Gross Official Reserves at E7.1bn
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
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.