CENTRAL BANK OF SWAZILAND · e-mail: [email protected] General Notes The following...

aCentral Bank of Swaziland Quarterly Review - March 2018

S DW NA AZIL

EMNTSHOLI

QUARTERLY REVIEWMARCH 2018

CENTRAL BANKOF SWAZILAND

b Central Bank of Swaziland Quarterly Review - March 2018

1Central Bank of Swaziland Quarterly Review - March 2018

CENTRAL BANK OF

SWAZILAND

QUARTERLY REVIEWMARCH 2018

The Quarterly Review is prepared by the Research Department of the Central Bank of Swaziland

Enquiries concerning the Review should be addressed to:-

GM, Economic Policy, Research and Statistics Central Bank of Swaziland P.O. Box 546 MBABANE, Swaziland Tel: 2408-2243 e-mail: [email protected]

General NotesThe following symbols and conventions are used throughout this review.n.a.: not available -: nil or less than half of the final digit shown

Users should also note that:Owing to the rounding of figures, the sum of separate items will sometimes differ in the final digit from the total shown; and data in the tables are subject to revision from time to time as more current information becomes available.

2 Central Bank of Swaziland Quarterly Review - March 2018

TABLE OF CONTENTS

1. OVERVIEW OF GLOBAL ECONOMIC DEVELOPMENTS .............................................. 7

2. RECENT ECONOMIC DEVELOPMENTS FOR SELECTED ECONOMIES .............................. 8

3. ECONOMIC DEVELOPMENTS IN SOUTH AFRICA .................................................... 11

4. DOMESTIC ECONOMIC DEVELOPMENTS............................................................. 134.1 GENERAL OVERVIEW ........................................................................... 13 4.1.1 Headline Inflation ................................................................... 13 4.1.2 Electricity Consumption ............................................................ 15 4.1.3 Water Consumption ................................................................. 15 4.1.4 Fuel Imports ......................................................................... 15 4.1.5 Exchange Rate/Real Effective Exchange Rate .................................. 16

4.2 MONETARY SECTOR ............................................................................ 18 4.2.1 Net Foreign Assets .................................................................. 18 4.2.2 Gross Official Reserves ............................................................. 18 4.2.3 Credit Extension ..................................................................... 19 4.2.4 Money Supply ........................................................................ 21 4.2.5 Domestic Liquid Assets ............................................................. 22 4.2.6 Interest Rates ........................................................................ 23

4.3 PUBLIC DOMESTIC DEBT ...................................................................... 24 4.3.1 Swaziland Government Treasury Bills ............................................ 25 4.3.2 Swaziland Government Bonds ..................................................... 26 4.3.2.1 Bond Issuances ........................................................... 27 4.3.2.2 Coupon Payments ........................................................ 28 4.3.3 Central Bank Advance to Government ........................................... 30 4.3.4 Promissory Notes .................................................................... 30

4.4 PUBLIC EXTERNAL DEBT ...................................................................... 30 4.4.1 Debt Stock ............................................................................ 30 4.4.2 Disbursements ....................................................................... 30 4.4.3 Debt Service ......................................................................... 30 4.4.4 New Loans/Loan Maturity .......................................................... 30

4.5 BALANCE OF PAYMENTS ....................................................................... 31 4.5.1 Overview ............................................................................. 31 4.5.2 Current Account ..................................................................... 31 4.5.3 Trade Account ....................................................................... 31 4.5.4 Services Account .................................................................... 32 4.5.5 Primary Income ...................................................................... 32 4.5.6 Secondary Income ................................................................... 33 4.5.7 Financial Account ................................................................... 33

5. STATEMENTS OF MONETARY POLICY CONSULTATIVE COMMITTEE ............................... 355.1 Monetary Policy Statement - January 2018 ................................................ 355.2 Monetary Policy Statement – March 2018 .................................................. 36


LIST OF FIGURES

Figure 1: Gold and Oil Prices (US Dollars) .............................................................. 11Figure 2: South Africa GDP ............................................................................... 12Figure 3: South Africa PPI and CPI ....................................................................... 13Figure 4: Inflation Trends and Components ............................................................ 14Figure 5: Monthly Lilangeni’s NEER/REER Indices ..................................................... 16Figure 6: Cross Atlantic Currency Rates ................................................................ 17Figure 7: Basket Currency Rates ......................................................................... 17Figure 8: Net Foreign Assets .............................................................................. 18Figure 9: Gross Official Reserves and Import Cover .................................................. 19Figure 10: Private Sector Credit ........................................................................... 20Figure 11: Private Sector Credit Composition ........................................................... 20Figure 12: Net Government Balances with Banking Sector ............................................ 21Figure 13: Money Supply .................................................................................... 22Figure 14: Domestic Liquid Assets and Liquidity Ratio ................................................. 22Figure 15: Monetary Base, Deposits and Loans .......................................................... 23Figure 16: Interest Rates ................................................................................... 23Figure 17: Treasury Bills and the Average Discount Rate .............................................. 26Figure 18: Treasury Bills and Bonds ....................................................................... 29Figure 19: Current Account ................................................................................. 32Figure 20: Financial Account ............................................................................... 34

LIST OF TABLES

Table 1: Major Economic Indicators .................................................................... 6Table 2: Swaziland Comparative Interest Rates ...................................................... 24Table 3: Savings Deposit Rates for Banks .............................................................. 24Table 4: Public Domestic Debt Portfolio ............................................................... 25Table 5: Public Debt Portfolio By Proportion ......................................................... 25Table 6: Holding of Swaziland Government Treasury Bills .......................................... 26Table 7: Holding of Swaziland Government Bonds ................................................... 27Table 8: Swaziland Government Bonds listed on Swaziland Stock Exchange .................... 27Table 9: Fourth Quarter Coupon Payments ........................................................... 28Table 10: Private Placements ............................................................................. 29Table 11: Standard Critical Value of Debt Ratios ...................................................... 30


STATISTICAL TABLES

Central Bank

S 1.1 Central Bank of Swaziland, Assets ................................................................38S 1.2 Central Bank of Swaziland, Liabilities ...........................................................39S 1.3 Denominations of Swaziland Currency Issued by the Central Bank of Swaziland ..........40

Money

S 2.1 Depository Corporations Survey ..................................................................41 S 2.1.1 Central Bank of Swaziland Survey .....................................................42 S 2.1.2 Other Depository Corporations Survey ................................................43 S 2.1.3 Depository Corporations Survey ........................................................44S 2.2 Other Depository Corporations and Monetary Ratios ..........................................45S 2.3 Money Supply ........................................................................................46

Commercial Banks

S 3.1 Bank Liquidity Requirements ......................................................................47S 3.2 Bank Reserve Requirements .......................................................................47S 3.3 Bank Liquidity Position ............................................................................48S 3.4 Reserve Requirement Position of the Banks ....................................................49S 3.5 Assets of Other Depository Corporations (Banks and Building Society) .....................50S 3.6 Liabilities of Other Depository Corporations (Banks and Building Society) ................51S 3.7 Total Other Depository Corporations Loans and Advances by Category of Borrowers ..........................................................................52S 3.8 Total Bank Loans and Advances by Type of Industry (Other Non-Financial Corporations) ..............................................................53S 3.9 Ownership of Other Depository Corporations Deposits (Deposits in Foreign Currency Included) ........................................................54S 3.9 Ownership of Other Depository Corporations Deposits (Deposits in Foreign Currency Included) (cont’d) ..............................................55S 3.10 Classification of Selected Other Depository Corporations Deposits .........................56

Money Market

S 4.1 Interest Rates Paid on Deposits in Swaziland (%) ...............................................57S 4.2 Comparative Interest Rates: Swaziland and South Africa .....................................58

Government Debt

S 5.1 Outstanding Issues of Swaziland Government Stocks and Stocks Guaranteed by Government .........................................................................................59

S 5.2 Ownership of Swaziland Government Stocks and Bills ........................................60S 5.3 Maturity Distribution of Swaziland Government Securities ..................................61S 5.4 Government of Swaziland Treasury Bills .........................................................62


Budget

S 6.1 Summary of Central Government Operations ...................................................63S 6.2 Swaziland Government Current Revenue ........................................................64 Balance of Payments

S 7.1 Swaziland’s Summary Balance of Payments .....................................................65S 7.2 Balance of Payments - Financial Account ........................................................66S 7.3 International Investment Position (IIP) ..........................................................67S 7.4 Export of Goods by Commodity Section .........................................................68S 7.5 Import of Goods by Commodity Section .........................................................69S 7.6 Total Public External Debt Stock ..................................................................70S 7.7 Swaziland’s Official Reserves ......................................................................71S 7.8 Swaziland’s Foreign Assets .........................................................................72S 7.9 Selected Foreign Exchange Rates .................................................................73

Prices

S 8.1 CMA Comparative Price Indices ...................................................................74S 8.2 Swaziland Consumer Inflation .....................................................................75

Real Economy

S 9.1 Mineral Production ..................................................................................76S 9.2 Electricity Consumption ............................................................................77S 9.3 Treated Water Consumption .......................................................................78S 9.4 Construction .........................................................................................79


