King calls on CBE to track the illicit flow of money
Says it should protect Eswatini Build confidence for investors Urges strengthening of capacity
HIS Majesty King Mswati III has called upon the Central Bank of Eswatini to be vigilant and keep track of financial transactions to deter the illicit flow of money in and out of the country.
The King also reminded the CBE of its role and responsibilities to develop appropriate financial systems, institutions, and policies to guard against illicit flows of finances and money laundering.
“This is essential to protect the country as it trades with numerous countries around the world. It is also imperative that we safeguard our banking system to build confidence in potential investors and trading partners,” His Majesty said.
The statements come as the country is besieged by international reports making unfounded allegations against various individuals and institutions in the Kingdom.
In recent weeks, the International Consortium for Investigative Journalists
(ICIJ) has been publishing articles under ‘Swazi Secrets’, making numerous allegations against politicians, business people and businesses. The series of articles have claimed acts of money laundering and the illicit flow of money and even alleged that projects were being influenced.
The reports claimed that they emanated from a trove of leaked documents from the Eswatini Financial Intelligence Unit (EFIU) which they claim had raised concerns over suspicious transactions. However, the claims have not been substantiated nor reached the hands of the necessary law enforcement agencies in the country.
The King called upon the CBE to protect the country’s systems and retain investor confidence.
“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. We also urge the bank to continue working closely with international multilateral institutions to strengthen our capacity and enhance institutional capabilities in providing sound financial advice to help the country implement effective economic strategies,” His Majesty added.
The King also called upon the banking sector in the country to curb reckless lending as consumers continue to find themselves heavily indebted.
The King emphasised the importance of financial literacy. His Majesty made the remarks during the prestigious 50th celebration of the Central Bank of Eswatini (CBE).
The King urged the CBE to give closer attention to its supervisory role in curbing reckless lending.
His Majesty said many emaswati are falling prey to unscrupulous lenders who have plunged them deep into debt.
“Our commercial banks require scrutiny of social challenges, exchange to avoid giving rise to numerous social challenges, exacerbating poverty, and reversing the gains made towards financial inclusion for all,” said His Majesty.
In addition, the King said, responsible lending will ensure that every business and citizens are economically empowered to achieve financial gain and prosperity.
“The Central Bank has also played a crucial role in maintaining healthy national reserves, which gives the markets confidence in the nation’s ability to meet its external obligations,” said His Majesty.
Worth mentioning is that the Central Bank of Eswatini has also played a crucial role in maintaining healthy national reserves, which gives the markets confidence in the nation’s ability to meet its external obligations.
His Majesty the King said healthy reserves also reinforced the value of the domestic currency with external assets, helping the government to address its foreign exchange requirements and external debt commitments.
His Majesty King Mswati III officially blessed the new CBE headquarters during the 50th-anniversary celebration held at Ezulwini on Friday.
Before the cutting of the sod, the Central Bank of Eswatini (CBE) Governor Dr Phil Mnisi presented a master plan for the proposed state-of-the-art futuristic headquarters which would be environmentally friendly and cater to the bank and banking community’s needs.
This was followed by the King cutting the sod and blessing the site, where the CBE would construct their new headquarters. The 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 governors of central banks from the SADC region have been in the country for the past week to attend the Committee of Central Bank Governors conference.
Following the cutting of the sod, His Majesty delivered his speech, where he acknowledged that they were there to celebrate the CBE’S 50th anniversary at its new site recently purchased site for the development of its headquarters. The King noted that during the presentation of the master plan, he was informed that auxiliary buildings would include conference facilities, recreational facilities, a financial services museum, innovation and a centre of excellence.
“We are pleased with this capital development as the new structure will change the landscape of the fast-developing area of Ezulwini Valley,” His Majesty said.
Meanwhile, about 1,000 lucky guests walked away with 100 per cent silver coins. This was announced by Minister of Finance Neal Rijkenberg during the celebration of the Central Bank of Eswatini (CBE) 50th anniversary held in Ezulwini.
The Minister alerted the guests that under the table, there was a package that contained a special gift. He revealed that in the paper bags, there was a package that contained collectors’ commemoratory coins that were made especially to mark the significant event.
The minister informed the guests that the package contained 100 per cent silver coins which cost a few thousand Emalangeni. “If you keep this coin safe, its value will accumulate over the years, as there were only 1,000 that were made,” he said.
The bank and the Ezulwini Municipality gifted Their Majesties with eight cows during the event.
In addition to that the new E50 note was in circulation with effect from Saturday in the country. This, according to His Majesty King Mswati III, is part of the Central Bank of Eswatini’s 50th anniversary, which was celebrated on Friday.
The King, however, pointed out that the introduction of the new E50 note did not suggest that the old one would no longer be in use.