Eswatini – The Expat Reporter

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Eswatini reserves are reduced to $790,000

Eswatini reserves are reduced to $790,000

The Kingdom of Swaziland only has around $790,000 left in the bank, according to the central bank’s latest estimate, as an economic slowdown in neighbouring South Africa hits home.

The official reserves would cover only four months of vital imports, the central bank’s Monetary Policy Consultative Committee said in its latest fiscal update on Monday.

“The reduction in the level of reserves was mainly due to the payment of the government’s external liabilities,” it said.

The country is heavily dependent on imports and exports have suffered from a slowdown in the South African economy.

“The South African economy continues to decline and the outlook remains uncertain,” the statement said.

The absolute monarchy, ruled by King Mswati III, also faces losing duty free access to the US market over concerns about human rights.

Swaziland has a poor rights record, where pro-democracy activists are often detained and charged with terrorism.

Political parties have been banned in the country since 1973.

The IMF has urged “wide-ranging structural reforms” to attract foreign investors.

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