TABLE 1MAJOR ECONOMIC INDICATORS; 2011 - 2017Table 1

MAJOR ECONOMIC INDICATORS

2011 2012 2013 2014 2015 2016 2017REAL SECTOR #Nominal GDP E' Million/1 35,002.13 39,604.66 44,034.14 47,505.46 51,294.29 54,731.75 58,782.83Real GDP (factor cost) - E' Million/1 35,002.13 36,654.59 39,007.04 39,760.27 39,916.79 40,462.11 41,271.61 Real growth rate/1 2.20 4.30 6.40 1.90 0.40 1.40 1.90GDP/Capita/1 32,399.27 33,530.00 35,262.55 35,520.06 35,240.84 35,308.18 36,014.56Agric./GDP (%) - market price/1 9.72 10.38 10.34 9.46 9.59 9.46 8.90Manuf./GDP (%) - markey price/1 31.69 31.39 29.81 30.79 31.78 31.42 30.40Govt./GDP (%) - market price/1 5.96 5.54 6.21 6.38 6.62 7.39 7.67Population ('000)/1 1,067.77 1,080.34 1,093.16 1,106.19 1,119.38 1,132.66 1,145.97Average inflation 6.10 8.95 5.63 5.67 4.96 7.83 6.24

BALANCE OF PAYMENTS - (E' Million)***Merchandise exports 11,637.16 13,807.96 18,646.87 21,743.45 23,121.81 24,378.67 24,127.97

Merchandise imports 11,946.91 13,063.34 14,568.15 16,244.46 15,770.32 18,504.67 19,162.21

Trade balance (309.75) 744.62 4,078.71 5,498.99 7,351.49 5,874.00 4,965.76

Services exports 2,723.01 1,104.72 638.88 1,151.67 1,518.72 1,517.71 1,588.69

Services imports 7,864.13 2,737.63 3,683.51 4,918.39 4,285.08 4,457.19 5,037.14

Primary income (225.61) (197.96) 416.32 113.60 506.82 (151.38) (1,083.57)

Secondary Income 2,754.74 6,229.46 7,240.89 8,029.65 8,003.16 6,780.66 8,009.31

Current account 456.90 4,985.73 8,256.73 10,101.43 13,379.81 9,442.64 8,048.99

Direct investment (net) (771.27) (320.60) (860.35) (271.21) (538.42) (394.74) 1,641.09

Portfolio investment (net) 305.69 29.72 1,761.59 947.78 315.29 (290.38) 294.51

Other investment (net) (451.63) 2,479.30 2,789.84 6,786.56 11,042.42 9,328.14 6,699.05

Overall balance (660.63) 1,297.66 1,814.02 (214.25) (288.96) (355.78) (733.72)

Exchange rate* (E/US Dollar) 7.26 8.21 9.62 10.85 12.75 14.72 13.32

MONEY AND BANKINGNarrow money growth (%) 13.30 19.30 28.60 (3.50) 11.76 26.76 (5.65)Quasi money growth (%) (1.37) 5.51 9.00 8.76 14.62 26.19 9.12Broad money growth (%) 3.00 10.00 15.90 3.94 13.58 26.39 3.80Domestic credit (net) - E' Million 7,658.88 6,470.29 6,748.70 7,903.91 8,683.43 12,203.66 14,138.18 Government (618.89) (1,589.80) (3,008.44) (2,965.02) (2,737.66) (832.78) (62.55) Private sector 8,277.77 8,060.09 9,757.14 10,868.93 11,421.09 13,037.31 14,200.73Interest rates (% p.a) Prime lending 9.00 8.50 8.50 8.75 9.25 10.50 10.75 Discount rate 5.50 5.00 5.00 5.25 5.75 7.00 7.25 Deposit rate - 31 days 2.43 1.81 1.81 1.94 2.31 3.45 3.44 - 12 months 3.18 2.97 2.97 3.24 3.78 4.89 5.03 - T. bill rate 6.79 6.52 6.29 6.59 6.44 7.95 7.86Ratios

Liquidity ratio (required = 25%) 25.90 26.20 27.08 27.55 26.63 28.70 27.50 Loans/deposits ratio 95.90 85.60 89.85 92.48 84.05 75.10 76.05

Net foreign assets (E) 4,102.96 6,317.16 7,920.29 7,731.61 9,109.54 8,831.28 7,909.50Gross official foreign reserves (end of period) (E) 4,179.40 5,579.67 7,911.01 7,916.08 8,484.84 7,723.04 6,932.60In months of imports of goods and services 2.30 2.90 3.90 3.59 3.80 3.60 3.50

PUBLIC FINANCE [E'Million] Total revenue and grants 7,184.15 12,034.70 13,106.18 14,731.13 14,452.32 14,351.53 16,845.78Total expenditure and net lending (9,132.33) (10,567.40) (12,889.82) (15,304.43) (16,998.65) (21,193.88) (21,779.35)Overall surplus/deficit (1,948.18) 1,467.30 216.36 (573.31) (2,546.33) (6,842.35) (4,933.58) As a % of GDP (5.40) 3.70 0.50 (1.20) (4.80) (12.30) (8.20)External financing (net) (135.94) (146,043.00) 38,642.00 33.07 528.12 (1,208.95) 1,652.42Domestic financing (net) 2,084.12 (1,321,254.00) (255,006.00) 540.24 2,018.20 5,633.41 3,281.16Total external debt** [E' million] 2,772.87 2,715.21 3,400.41 3,567.85 4,427.05 4,919.38 5,453.62 As a % of GDP 7.70 6.79 7.64 7.32 8.42 9.36 9.95 As a % of exports of goods and services 17.32 15.25 16.55 14.97 18.58 20.65 22.89Debt service (E' million) 388.06 359.87 349.13 322.24 383.17 526.25 334.72 As a % of GDP 1.08 0.90 0.78 0.66 0.73 0.96 1.01 As a % of exports of goods and services 2.42 2.02 1.70 1.35 1.50 2.11 1.34

Note: N/A = Not available

* Exchange rate quoted at average period as at December 2017.

/1 Revised

# GDP figures are based on CSO provisional data and rebased to the new base year 2011.

**Total external debt stock excludes private sector debt from 2010.*** 2014-2017 are now in the new BPM6 format and still subject to further revisions.

Source: Central Bank, Ministry of Finance and Economic Planning & Development


1. OVERVIEW OF GLOBAL ECONOMIC DEVELOPMENTS

In its World Economic Outlook (WEO), April 2018 Update, the International Monetary Fund (IMF) highlights that the global economic upswing that began around mid-2016 has become broader and stronger. The IMF projects that advanced economies as a group will continue to expand above their potential growth rates this year and 2019 before decelerating, while growth in emerging market and developing economies will rise before levelling off. For most countries, current favourable growth rates will not last. Policymakers should seize this opportunity to bolster growth, make it more durable, and equip their governments better to counter the next downturn. At 3.8 per cent, global growth in 2017 was the fastest since 2011. With financial conditions still supportive, global growth is expected to tick up to a 3.9 per cent rate in both 2018 and 2019 (IMF WEO, April 2018).

According to the IMF Managing Director Christine Lagarde, the world economy must avoid being drawn into a protectionist spiral that will undermine the momentum of global growth. In a speech in Hong Kong, on 11 April 2018, Lagarde highlighted that top priorities for the global economy are to avoid protectionism, guard against financial risk and foster long-term growth. The IMF remains optimistic about global growth prospects. The world economy is benefiting from surging investment, rebounding trade and favourable financial conditions, all of which are encouraging companies and households to step up spending (IMF.org - News, 16 April 2018).

The oil price remained elevated since the start of 2018, hovering around the $70/bbl level for the third time in 2018. While reports suggested a volatile and falling oil price in February, there has been a marked shift in March, with the price up by more than 9.5 per cent in April 2018. Lately there have been indications that Organization of Petroleum Exporting Countries (OPEC) and Russia are contemplating extending the production cuts and the Saudi crown prince has indicated that OPEC and Russia could consider a 10 to 20 year oil alliance, according

to Reuters and Bloomberg.

World oil demand growth for 2017 was adjusted higher by around US$30 trillion to 1.65 million barrels per day (mb/d), mainly to account for up-to-date data in both Organization of Economic Cooperation and Development (OECD) and non-OECD regions. Total world oil demand is now pegged at 97.07 mb/d for the year. Similarly, world oil demand growth in 2018 was revised higher by 30 trillion barrels per day, compared to last month’s report, to now stand at 1.63 mb/d. This mainly reflects the positive momentum in the OECD in the first quarter of 2018 on the back of better-than-expected data, and supported by development in industrial activities, colder-than-anticipated weather and strong mining activities in the OECD Americas and the OECD Asia Pacific (www.opec.org, 18 April 2018).

The JP Morgan Global Manufacturing Purchasing Managers Index (PMI) indicates that economic growth slowed to a 16-month low, posting 54.3 index points in March 2018 from 54.8 index points in February 2018. The slowdown in March 2018 reflected a general easing in rates of expansion across much of the global economy. On a sector basis, growth of manufacturing production eased to an eight-month low and service sector business activity rose to the weakest extent in almost a year-and-a-half. March 2018 saw the pace of global economic expansion ease to a 16-month low, following tandem slowdowns in the manufacturing and service sectors (Markit Economics, 17 April 2018).

Firms responded by raising employment, with jobs growth registered for the ninety-seventh straight month. Staffing levels were increased in most of the nations covered by the survey, the exceptions being a mild decrease in China and the steepest reduction in Brazil since August 2017. The US, Japan, Spain and Australia all registered faster increases than in 2018. Price pressures moderated in March 2018, with rates of increase in costs and output charges slowing. Inflation for both price measures remained sharper (on average) in developed nations compared to emerging markets (Markit Economics, 17 April 2018).


2. RECENT ECONOMIC DEVELOPMENTS FOR SELECTED ECONOMIES

The United States: The US economy expanded by an annualised 2.9 per cent quarter-on-quarter in the last three months of 2017, higher than 2.5 per cent in the second estimate and beating market expectations of 2.7 per cent. Personal consumption expenditures and private inventory investment were revised upward. For the year 2017, the economy expanded by 2.3 per cent, higher than 1.5 per cent in 2016 and in line with the previous estimates (US Bureau of Economic Analysis, 28 March 2018).

