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MBABANE - Eswatini’s net foreign assets amounted to E10.0 billion at the end of January 2024, reflecting growth of 20.1 per cent month-on-month and 24.6 per cent year-on-year.
The increase in net foreign assets was supported by both its components, namely, net foreign assets of other depository corporations and net foreign assets of the official sector.
Net foreign assets of other depository corporations grew by 27.4 per cent over the month and 95.1 per cent compared to the previous year to reach E3.3 billion at the end of January 2024.
The month-on-month increase was mainly due to a rise in deposits held in foreign banNs, particularly within the &ommon 0onetary $rea.
Expanded
Net foreign holdings of the official sector expanded by 16.9 per cent from the previous month and 5.8 per cent over the year to close at E6.7 billion at the end of January 2024.
*rowth emanated from the Tuarterly inflow of Southern $frican &ustoms 8nion revenues during the first weeN of January 2024. Expressed in special drawing rights SDR , net foreign assets stood at SDR399.4 million, up by 20.1 per cent month-on-month and 17.0 per cent year-on-year.
3reliminary data indicates that gross official reserves decreased by 5.1 per cent month-on-month and grew by 16.9 per cent year-on-year to reach E9.3 billion at the end of )ebruary 2024.
The month-on-month fall in reserves was mainly due to a net outflow of Rands from trades with commercial banNs. Similarly, the import cover fell from 2.9 months in January 2024 to 2.7 months at the end of )ebruary 2024.