with this capital development as the new structure will change the landscape of the fast-developing area of Ezulwini Valley,” said His Majesty.
The King further said the Bank has produced commemorative collector’s coins and commemorative notes for circulation.
The King said this certainly marked a new dawn on its Jubilee celebrations.
His Majesty went on to say, that the Central Bank of any country plays a pivotal role in maintaining macroeconomic stability and regulating the financial sector among other functions.
“The bank is also responsible for developing appropriate financial systems, institutions, and policies to guard against illicit flows of finances and money laundering,” said the King.
His Majesty further added that it was essential to protect the country as it trades with other nations. The King said they needed to safeguard the country’s banking system to build confidence in potential investors and trading partners.
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“We urge the Central Bank to ensure that our systems are protected from external elements and cybercrime that could compromise the confidence and confidentiality of end users,” said the King.
His Majesty the King also urged the bank to continue working closely with international multilateral institutions to strengthen the capacity and enhance institutional capabilities in providing sound financial advice to help the country implement effective economic strategies.
Some of the key milestones achieved by the Bank during its 50 years include successfully carrying out its key role of fostering price and financial stability.
It has also provided sound financial advice across all seasons, which has contributed to Eswatini’s economic stability, despite globally depressed financial growth this was more noticeable during the deadly pandemic Covid-19.
The Banking Sector Paramount In The Growth Of The Economy
His Majesty King Mswati III has come out to say the banking sector plays an impressive and important role in the growth of the economy.
The King said the role further went on to national development by protecting depositor money and prudently using it to provide access to financing for the corporate sector while also meeting the needs of individual borrowers.
“We applaud you for your regulatory role and encourage all relevant entities to continue collaborating with the central bank to ensure that we build a strong and resilient economy by fostering successful businesses,” said His Majesty.
In the same vein, the King urged the institutions to always engage in prudent financial practices and market conduct. His Majesty warned that they must not jeopardize the country’s banking systems or the safety and security of depositors’ funds.
In conclusion, His Majesty said in celebration of the CBE, it was also important to note there would be no Central Bank without the various financial institutions in the Kingdom.