According to minutes of the Federal Open Market Committee’s (FOMC) held on March 2018 the Fed remained hawkish, as it raised the target range for the federal funds rate by a quarter point to 1.5-1.75 per cent. The Fed officials also projected a steeper path of hikes in 2019 and 2020 as the economic outlook improved. The Federal Reserve also mentioned the prospect of retaliatory trade actions by other countries as well as other issues and uncertainties associated with trade policies as downside risks for the economy. Overall, the minutes remained upbeat about the economy, and policymakers expected inflation to rise in coming months (US Federal Reserve, 11 April 2018).

Consumer prices increased by 2.4 per cent year-on-year in March 2018, above the 2.2 per cent recorded in February 2018 and matching market expectations. It was the highest inflation rate in a year, mainly boosted by shelter and used car prices. On a monthly basis, prices fell by 0.1 per cent after a 0.2 per cent rise and compared with forecasts of a flat reading. Gasoline prices went down by 4.9 per cent, the largest drop since May 2017. The unemployment rate stood at a 17-year low of 4.1 per cent for the sixth consecutive month in March 2018, slightly above market expectations of 4 per cent. The number of unemployed decreased by 121 000 to 6.59 million and employment fell by 37 000 to 155.18 million (US Bureau of Labour Statistics, 11 April 2018).

In the Eurozone: The Eurozone economy expanded by 0.6 per cent quarter-on-quarter in the three months to December 2017, in line with the second estimate and following a 0.7 per cent advance in the previous period. Growth was mainly driven by exports and fixed investment while household consumption increased at a softer pace. Among Eurozone’s largest economies, GDP growth eased slightly in Germany and Italy, and was unchanged in Spain and picked up in France (Eurostat, 7 March 2018).

The European Central Bank (ECB) held its benchmark-refinancing rate at 0 per cent on 8 March 2018 as expected, and reaffirmed that the net asset purchases are intended to run at a monthly pace of €30 billion until the end of September 2018, or beyond, if necessary. The deposit facility rate and the marginal lending facility rate were kept at -0.4 per cent and 0.25 per cent, respectively. Furthermore, the ECB dropped its commitment to increase the size of its Quantitative Easing (QE) programme by removing the easing bias from its monetary policy message (European Central bank, 8 March 2018).

Eurozone consumer price inflation came in at 1.3 per cent year-on-year in March 2018, slightly below the preliminary estimate of 1.4 per cent and compared with 1.1 per cent reported in the previous month. Prices of food, alcohol & tobacco rose less than initially thought. Annual core inflation, which excludes volatile prices of energy, food, alcohol and tobacco and at which the ECB looks at in its policy decisions, was confirmed at 1 per cent in March 2018, the same rate recorded in the previous month. The unemployment rate in the Eurozone edged down to 8.5 per cent in February 2018 from 8.6 per cent in January 2018 and matching market expectations. It was the lowest jobless rate since December 2008, well below the 9.5 per cent recorderd a year earlier (Eurostat, 4 April 2018).

The United Kingdom: The British economy grew by 0.4 per cent quarter-on-quarter in the three months to December 2017, unrevised from the second estimate and following a 0.5


per cent expansion in the previous period. Fixed investment increased firmly despite a slowdown in business investment, while net trade contributed negatively to growth (UK Office for National Statistics, 29 March 2018).

The Bank of England (BOE) voted to keep the bank rate at 0.5 per cent on 22 March 2018, highlighting that pay growth is likely to pick up in response to the tightening labour market and inflation is expected to remain above the 2 per cent target in the short term. Furthermore, the BOE reiterated that an ongoing tightening of monetary policy over the forecast period would be appropriate to return inflation sustainably to its target (Bank of England, 22 March 2018).

The rate of inflation in the UK fell to 2.5 per cent in March 2018 from 2.7 per cent in the previous month and below market expectations of 2.7 per cent. It was the lowest rate since March 2017. Year-on-year, prices rose at a slower pace for housing, water, electricity, gas and other (UK Office for National Statistics, 25 April 2018). Japan: The Japanese economy advanced by 0.4 per cent quarter-on-quarter in the three months to December 2017, much stronger than the preliminary estimate of a 0.1 per cent expansion and after a 0.6 per cent growth in the prior quarter. It was the eighth straight quarter of expansion, due to strong private consumption and an upward revision of business spending and inventories. On an annualised basis, the economy grew by 1.6 per cent, much faster than the preliminary estimate of a 0.5 per cent expansion and beating expectations of a 0.9 per cent growth (Japan Cabinet Office, 8 March 2018).

The Bank of Japan left its key short-term interest rate unchanged at -0.1 per cent at its March 2018 meeting, as expected. Policymakers also kept its 10-year government bond yield target around zero per cent and maintained its upbeat economic view ahead of new term for Governor Haruhiko Kuroda. The Bank will continue with Quantitative and Qualitative Monetary Easing (QQE) with a

Negative Interest Rate, aiming to achieve the price stability target of 2 per cent, as long as it is necessary for maintaining that target in a stable manner (Bank of Japan, 9 March 2018).Consumer prices in Japan rose by 1.1 year-on-year in March 2018, after a 1.5 per cent gain in the prior month and matching market consensus. This was the lowest inflation rate since December 2017, mainly due to a marked slowdown in cost of food (Statistics Japan, 23 March 2018).

Brazil: The Brazilian economy advanced by 0.1 per cent quarter-on-quarter in the last three months of 2017, following a 0.2 per cent expansion in the previous period. Considering the full year of 2017, the economy expanded by 1 per cent, following a 3.5 per cent contraction in both 2015 and 2016 (Trading Economics, 1 March 2018).

The Central Bank of Brazil (CBB) cut its key Selic rate by 25 basis points (bps) to 6.50 per cent on 21 March 2018 following a 25-bps cut on 7 February 2018. The cut, widely anticipated and unanimous, was the eleventh straight cut, bringing borrowing costs to the lowest level in modern Brazilian history amid below-target inflation and a gradually improving economy. Regarding the next meeting, policymakers were of the view that an additional moderate monetary easing would be appropriate. The Committee is of the view that the additional stimulus will mitigate the risk of delayed convergence of inflation toward the desired targets (Central Bank of Brazil, 21 March 2018).

Consumer prices in Brazil increased by 2.68 per cent year-on-year in March 2018, below 2.84 per cent in February 2018 and compared to market expectations of 2.71 per cent. It was the lowest inflation rate since September 2017, remaining below the CBB’s target of 4.5 per cent. The unemployment rate increased to 12.6 per cent in the three months to February 2018, above 12 per cent in the September-November 2017 period and market expectations of 12.5 per cent (Trading Economics, 10 April 2018).

Russia: Russia’s GDP contracted by 0.38 per cent in the fourth quarter of 2017 following a 0.85 per cent expansion in the third quarter.


(Russia Federal State Statistics Service, 17 April 2018). The Bank of Russia lowered its benchmark one-week repo rate by 25 basis points to 7.25 per cent on 23 March, marking the fifth consecutive cut, as inflation remained sustainably low. The Bank highlighted that it will continue to reduce the key rate in order to complete the transition to neutral monetary policy this year, as annual inflation is expected to be between 3-4 per cent in late 2018 and to remain close to 4 per cent in 2019 (Central Bank of Russia, 23 March 2018).

Russia’s consumer price inflation increased by 2.4 per cent year-on-year in March 2018 from a record low of 2.2 per cent in the previous month and in line with market expectations. Within the goods component, food inflation picked up to 1.3 per cent from 0.9 per cent in the previous month: Prices of non-food products rose by 2.4 per cent, softer than a 2.5 per cent gain in February 2018. At this level, inflation remained well below the Bank’s target of 4 per cent (Federal State Statistics Service of Russia, 6 April 2018).

India: Real GDP in India expanded by 1.80 per cent in the fourth quarter of 2017, unchanged from the previous quarter. A rebound in investment and inventories offset a slowdown in both private and public spending (Trading Economics, 27 March 2018). The Reserve Bank of India left its key policy rate steady at 6 per cent for the fourth time on 5 April 2018, matching market expectations. Policymakers said, once again the decision is consistent with the neutral stance of monetary policy aiming to achieve the medium-term inflation target of 4 per cent, while supporting growth. The Bank lowered inflation forecasts to 4.5 per cent for Q4-2017 of the 2017/2018 fiscal year (January to March 2018) from 5.1 per cent. GDP growth for 2018-19 is projected higher at 7.4 per cent from 6.6 per cent in 2017-2018 (Reserve Bank of India, 5 April 2018) Consumer prices in India increased by 4.28 per cent year-on-year in March 2018, following a 4.44 per cent increase in February 2018 and

compared with market expectations of 4.2 per cent. It is the lowest inflation rate in five months amid a slowdown in food costs (Trading Economics, 12 April 2018).

China: China’s GDP grew by 1.4 per cent quarter-on-quarter in the three months to March 2018, compared to an advance estimate of 1.6 per cent in the previous period and slightly below market expectations of 1.5 per cent. It was the weakest pace of expansion since the first quarter of 2016. The economy advanced by 6.8 per cent year-on-year in the March 2018, the same pace as in the previous two quarters and matching consensus. For 2018, the Chinese government targets growth at around 6.5 per cent amid efforts to deleverage, contain debt and financial risks. In 2017, the economy expanded by 6.9 per cent, beating the government target of around 6.5 per cent and following a 26-year low of 6.7 per cent in 2016 (China National Bureau of Statistics, 17 April 2018).

