The Central Bank of Eswatini (CBE) has reported a notable increase in currency circulation, a decline in ATM bombing-related incidents and several initiatives aimed at modernising the country’s currency and strengthening financial inclusion.
According to the CBE’s Annual Monetary Policy Statement issued by (cbe) Governor Dr Phil Mnisi, banknotes in circulation for the period ending March 31, amounted to E6.6 billion, slightly down from the E6.8 billion recorded the previous year.
In contrast, coins in circulation increased to E53 million, up from E38 million in the prior year. “At the end of March 2025, currency in circulation stood at E1.482 billion. This represents a 10.2 per cent increase from the E1.345 billion reported for the year ending March 31, 2024,” Dr Mnisi said.
CBE also noted a decline in the circulation of dye-stained banknotes, which was an indicator linked to ATM bombings. Only one incident of ATM bombing was recorded during the financial year. “The discovery of dye-stained banknotes has declined significantly.
We continue to educate the public through our social media platforms, reminding them that dye-stained banknotes are presumed to be proceeds of crime,” he said.
The public was strongly advised not to accept such notes and report them to the Central Bank or the nearest police station. In an effort to modernise the national currency, CBE has reprinted updated E10 and E20 banknotes, which would be released in the first quarter of the 2025/26 financial year.
The updated notes feature the country’s official name change from Swaziland to Eswatini, a Siswati narrative on the obverse and the name and signature of the current governor.
“While the design, colour and size of the notes remain the same, we have incorporated an enhanced security thread,” explained Dr Mnisi.
The substrate used was still hybrid, ensuring durability.
The governor stated that on September 1, 2024, CBE released a special E50 commemorative banknote, which celebrated Eswatini’s 50 years of economic and technological progress.
The design reflected national milestones such as infrastructure development, tourism and innovations in financial technology.
“The E50 commemorative note served as a tribute to Eswatini’s transformation journey. It reflects our rich heritage and future aspirations,” said the governor.
Printed on a green banknote hybrid substrate, the commemorative note aligned with global sustainability goals and the bank’s environment, social and governance (ESG) initiatives.
“This is a sustainable solution that reduces the environmental impact of currency production,” noted Dr Mnisi.
From February 3 to 7, 2025, CBE, in collaboration with the Financial Services Regulatory Authority (FSRA) and Eswatini Financial Intelligence Centre (EFIC), hosted training on terrorist financing and proliferation financing (TF/PF), facilitated by ESAAMLG secretariat experts.
The training addressed key gaps in policy implementation and awareness related to money laundering and terrorism financing controls.
In its continued push for inclusivity, the bank was currently drafting a know your customer (KYC) guide for forcibly displaced persons (FDPs), in partnership with the ministry of home affairs (refugees department) and the Centre for Financial Inclusion (CFI).
“This initiative is aimed at promoting access to financial services for refugees and asylum seekers,” explained Dr Mnisi.
He said at the same time, it ensured compliance with Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) regulations.
