EZULWINI – The Central Bank of Eswatini (CBE) has revealed that it currently holds 2 500 ounces of gold valued at approximately E195 million as part of the country’s reserve assets.
This marks a significant step in diversifying the nation’s reserves portfolio amid growing global economic uncertainty.
CBE Governor Dr Phil Mnisi disclosed the development while presenting the bank’s annual monetary policy statement yesterday, where he outlined the country’s reserve position, foreign exchange activities and public debt outlook.
Mnisi said the acquisition of gold formed part of strategic efforts to strengthen reserve management efficiencies and hedge against external shocks and global market volatility.
“As part of strategic efforts to enhance reserves management efficiencies, in July 2025, the Central Bank acquired gold holdings to diversify its reserves portfolio as well as hedge against global risks,” he said.
The governor further revealed that the bank was exploring opportunities to increase its gold reserves through purchases from local production, in line with global central banking practices.
He explained that many Central Banks across the world are increasingly turning to gold as a safe-haven asset amid heightened geopolitical tensions, inflationary pressures and uncertainties in global financial markets.
The latest development comes as the country’s gross official reserves recorded notable growth during 2025, supported by higher Southern African Customs Union (SACU) receipts, inflows from foreign exchange trades with local banks, proceeds from external loans for government projects, as well as proceeds from the Johannesburg Stock Exchange listing programme.
According to Dr Mnisi, gross official reserves averaged E11.5 billion during the 12 months between January and December 2025, compared to an average of E9.9 billion recorded in 2024.
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