On 22 March 2018, the People’s Bank of China raised interest rates for open market operations by 5 basis points, following the US Federal Reserve’s decision to tighten monetary policy. This was the first rise for repo this year following the appointment of Yi Gang as China’s new central bank governor. The rate for the 7-day reverse repurchase agreements was raised to 2.55 per cent from 2.50 per cent. The adjustment will help the market to shape reasonable interest rate expectations, and is a normal response to the US Fed’s rate hike (Trading Economics, 17 April 2018).

Consumer price inflation fell by 2.1 per cent year-on-year in March 2018 from a four-and-a-half-year high of 2.9 per cent in the previous month and below market consensus of 2.6 per cent. Costs increased at a softer pace for both food and non-food products. On a monthly basis, consumer prices declined by 1.1 per cent in March 2018, following a 1.2 per cent rise in February 2018 and way above market expectations of a 0.5 per cent fall. It was the first monthly drop since 2018 (Statistics China, 11 April 2018).


FIGURE 1: GOLD & OIL PRICES (US DOLLARS); MARCH 2017 - MARCH 2018

Oil

($)

Gol

d ($

)

Gold Oil

1300

1320

1340

Mar

-17

Apr-

17

May

-17

Jun-

17

Jul-

17

Aug-

17

Sep-

17

Jan-

18

Oct

-17

Feb-

18

Nov

-17

Mar

-18

Dec

-17

60

70

80

50

40

30

20

10

0

1280

1260

1240

1220

1200

1180

Source: indexmundi.com

3. ECONOMIC DEVELOPMENTS IN SOUTH AFRICA

The South African economy ended 2017 in a better shape than most expected. Real GDP grew by a seasonally adjusted and annualised 3.1 per cent quarter-on-quarter in Q4 of 2017, compared with a 2.3 per cent advance in Q3 of 2017. This acceleration helped push GDP growth for 2017 as a whole to 1.3 per cent from a 0.6 per cent advance in 2016. Much of this was the result of the strong rebound in agriculture throughout 2017, brought about by good summer rains, which helped produce a record field crop. Furthermore, a much higher horticultural production and a recovery in animal farming contributed to GDP growth in the fourth quarter of 2017.

Excluding agriculture, the underlying pace of economic activity remained relatively weak, expanding by a modest 0.9 per cent. Moderate growth was recorded in mining, finance, transport and communications as well as personal services over 2017 as a whole. While manufacturing and domestic trade (particularly retail sales) picked up significant pace towards year-end, it was insufficient

to compensate for the weakness in previous quarters. Consequently, value added by manufacturing and domestic trade declined by 0.2 per cent and 0.6 per cent respectively in 2017. Construction activity remained depressed throughout the year, contracting by 0.3 per cent in 2017.

There is not enough data available to draw any meaningful conclusions on the economy’s performance in early 2018. In January 2018, production and sales in most major industries expanded further, but at a slower pace than was the case towards the end of last year. However, trading conditions in the markets for wholesale trade, new vehicles and buildings deteriorated in January and February 2018.

Economic growth forecast to improve, but downside risks have increased somewhat in recent weeks. On the upside, the new political leadership continues to make good progress in its drive to root out corruption, restore fiscal discipline and reform State Owned Enterprises (SOEs). This has to be well managed in order to avoid the dreaded credit rating downgrade by Moody’s and to ensure South Africa’s place in Citi’s World Government Index, thereby removing the cloud of large-scale forced


government bond sales that have hovered over the value of the Rand since late 2015.

On the downside, there is the government’s approach to land reform that has taken a dangerous turn, compromising a Constitution revered the world over, threatening private property rights and fuelling social tensions. To make matters worse, rather than leading the drive for accelerated land reform through considered policies based on international best practice, the Ramaphosa administration appears to have been pushed into this populist corner by the more reckless factions within their own party and the radical left opposition. Social tensions and expectations may intensify

and escalate as the rhetoric of politicians tend to become more populist and divisive in the run up to general elections in 2019. Some jitters and concerns are therefore expected to return later this year. Sentiment is for progress to be relatively slow regarding reforms ahead of the elections and therefore still expect only moderately faster growth over the next three years (Statistics South Africa, 5 April 2018).

The South African Reserve Bank’s (SARB) revised its growth forecast for 2018 higher to 1.7 per cent from 1.4 per cent previously, but lower for 2019 to 1.5 per cent from 1.6 previously. GDP growth for 2020 is forecast at 2 per cent.

FIGURE 2: SOUTH AFRICA GDP; DECEMBER 2015 - DECEMBER 2017

-2.0

-1.0

0.0

1.0

2.0

3.0

4.0

q-o-

q %

cha

nge

q-o-

q %

cha

nge

4.0

3.0

2.0

1.0

0.0

-1.0

-2.0

Dec

-15

Dec

-17

Mar

-16

Jun-

16

Sep-

16

Dec

-16

Mar

-17

Jun-

17

Sep-

17

Source: Statistics South Africa

The South African Reserve Bank cut its benchmark repo rate by 25 basis points to 6.5 per cent on 18 March 2018, in line with market expectations, mentioning lower inflation expectations. The Committee added that the upside inflationary pressure from the increase in the VAT rate will be offset by the stronger exchange rate. The repo rate reduction has taken the Commercial Bank’s prime rate to 10 per cent.

The SARB sees headline inflation unchanged at 4.9 per cent in 2018, and better at 5.2 per

cent in 2019 (previous 5.4 per cent). The SARB indicated that the risks to the inflation outlook are now balanced, compared to the upside risks highlighted in January 2018. The SARB’s Quartely Projection Model now generates an endogenous interest rate path, showing one interest rate hike of 25bps (vs two hikes previously) over the next two years (South Africa Reserve Bank, 28 March 2018).

The Rand ended marginally weaker in March 2018, hurt initially by a spike in risk aversion, triggered by growing concerns of a potential


trade war between the US and China. Later however, the Rand was helped by Moody’s confirming SA’s investment grade ratings and as fears of global trade wars faded somewhat on reports of renewed talks between the US and China (SA Nedbank CIB Market Commentary, April 2018).

Consumer prices in South Africa rose by 3.8 per cent year-on-year in March 2018, slowing from a 4.0 per cent gain in the previous month and below market consensus of a 4.1 per cent increase. It was the lowest inflation rate since February 2011, mostly due to lower prices of food and non-alcoholic beverages and transport. Annual core inflation rate,

which excludes cost of food, non-alcoholic beverages, petrol and energy, was unchanged at 4.1 per cent in March 2018, below market expectations of 4.3 per cent. Compared to February, core consumer prices went up 0.7 per cent, easing from a 1.1 per cent increase previously (Statistics South Africa, 18 April 2018).

South Africa’s unemployment rate decreased to 26.7 per cent in the fourth quarter of 2017 from 27.7 per cent in the previous period. The number of unemployed fell by 330 000 to 5.88 million and the number of employed declined by 21 000 to 16.17 million (Statistics South Africa, 18 April 2018).

FIGURE 3: SOUTH AFRICA PPI AND CPI; MARCH 2017 - MARCH 2018

3.0

3.5

4.0

4.5

5.0

5.5

6.0

6.5

Mar

-17

Apr-

17

May

-17

Jun-

17

Jul-1

7

Aug-

17

Sep-

17

Oct

-17

Nov

-17

Dec-

17

Jan-

18

Feb-

18

Mar

-18

Year

-on-

year

% ch

ange

PPI CPI

Year

-on-

year

% c

hang

e 6.0

6.5

5.5

5.0

4.5

4.0

3.5

3.0

PPI CPI

May

-17

Jun-

17

Jul-

17

Aug

-17

Sep-

17

Oct

-17

Dec

-17

Feb-

18

Nov

-17

Jan-

18

Mar

-18

Mar

-17

Apr

-17

Source: Statistics South Africa

4. DOMESTIC ECONOMIC DEVELOPMENTS

4.1. General Overview

4.1.1. HeadlineInflationAccording to the Central Statistics Office, price developments were broadly favourable in the opening months of 2018 mainly backed by continuous moderation in food prices and a relatively stronger Lilangeni/Rand exchange rate against major trading currencies. The overall consumer inflation slowed to 4.2 per

cent in the first quarter of 2018 from 5.0 per cent in the last quarter of 2017. Food inflation recorded a low of 0.9 per cent in March 2018 and averaged 1.5 per cent in the first quarter of 2018 compared to 3.5 per cent in the previous quarter. Slower increases were mainly observed in the prices of ‘bread and cereals’, ‘vegetables’, ‘fruits’ and ‘sugar confectionary products’. Favourable weather conditions in 2016/17 and 2017/18 planting seasons led to a good harvest in 2017 which supported a recovery in food supply and resulted in a strong moderation in food prices.


Demand side inflationary pressures were also modest with prices of selected semi-durable and durable products depicting a downward trend. The price index for ‘clothing and footwear’ recorded a deflation of 2.2 per cent in the quarter ended March 2018 following another deflation of 0.6 per cent in the quarter ended December 2017. On the other hand, the index for ‘furnishing and household equipment’ grew at a slower rate of 2.3 per cent in the quarter under review compared to 4.3 per cent in the previous quarter. In addition, the growth rate of the index for ‘recreation and culture’ decreased by 2.0 percentage points to 4.2 per cent in the quarter under review.

The above decreases were partially counteracted by increases in the price indices for ‘education’, ‘health’ and ‘restaurants and hotels’. The index for ‘education’ rose by 7.7 per cent in the quarter ended March

2018 compared to 7.4 per cent in the previous quarter mainly driven by a 0.6 of a percentage point increase in fees for secondary education. The index for ‘health’ and ‘restaurants and hotels’ grew by 0.4 and 0.3 of a percentage point, respectively.

