The Central Bank of Eswatini (CBE) now holds gold reserves worth E195 million.
According to CBE Governor Dr Phil Mnisi, the gold holdings were a strategic asset aimed at strengthening the bank’s portfolio and shielding it against global risks.
“As part of efforts to enhance reserves management efficiencies, the bank acquired 2 500 ounces of gold in July, 2025 to diversify its holdings. These reserves form a key component of its broader strategy to safeguard national assets,” he said during a media engagement themed ‘Coffee with the governor 2.0,’ held at the Sibebe Resort yesterday.
Dr Mnisi said in line with global practices, the bank was exploring avenues to increase its gold holdings through purchases from local production. He said as a result, gross official reserves averaged E11.5 billion in 2025, reaching a peak of E15.5 billion in November, 2025, compared to an average of E9.9 billion in 2024.
“As of May 29, the country’s gross official reserves stood at E8.8 billion. This level of reserves is equivalent to approximately two months of import cover. The Central Bank continues to monitor reserve developments closely and remains committed to supporting external sector stability,” he said.
The governor said when examining the economy, especially in relation to natural resources, it is important to consider how countries preserve these resources so they can be relied upon in difficult times.
“Gold is one of the natural resources that can be used to protect and develop reserves. CBE in collaboration with relevant departments made a conscious decision to participate in gold holding bolstering the country’s reserves. By this, the bank is not announcing plans to buy gold from external sellers or mines. Instead, it is seeking local gold producers or precious metals deemed suitable to qualify as reserves, with offtake arrangements to be established with them,” he said.
Dr Mnisi added that the bank wanted to pay for the precious metals in the local currency.
“We want to take this asset, which is convertible into foreign exchange and include it as part of our reserves, that is the strategy. It is not that the CBE intends to become a miner rather, we aim to collaborate with miners. Our participation will extend to beneficiation, purification, and even the refining of the country’s precious metals. We want to engage broadly in the precious metals sector, hence the legislation submitted to Parliament.”
