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RESERVES UP BY 9.7%

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MBABANE – The kingdom’s gross official reserves amounted to E7.6 billion at the end of January 2018.


At this level, the Reserves were 9.7 per cent higher when compared with the December 2017 level. The Central Bank of Swaziland (CBS) reported that the month-on-month rise was mainly due to the Southern African Customs Union revenue inflow at the beginning of January 2018. It was stated that the reserves were enough to cover an estimated 3.8 months of imports, higher than the 3.5 months’ cover recorded in December 2017.


“When valued in Special Drawing Rights (SDRs), the Reserves rose by 11.7 per cent month-on month to settle at SDR439.7 million. When compared year-on-year however, the Reserves went down by 7.8 per cent in Emalangeni and by 2.5 per cent in SDR terms,” CBS reported.


It was also highlighted that credit advanced to the private sector continued to grow steadily reflecting a month-on-month growth of 2.4 per cent at the end of December 2017 to settle at E14.2 billion.

The expansion was reportedly driven by credit to other sectors while credit to businesses and households and Non-Profit Institutions Serving Households (NPISH) depicted a decline at the end of December 2017.
“Year-on-year, Private sector credit increased by 8.9 per cent,” said CBS.

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