Core inflation which is CPI excluding food and non-alcoholic beverages, fuel and energy decreased from 5.4 per cent in the fourth quarter to 5.2 per cent in the first quarter of 2018. This depicts that underlying inflationary pressures remain modest. The CPI for administered prices (which includes regulated prices such as bread, fuel, public transport, energy and water) was also lower at 3.7 per cent in the quarter under review compared to 4.5 per cent in the previous quarter. This was mainly due to a 40 cent per litre decrease in the price of fuel effected during the quarter under review.

FIGURE 4: INFLATION TRENDS AND COMPONENTS; MARCH 2017 - MARCH 2018

Year

-on-

Year

gro

wth

(%

)

FoodInflation CoreInflation Overall CPI

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

20.0

Mar

-17

Apr

-17

May

-17

Jun-

17

Jul-

17

Aug

-17

Sep-

17

Oct

-17

Jan-

18

Nov

-17

Feb-

18

Dec

-17

Mar

-18

0 2 4 6 8

10 12 14 16 18 20

yea

r-o

n-y

ea

r gr

ow

th (

%)

Food Inflation Core inflation Overall CPI

Source: Central Statistics Office


The outlook for consumer inflation is broadly on the downside mainly due to contained food prices and the relatively stronger Lilangeni/Rand exchange rate against major trading currencies which has benefitted from positive political developments in South Africa that have slightly lifted investment sentiments in that country. The stronger Lilangeni is expected to counteract negative effects of the slightly rising international oil prices which in turn will curtail increases on domestic fuel prices. However, inflationary pressures are imminent from tax increases and administered prices. Fiscal developments reflect that Value Added Tax (VAT) rate is expected to increase by a percentage point to 15 per cent in alignment with developments in South Africa. On administered prices, electricity tariffs increased by 15 per cent in April 2018 as per the multi-year tariff approved by the Swaziland Energy Regulatory Authority (SERA) the previous year. Water tariffs, on the other hand, are expected to increase by 13.7 per cent if the proposed increase of this magnitude is approved by parliament. Overall consumer inflation is expected to average 5.4 per cent in 2018 before rising to 6.1 and 6.4 per cent in 2019 and 2020, respectively.

4.1.2 Electricity ConsumptionFigures obtained from the Swaziland Electricity Company (SEC) indicated that total electricity sales volumes accelerated by 6.2 per cent to 299.8 GWh in the quarter ended March 2018 compared to 282.5 GWh in the quarter ended December 2017. All the different categories recorded increases during the quarter under review. Domestic and commercial electricity sales volumes grew by 0.9 and 3.1 per cent, respectively during the quarter ended March 2018. Electricity sales from the ‘irrigation power and bulk’ category, which dominates total sales volumes by more than 50 per cent, grew by 10.0 per cent during the quarter. The total number of electricity customers grew by 2.1 per cent to 203,584 in the quarter ended March 2018 from 199,375 in the previous quarter. All the categories recorded positive growth during the quarter under review.

4.1.3 Water ConsumptionFigures sourced from the Swaziland Water Services Corporation indicated a marginal 0.1 per cent growth in total consumption for treated water from 3.012 million kilolitres in the quarter ended December 2017 to 3.015 million kilolitres in the quarter ended March 2018. The sales volumes for residential use rose by 2.5 per cent to 1.642 million kilolitres in the quarter ended March 2018, from 1.602 million kilolitres in the previous quarter. This increase continue to reflect a re-classification of customers from the government bulk meters to individual residential meters. Evidently, commercial sales volumes continued on a downward trend, declining by 2.6 per cent to 1.373 million kilolitres in the quarter ended March 2018 from 1.410 million kilolitres in the previous quarter. During the drought period, the water corporation reported that they lost a number of businesses to boreholes in the Matsapha industrial site which continues to affect commercial sales volumes. The total number of treated water connections grew by 1.5 per cent to 42,997 in the quarter ended March 2018 from 42,345 in the quarter ended December 2017. Both domestic and commercial customers observed increases during the quarter under review, increasing by 1.6 and 0.9 per cent, respectively. The flat growth in consumption volumes reflect that economic activity remain muted in some parts of the manufacturing sector in the period under review.

4.1.4 Fuel ImportsAccording to the Ministry of Natural Resources, Energy Department, total fuel import volumes slowed by 10.3 per cent to 78,953 kilolitres in the quarter ended March 2018 from 88,032 kilolitres recorded in the quarter ended December 2017. Both petrol and diesel import volumes recorded declines indicating a deceleration in economic activity in the transportation sector, while paraffin import volumes recorded a significant increase during the quarter under review. Petrol import volumes declined by 7.5 per cent to 39,678 kilolitres in the quarter ended March 2018 from


42,916 in the quarter ended December 2017. Diesel import volumes which often captures industrial activity, also declined by 13.7 per cent to 38,092 kilolitres from 44,151 kilolitres, during the quarter under review. Paraffin import volumes on the other hand significantly grew by 22 per cent to 1,183 kilolitres in the quarter ended March 2018, compared to 965 kilolitres in the quarter ended December 2017.

4.1.5 Exchange Rate/Real Effective Exchange Rate

During the first quarter of 2018, the external value of the Lilangeni/Rand showed great recovery from the position it was in the last quarter of 2017 as it further strengthened against major currencies. The recovery saw the Lilangeni/Rand trade below E12.00 per US Dollar for the first time in three years during the quarter under review. The local unit benefitted from political and economic developments in South Africa that boosted the performance of the Rand compared to developments that took place in the quarter ended December 2017. During the period under review, the Lilangeni appreciated by 12.5 per cent and averaged E11.95 against the US Dollar. Against the Pound Sterling, the local unit appreciated by 8.1 per cent to an average

of E16.66, while it appreciated by 8.6 per cent to an average of E14.69 against the Euro.

The appreciation during the quarter under review is attributed to the surge in investor confidence as the new ANC leadership, elected in December 2017 renewed hopes for growth with a promise to tackle corruption. The markets also welcomed the new president’s cabinet reshuffle that saw major changes, especially in critical ministries. Though the rand was met with risks from uncertainties due to the punting of land expropriation without compensation policy, the positive economic outlook that was given by the South African Reserve Bank (SARB) and Moody’s decision to leave South Africa’s credit rating unchanged at investment grade together with the upgrade of the sovereign outlook from negative to stable, reduced the risks against the Rand. The US Fed policy stance to increase the US interest rate to 1.5 to 1.75 per cent and the SARB’s 25 basis points cut in interest rates in March 2018, slightly slowed down the upward trend to the Rand and brought a steady appreciation to the unit by the end of the quarter. Further increases by the US Fed and Bank of England remain major risks on the performance of the Rand as risks from political and economic developments remain reduced.

FIGURE 5: MONTHLY LILANGENI’S NEER/REER INDICES; MARCH 2017 - MARCH 2018

96 98

100 102 104 106 108 110 112

Mar

-17

Apr

-17

May

-17

Jun-

17

Jul-

17

Aug

-17

Sep-

17

Oct

-17

Nov

-17

Dec

-17

Jan-

18

Feb-

18

Mar

-18

Inde

x (2

010=

100)

NEER REER

Mar

-17

Apr

-17

May

-17

Jun-

17

Jul-

17

Aug

-17

Sep-

17

Oct

-17

Nov

-17

Dec

-17

Jan-

18

Feb-

18

Mar

-18

Inde

x (2

010=

100)

96

98100

102

104

106

108110

112

NEERREER

Source: Central Bank of Swaziland


Expressed against a basket of trading partners’ currencies, the value of the domestic currency as measured by the Nominal Effective Exchange Rate (NEER) took a different trend and was stronger by an average of 3.79 per cent in the quarter ended in March 2018 following a depreciation averaging of 1.11 per cent in the quarter ended December 2017. The domestic inflation rate was trending at a relatively higher pace than those of trading partners resulting

in the Real Effective Exchange Rate (REER) strengthening by 3.56 per cent, followed by a depreciation of 1.57 per cent in the previous quarter.

The appreciation in the REER dented the competitiveness of the country’s exports during the period while imports were rendered cheaper.

FIGURE 6: CROSS ATLANTIC CURRENCY RATES; MARCH 2017 - MARCH 2018

Emal

ange

ni

20

18

16

14

12

10

Mar

-17

May

-17

Jul-

17

Sep-

17

Nov

-17

Jan-

18

Mar

-18

Apr

-17

Jun-

17

Aug

-17

Oct

-17

Dec

-17

Feb-

18

E/GBPE/USD


FIGURE 7: BASKET CURRENCY RATES; MARCH 2017 - MARCH 2018

Mar

-17

Apr

-17

May

-17

Jun-

17

Jul-

17

Aug

-17

Sep-

17

Oct

-17

Nov

-17

Dec

-17

Jan-

18

Feb-

18

Mar

-18

Emal

ange

ni

22

20

18

16

14

12

10

E/EURO E/SDR



4.2 MONETARY SECTOR

4.2.1 Net Foreign AssetsDuring the first quarter of 2018, net foreign assets went down by a lower 3.2 per cent, compared to a fall of 4.7 per cent observed in the previous quarter. At this level, the net foreign assets amounted to E7.7 billion at the end of March 2018, The decline was discernible in net foreign assets of the official sector while net foreign assets of other depository corporations increased. Net official assets therefore went down by 4.7 per cent quarter-on-quarter to reach E5.6 billion, following a

fall of 5.2 per cent observed in the previous quarter. On the other hand, net foreign assets of other depository corporations increased by 1.0 per cent to reach E2.0 billion at the end of March 2018, an improvement from the fall of 3.2 per cent recorded in the previous quarter. Valued in Special Drawing Rights (SDR) terms, net foreign assets however, declined by a lower 1.4 per cent to SDR443.0 million in line with the slight appreciation of the Lilangeni/Rand exchange rate over the quarter under review. Compared over the year however, net foreign assets grew by 6.1 per cent in Emalangeni terms and by 11.2 per cent in SDR terms.

