Gross Of­fi­cial Re­serves at E7.1bn

Swazi Observer - - BUSINESS - By Ma­jaha Nkonyane

THE coun­try’s Gross of­fi­cial re­serves are now at an im­proved E7.1 bil­lion af­ter a Soth­ern African Cus­toms Union (SACU) boost of 9.8 per cent at the end of Oc­to­ber. This is con­tained in the Cen­tral Bank of Eswa­tini (CBE) monthly sta­tis­ti­cal re­lease for Septem­ber/Oc­to­ber.

The re­port re­vealed that Gross Of­fi­cial Re­serves amounted to E7.1 bil­lion at the end of Oc­to­ber 2018, 9.8 per cent higher com­pared to Septem­ber 2018.

The ex­pan­sion in re­serves was mainly boosted by the quar­terly in­flow of the South­ern African Cus­tom Union (SACU) re­ceipts at the be­gin­ning of Oc­to­ber.

Ac­cord­ing to the re­port the re­serves were enough to cover three months of im­ports of goods and ser­vices, higher than the three months ob­served in Septem­ber. When com­pared over the year, the re­serves re­ceded by 16.2 per cent.

The re­port fur­ther re­vealed that in spe­cial draw­ing rights (SDRs) the re­serves were worth SDR346.5 mil­lion at the end of Oc­to­ber, reg­is­ter­ing a rise of 6.5 per cent from the pre­ced­ing month. Com­pared year-on-year, the Re­serves in SDRs terms re­ceded by 18.9 per cent.

On an­other note, the re­port re­vealed that credit ex­tended to the pri­vate sec­tor stood at E14.4 bil­lion at the end of Septem­ber, 0.3 per cent higher and de­pict­ing a re­cov­ery from the fall of 2.3 per cent ob­served in

Au­gust 2018.

Per­fo­mance

This per­for­mance was ev­i­dent in credit to house­holds and non-profit mak­ing in­sti­tu­tions serv­ing house­holds (NPISH) and credit to busi­nesses which grew by 2.0 per cent and 1.4 per cent re­spec­tively. Credit to other sec­tors of the econ­omy how­ever, slipped by 7.7 per cent. Fur­ther­more, the re­port re­vealed that credit ex­tended to busi­nesses closed the re­view month at E6.7 bil­lion de­pict­ing a month-on-month ex­pan­sion of 1.4 per cent. This de­vel­op­ment was on ac­count of growth in credit to dis­tri­bu­tion and tourism.

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