FIGURE 8: NET FOREIGN ASSETS; MARCH 2016 - MARCH 2018

Mar

10.0 510.0

480.0

450.0

420.0

390.0

360.0

330.0

300.0

9.0

8.0

7.0

6.0

5.0

4.0

3.0

Jun

E SDR

2017 20182016

Sep

E’Bi

llion

SDR’

Mill

ion

Dec Mar

Jun

Sep

Dec Mar

Source: Central Bank of Swaziland and Other Depository Corporations

4.2.2GrossOfficialReservesThe country’s gross official reserves reflected a quarter-on-quarter decline of 4.3 per cent at the end of March 2018 to reach E6.6 billion, compared to a fall of 3.5 per cent recorded at the end of December 2017. The Reserves were enough to cover an estimated 3.2 months of imports of goods and services, lower than the

3.5 months covered in the previous quarter. The value of the reserves in SDRs amounted to SDR381.9 million at the end of March 2018, lower than the SDR393.8 million recorded in the previous quarter. Compared year-on-year, the reserves declined by 9.9 per cent in Emalangeni terms and by 5.5 per cent in SDR terms.


FIGURE 9: GROSS OFFICIAL RESERVES & IMPORT COVER; MARCH 2016 - MARCH 2018

9.0 4.5

4.0

3.5

3.0

2.5

2.0

1.5

8.0

7.0

6.0

5.0

4.0

3.0

E’Bi

llion

s

Impo

rt C

over

in M

onth

s

2016 2017 2018

Jun

Sep

Dec Mar

Jun

Sep

Dec Mar

Mar

GrossOfficialReserves Import Cover


4.2.3 Credit ExtensionDuring the quarter ended March 2018, credit extended to the private sector decreased by 2.5 per cent to E 13.8 billion, contrary to growth of 3.2 per cent observed the fourth quarter of 2017. The fall in private sector credit was attributed to reduced demand for credit to the business and the household sectors over the quarter under review.

Credit extended to businesses contracted by 5.9 per cent over the quarter under review to reach E5.9 billion continuing from the 4.0 per cent per cent fall recorded in the preceding quarter. The reduction in credit to businesses was observed in the Community Social and Personal Services (24.2 per cent), Distribution & Tourism (11.0 per cent), Mining and Quarrying (-8.7 per cent) as well as the Construction (-5.6 per cent) sectors. However, increases were depicted in credit extended to the following sectors; Agriculture & Forestry (8.0 per cent) and Real Estate (1.1 per cent).

Credit extended to households declined by 0.6 per cent to E5.94 billion at the end of March 2018 compared to a fall of 3.7 per cent recorded in the preceding quarter. The fall in credit to households was observed in both the motor vehicle and other personal loans while housing finance improved over the quarter under review. Credit extended for motor vehicle finance fell by 17.9 per cent to E1.1 billion and credit to other personal loans by 4.3 per cent to E1.7 billion. Housing finance however, increased by 9.3 per cent to E3.2 billion.

Credit extended to other sectors went up by 2.4 per cent to settle at E2.0 billion at the end of the first quarter of 2018. The quarterly growth was on account of credit to public nonfinancial corporations (10.3 per cent) and other financial corporations (2.1 per cent). These increases were, however, partly offset by a fall in credit to local government (-42.6 per cent).


FIGURE 10: PRIVATE SECTOR CREDIT; MARCH 2016 – MARCH 2018To

tal,

Bus

ines

ses,

Hou

seho

lds

(E’B

illio

n)

Oth

er (

E’Bi

llion

)

Mar

15.0

2.5

3.0

3.5

2.0

1.5

1.0

0.5

0.0

13.0

11.0

9.0

7.0

5.0

3.0

2016 2017 2018

Sep

Jun

Dec Mar

Jun

Sep

Dec Mar

Credit to Businesses Credit to Households

Total Private Sector Credit Credit to Other Sectors


A substantial share of private sector credit continued to be dominated by both businesses and households over the quarter under review. The household sector, which forms the largest proportion of total private sector credit, accounted for 42.9 per cent of total private sector credit compared to 42.1 per cent in the previous quarter. The share of the business

sector which is the second largest, constituted a slightly lower 42.7 per cent of private sector credit, less than the share of 44.2 per cent observed in the previous quarter. Other sectors accounted for the remaining 14.4 per cent of total private sector credit, up from the 13.7 per cent share reflected in the last quarter of 2017.

FIGURE 11: PRIVATE SECTOR CREDIT COMPOSITION; MARCH 2016 – MARCH 2018

Mar

100.0

80.0

60.0

40.0

20.0

0.0

2018

Per

cent

20172016

Jun Sep Dec Mar Jun Sep Dec Mar

Households Businesses Other Sectors



Net government balances with the banking sector continued to fall in the first quarter of 2018. The reduction in net government balances was due to a combined effect of a rise in the banking sector’s claims on the government and a fall in government deposits

with the banking sector. Claims on government increased by 7.1 per cent over the review quarter to reach E4.1 billion whilst government deposits shrank by 23.5 per cent to reach E3.0 billion at the end of the review quarter.

FIGURE 12: NET GOVERNMENT BALANCES WITH THE BANKING SECTOR; MARCH 2016 - MARCH 2018

Mar

0.0

1.0

2.0

3.0

4.0

5.0

Claims on Central Government Government Deposits

Jun

Sep

Sep

Dec

DecMar

20172016 2018

E’Bi

llion

Mar

Jun


4.2.4 Money SupplyIn line with the fall in credit extended to the private sector and net foreign assets, broad money supply (M2) declined by 5.0 per cent to E16.5 billion at the end of the first quarter of 2018. This compares to an increase of 1.2 per cent observed in December 2017. Accounting for the fall in M2 were both narrow money supply (M1) and quasi money supply.

Quasi money supply decreased by 7.3 per cent over the review quarter to E10.8 billion from E11.7 billion registered in the previous quarter. Contributing to the reduction in quasi money

supply were both its components savings and time deposits which fell by 3.5 per cent and 7.9 per cent respectively.

Narrow money supply fell by 0.3 per cent to E5.7 billion at the end of March 2018. The quarterly decline in M1 was due to a fall in emalangeni in circulation while transferable deposits increased. Consequently, emalangeni in circulation declined by 12.3 per cent to E533.3 million at the end of March 2018. In contrast, transferable deposits rose by 1.2 per cent to E5.1 billion during the quarter under review.


4.2.5 Domestic Liquid AssetsBanks’ liquid assets increased by 1.2 per cent over the review quarter to reach E4.3 billion. The rise in liquid assets was registered in banks’ investment in government securities.

Consistently, the liquidity ratio went up from 27.5 per cent in December 2017 to close at 28.1 per cent at the end of the first quarter in 2018. Compared year-on-year, however, the banks’ liquid assets grew by 25.3 per cent.

FIGURE 14: DOMESTIC LIQUID ASSETS AND LIQUIDITY RATIO; MARCH 2016 – MARCH 2018

Mar

Mar

Mar

Jun

Jun

Sep

Sep

Dec

Dec

Liquidity RatioDomestic Liquid Assets

4.50

5.00

3.50

2.50

2.00

4.00

3.00

1.50

30.0

29.028.027.026.0

25.024.0

23.022.021.0

20.0Dom

esti

c Li

quid

Ass

ets

(E’B

illio

n)

Liqu

idit

y Ra

tio

(Per

cen

t)

2016 2017 2018

Source: Central Bank of Swaziland and Other Depository Corporations in Swaziland

FIGURE 13: MONEY SUPPLY; MARCH 2016 - MARCH 2018

Mar

E’Bi

llion

2016 2017 2018

18.0

20.0

16.0

14.0

12.0

10.0

8.0

6.0

4.0

2.0

0.0

Jun

Sep

Dec Mar

Jun

Sep

Dec Mar

Narrow Money Quasi Money Broad Money



FIGURE 15: MONETARY BASE, DEPOSITS & LOANS; MARCH 2016 - MARCH 2018

Mar

18.0

16.0

12.0

8.0

4.0

14.0

10.0

6.0

2.0

0.0

E’Bi

llion

2016 2017 2018

Jun

Sep

Dec Mar

Jun

Sep

Dec Mar

Deposits LoansMonetary Base

Source: Central Bank of Swaziland and Depository Corporations

FIGURE 16: INTEREST RATES; MARCH 2016 - MARCH 2018

Mar

Jun

Sep

Dec Mar

Jun

Sep

Dec Mar

5.5

10.511.5

4.5

9.5

3.5

8.5

2.5

7.5

1.5

6.5

Discount Rate Prime Rate

Per

cent

2016 2017 2018

Source: Central Bank of Swaziland and Other Depository Corporations Survey

4.2.6 Interest RatesInterest rates declined on two occasions during the quarter ended March 2018 following the Central bank of Swaziland’s pursuit of an accommodative monetary policy stance largely underpinned by persistently decelerating inflation outcomes. Consequently, the discount rate declined by 25 basis points in January 2018 and by another 25 basis points in March

2018. This resulted in a cumulative 50 basis points decline in the discount rate to reach 6.75 per cent. The interest rate differential between the local discount rate and the South African repo rate therefore went down from 50 basis points in the fourth quarter of 2017 to 25 basis points as the SARB lowered its repo rate to 6.50 per cent in March 2018.


TABLE 2: SWAZILAND COMPARATIVE INTEREST RATES AS AT END-MARCH 2018

NEDBANK SWAZI BANK STANDARD BANK

FNB BUILDING SOCIETY

Call* 4.40 3.65 - 6.10 3.00 Up to 3.35 Special. Savings 2.75

31 days* 1.45 3.15 2.55 Up to 4.95 Gold a/c 3.00 - 4.81

88 days* 4.10 3.40 2.55 Up to 5.25 Subs shares 2.75 - 3.50

6 months* 4.30 3.70 2.83 Up to 6.55 6 months 5.00

12 months* 5.80 3.95 2.93 Up to 6.95 12 months 5.15

Savings (See table 3 below)

Prime Lending 10.75 10.75 10.75 10.75 Residential: 9.50

Commercial: 11.25

Source: Commercial Banks & Building Society*Higher rates may be quoted on application for large amounts and subject to negotiation with individual customers

TABLE 3: SAVINGS DEPOSIT RATES FOR BANKS & BUILDING SOCIETY

RANGE RATE (%) RANGE RATE (%)

Standard: E 100 - E 999 0.00 - 0.34 Nedbank: E 500 - E 19,999 1.25

E 1,000 - E 4,999 0.00 - 0.39 E 20,000 - E 49,000 1.85

E 5,000 - E 9,999 0.00 - 0.44 E 50,000 - E 99,000 3.60

E 10,000 - E 99,999 0.00 - 0.59 E100,000 & Above 4.40

E 100,000 - E 149,999 0.20 - 0.79

E 150,000 - E 249,999 0.00 - 0.79

E 250,000 & Above 0.00 - 1.44 Swazi Bank E 5,000 - E 50,000 3.40

E 50,001 - E100,000 3.45

E100,001 - E500,000 3.60

E500,001 & Above 3.85

FNBANK : E 500 - E 999 0.00 - 0.50 Building Society: Ordinary Savings 2.25

E 1,000 - E 4,999 0.00 - 0.50

E 5,000 - E 14,999 0.00 - 0.50

E 15,000 - E 19,999 0.00 - 0.50

E 20,000 - E 24,999 0.00 - 0.50

E 25,000 - E 49,999 0.00 - 0.50

E 50,000 - E 74,999 0.00 - 0.75

E 75,000 - E 99,999 0.00 - 0.75

E 100,000 - E 149,999 0.00 - 1.00

E 150,000 - E 249,999 0.00 - 1.00

E250,000 & Above 0.00 - 1.00

Source: Commercial Banks & Swaziland Building Society

4.3 PUBLIC DOMESTIC DEBT The total government domestic debt stock outstanding at the end of March 2018 stood at E7.74 billion, marking an over 6 per cent increase from the previous quarter and a 26

per cent year on year increase from the E6.078 billion recorded in March 2017. The increase in domestic debt was driven by improved uptake of government short, medium to long


term papers. The amounts outstanding for Treasury Bills and Treasury bond accounted for over 60 per cent of the increase in the total

outstanding domestic debt during the quarter under review, and over seventy 75 per cent of the increase during the financial year.

TABLE 4: PUBLIC DOMESTIC DEBT PORTFOLIO (E’MILLION)

Type of debt Sep’17 Dec’17 Mar’18Treasury Bonds 3,340.39 50.01% 3,616.81 49.87% 3,695.86 47.97%Treasury Bills 1,936.92 29.00% 2,154.56 29.71% 2,364.04 30.69%CBS Advance 1,292.55 19.35% 1,292.55 17.82% 1,292.55 16.78%Promissory Notes 109.5 1.64% 188.73 2.60% 351.57 4.56%Total Domestic Debt 6,679.36 100% 7,252.65 100% 7,704.02 100% As % GDP 11.4 12.3 12.3


At the end of March 2018, total public debt stood at 20.6 per cent of GDP down from 21.6 per cent recorded in the previous quarter ending December 2017 but up 1.4 per cent

year-on-year from 19.2 per cent recorded in March 2017. The proportion between domestic and external debt was at 60 per cent and 40 per cent, respectively.

TABLE 5: PUBLIC DEBT PORTFOLIO BY PROPORTION (E’BILLION)

Category Mar’17 Jun’17 Sep’17 Dec’17 Mar’18Domestic 6.1 6.1 6.7 7.3 7.7 External 5.2 5.4 5.6 5.5 5.1 Total 11.3 11.5 12.3 12.8 12.8 Total Public Debt % to GDP 19.2% 19.5% 20.8% 21.6% 20.6% Total Domestic Debt % to GDP 10.3% 10.3% 11.4% 12.3% 12.3% Proportion Domestic 54% 53% 54% 57% 60%External 46% 47% 46% 43% 40%


4.3.1 Swaziland Government Treasury BillsThe amount of treasury bills outstanding increased by 10 per cent during quarter under review from E2.154 billion recorded in December 2017 to E2.364 billion at the end of March 2018. Holdings of treasury bills by local banks decreased by E209.45 million from the 72 per cent observed last quarter to 67 per cent at the end of March 2018. Non-Bank Financial Institution’s holdings however

increased by E171.50 million from 23 per cent in December to 28 per cent in March 2018. The Central Bank of Swaziland holdings decreased by E0.7 million from E3.12 million in the previous quarter to E2.40 million at the end of March 2018. Holdings by Other Participants including individuals, savings and credit co-operatives, private companies among others, increased by 11.3 per cent to E115.93 million.


4.3.2 Swaziland Government BondsTotal Government bonds outstanding at the end of March 2018 increased by 2 per cent from E3.616 billion recorded in December 2017 to E3.695 billion. A marginal net increase in the outstanding bonds of E3.67 million was observed after the issuance of SG031 which had a full allotment of E150.00 million against a maturity of SG011 with an outstanding amount of E146.33 million. Another positive contributor was the issuance of SGIFB004 where SZL130.40 million was allotted. Non-Bank Financial Institutions continued to be the major participants in the quarter under review as their holdings represented 72 per cent of

total bond outstanding at the end of March 2018. The Non-Bank Financial Institutions’ holdings increased by 1 per cent from E2,605 billion to E2.643 billion. Local Commercial Banks’ holdings decreased by E10.03 million which represents a 1 per cent fall from the last quarter. Local banks therefore accounted for 23 per cent of total bonds outstanding. Other participants and individuals’ holdings stood at E194.81 million representing 5 per cent of total bonds outstanding. Central Bank holdings increased by E0.02 million from E0.90 million in the last quarter to E0.92 million in March 2018.

TABLE 6: HOLDINGS OF SWAZILAND GOVERNMENT TREASURY BILLS (E’MILLION)

Sep’ 2017 Dec’ 2017 Mar’ 2018Total 1,936.92 2,154.59 2,364.04Of which: Local Commercial Banks and Building Society 1,539.11 1,547.17 1,547.06Foreign Banks - - -Non-Bank Financial Institutions 290.27 500.15 671.65Central Bank of SWD (OMO) 1.95 3.12 2.40Other 105.59 104.15 115.93Average Discount (%) 7.960 7.860 7.830Average Yield (%) 8.310 8.190 8.160% of Total Government Domestic Debt 36.70 37.33 31.08


FIGURE 17: TREASURY BILLS & THE AVERAGE DISCOUNT RATE; MARCH 2017 – MARCH 2018

6.4%

6.6%

6.8%

7.0%

7.2%

7.4%

7.6%

7.8%

8.0%

8.2%

8.4%

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Mar'17 Jun'17 Sep'17 Dec'17 Mar'18

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2,500.00 8.4

8.0

7.2

7.6

6.8

6.4

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cent

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0.00

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17

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17

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Average DiscountT-Bills



TABLE 7: HOLDINGS OF SWAZILAND GOVERNMENT BONDS (E’ MILLION)

Sep’ 2017 Dec’ 2017 Mar’ 2018Total 3,340.37 3,616.79 3,695.86Banks and Building Society 856.83 866.83 856.80Non-Bank Financial Institutions 2,341.60 2,605.10 2,643.33Other 141.04 143.96 194.81Central Bank of SWD (OMO) 0.90 0.90 0.92Foreign Banks 0 0 0(%) of Total Government Domestic Debt 50.00 50.00 48.00


TABLE 8: SWAZILAND GOVERNMENT BONDS LISTED ON SSX

Bond Coupon Redemption Date Nominal Value (Emalangeni)SG016 8.25% 31/08/2018 150,000,000.00SG017 8.50% 31/10/2020 251,100,000.00SG018 9.25% 31/01/2024 223,441,000.00SG020 8.25% 20/10/2019 82,200,000.00SG021 8.25% 30/07/2018 125,710,000.00SG022 8.75% 25/09/2022 96,035,000.00SG023 8.75% 30/11/2020 250,000,100.00SG023 8.75% 30/11/2020 76,390,000.00SG024 9.50% 31/05/2019 200,000,600.00SG025 10.00% 20/06/2021 178,050,000.00SG026 (Prime-150bps) 9.00% 31/08/2023 178,650,000.00SG027 10.75% 31/10/2026 171,650,000.00SG025 (Reopening) 10.00% 20/06/2021 169,240,000.00SG029 10.50% 28/02/2022 129,260,000.00SG030 10.25% 30/06/2024 134,495,000.00SGIFB001 9.75% 31/07/2022 42,320,000.00SG027 (Reopening) 10.75% 31/10/2026 100,500,000.00SGIFB002 10.00% 31/10/2025 222,020,000.00SGIFB003 10.25% 29/12/2026 54,402,000.00SG031 10.00% 31/01/2025 150,000,200.00SGIFB004 (Prime-50bps) 10.25% 29/03/2018 130,400,000.00TOTAL 2,313,533,300.00


4.3.2.1 Bond IssuancesTwo bonds were issued during the quarter under review. A fixed 7-Year plain vanilla bond SG031 paying a fixed annual coupon of 10.00 per cent was successfully issued at the end of January 2018. An amount of E150 million was offered with a greenshoe option

of 50 per cent of the amount on offer. A total of E197 million competitive bids and E0.77 million non-competitive bids were received. The full amount of E150 million was allotted comprising of E149.23 million competitive bids and E0.77 million non-competitive bids at a weighted average yield of 10.305 per cent.


4.3.2.2 Coupon Payments

TABLE 9: FIRST QUARTER COUPON PAYMENTS

Name Coupon Rate (%)

Tenor Date Nominal Amount

Coupon Amount

SGIFB001 9.750 5 Year Bond 31-Jan-18 42,320,000.00 2,080,056.97 SG12MTNSMF 9.250 1 Year Bond 31-Jan-18 60,000,000.00 1,398,904.11 SG12MTNSMF 9.250 1 Year Bond 31-Jan-18 60,000,000.00 1,398,904.11 SG018 9.250 10 Year Bond 31-Jan-18 223,441,000.00 10,419,084.42 SG011 8.250 7 Year Bond 31-Jan-18 146,330,000.00 6,085,724.38 SG12MTNOMS 9.250 1 Year Bond 24-Feb-18 50,000,000.00 1,165,753.43 SG36MTNOMS 9.420 3 Year Bond 24-Feb-18 10,000,000.00 237,435.62 SG12MTNOMS 9.210 1 Year Bond 24-Feb-18 15,000,000.00 1,381,200.00 SG026 9.000 7 Year Bond 28-Feb-18 178,650,000.00 8,194,651.02 SG029 10.500 5 Year Bond 28-Feb-18 129,260,000.00 6,730,373.41 SG016 8.250 5 Year Bond 28-Feb-18 150,000,000.00 6,136,643.85 SG022 10.250 7 Year Bond 26-Mar-18 96,035,000.00 4,881,340.64 SG60MTNNB01 10.750 5 Year Bond 30-Mar-18 30,000,000.00 3,225,000.00

1,191,036,000.00 53,335,071.96 Source: Central Bank of Swaziland

The fourth infrastructure bond issuance took place at the end of March 2018 where a 10-year floating rate bond at prime less 0.5 per cent was issued. E150 million was offered with a greenshoe option of 50 per cent of the amount on offer. A total of E168 million competitive bids and E0.40 million non-competitive bids were received. Out of the bids received a

total of E130.40 million bids were allotted comprising of E130 million competitive bids and E0.40 million non-competitive bids at a weighted average yield of 10.738 per cent. During the quarter under review, the bank incurred a total of E106.67 million in respect of coupon payments for both Treasury Bonds and Suppliers Bond.


The table below shows private placements that were issued up to March 2018.

TABLE 10: PRIVATE PLACEMENTS

Security Tenor Maturity Date Rate Amount

IssuedSGMTN18NED (Prime-165 bps) 1.5 Year Bond 5-Jun-18 8.850% 100,000,000.00SGMTM18SBS (Prime-125 bps) 1.5 Year Bond 2-Jun-18 9.250% 20,000,000.00SGMTM24SBS (Prime-100 bps) 2 Year Bond 2-Dec-18 9.500% 30,000,000.00SGMTM36SDSB (Prime) 3 Year Bond 2-Dec-19 10.500% 50,000,000.00SG18MTNMVA (Prime-100 bps) 1.5 Year Bond 29-Jun-18 9.500% 20,000,000.00SG36MTNSTD1 (Prime-100 bps) 3 Year Bond 22-Dec-19 10.000% 15,000,000.00SG24MTNSTD (Prime-75 bps) 2 Year Bond 22-Dec-18 9.750% 15,000,000.00SG18MTNSTD (Prime-100 bps) 1.5 Year Bond 22-Jun-18 9.500% 20,000,000.00SG18MTNFNB (Prime-100 bps) 1.5 Year Bond 23-Jun-18 9.500% 20,000,000.00SG36MTNFNB (Prime-75 bps) 3 Year Bond 23-Dec-19 10.500% 20,000,000.00SG60MTNAAS (Prime) 3 Year Bond 24-Feb-20 9.645% 10,000,000.00SG36MTNOMS (3 Months JIBAR+232 bps) 5 Year Bond 10-Feb-22 10.750% 30,000,000.00SG24MTNSBS2 (Prime-50 bps) 2 Year Bond 4-Apr-19 10.250% 40,000,000.00SG12MTNSBSMMF1 (Prime-200 bps) 1 Year Bond 20-Feb-19 8.5000% 80,000,000.00Total 470,000,000.00


FIGURE 18: TREASURY BILLS & BONDS; JANUARY 2018 – MARCH 2018

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TABLE 11: STANDARD CRITICAL VALUE OF DEBT RATIOS AS AT END-MARCH 2018

Ratio Critical Ratio (%)

Swaziland’s Ratio (%)

Public External Debt Stock to Exports of goods and services 100-200 23.40Public External Debt Stock to GDP 30-50 8.3Public Domestic Debt Stock to GDP 20-25 12.3Public External Debt Service to exports of goods and services 15-25 1.36

Source: The World Bank, World Debt Tables: 1989-91 & Central Bank of Swaziland

4.4.4 New Loans / Loan MaturityFor the quarter ending March 2018, no new

loans were signed and no loans reached maturity.

4.3.3 Central Bank Advance to GovernmentAn amount of E1.2 billion was advanced to the government by the Bank during the fiscal year ending March 2018 in accordance with the Central Bank of Swaziland Order of 1974. This represented a marginal increase of 17 per cent from the E1.1 billion recorded at the end of the previous fiscal year. The advance has been rolled over periodically from the past fiscal year up to the end of March 2018.

4.3.4 Promissory NotesIn an endeavour to curb accumulation of arrears, the government issued Promissory Notes in during the fiscal year 2017/18 to private companies in respect of services rendered to the government. Promissory notes outstanding increased from E184.5 million recorded in 2016/17 to settle at E351.2 million in 2017/18.

4.4 PUBLIC EXTERNAL DEBT

4.4.1 Debt StockPreliminary figures for the quarter ending March 2018 indicated that public sector external debt decreased in nominal terms. The decrease was mainly due to debt service payments effected in the quarter as well as a strengthening of the Lilangeni against international currencies in which the country’s liabilities are denominated in the quarter under review.

As at the end of March 2018, total public external debt (including public and publicly guaranteed debt) stood at E5.2 billion, an equivalent of 8.3 per cent of GDP. This reflects a decrease of 5.4 per cent when compared to E5.5 billion recorded in the quarter ending December 2017. Central Government decreased to E5.0 billion from E5.3 billion recorded at the end of December 2017.

4.4.2 DisbursementsWhile projects under implementation continued to disburse under the project loans, the information for disbursements is not available for this period under review.

4.4.3 Debt ServiceFor the quarter ending March 2018, total debt service amounted to E82.5 million. Of this amount, principal repayments accounted for E47.7 million while interest payments accounted for E34.8 million.

Swaziland’s debt ratios have remained reasonably low compared to other African countries based on debt critical ratios for Low Income Countries established by the Brettonwoods Institutions (IMF & World Bank). The country’s debt position for the period ending March 2018 is summarised in the table below:


4.5 BALANCE OF PAYMENTS (AS AT QUARTER ENDING DECEMBER 2017)

4.5.1 OverviewSwaziland’s overall balance of payments posted a deficit of E88.7 million in the fourth quarter of 2017. This is reflected as a net E88.7 million decline in the country’s foreign reserve assets largely attributable to a E128.4 million depletion in foreign securities invested outside the country’s borders. In the third quarter, the country acquired a net E199.6 million in foreign reserves.

4.5.2 Current AccountIn the quarter ending December 2017, Swaziland posted a E1.305 billion current account surplus which shows a reduction of E581.5 million from the surplus reported in the third quarter. The deceleration in the surplus was due to a wider net outflow in the primary income account. The surplus in the fourth quarter was equivalent to 2.2 per cent of GDP from 3.2 per cent in the previous quarter.

4.5.3 Trade AccountThe trade account registered a quarterly 14.7 per cent wider surplus of E1.683 billion when compared with the previous quarter. The surplus is explained by the country’s exports which grew faster than imports during the period. Merchandise export receipts grew by 12.1 per cent quarter-on-quarter in the fourth quarter after surging a significant 24.5 per cent in the third quarter. A year-on year comparison, however, paints a different picture showing a 3.6 per cent decline in receipts related to exports of merchandise goods. The notable erosion of export receipts in the fourth quarter is partly attributable to the stronger Lilangeni against major world currencies when compared to the same period in 2016.

Export earnings from products of chemical industries rose 34.2 per cent quarter-on-quarter to E4.031 billion in the fourth quarter of 2017. Contributing to this increase were ‘perfumery and preparations’ and ‘miscellaneous chemical products’ which account for 96.6 per cent of total receipts posted under products of chemical industries. Sugar and sugar confectionary recorded exports amounting to E1.085 billion, depicting a 20.2 per cent decline from the preceding quarter. This is usual taking into account the seasonality of the sugar industry. In the third quarter, sugar and sugar confectionary recorded a 34.0 per cent quarter-on-quarter increase in export receipts.

Over the years, data shows that the country’s wood and wood products are consumed in the South African market. Earnings from this product line dropped by 12.7 per cent quarter-on-quarter to E322.5 million after a 14.2 per cent increase in the previous quarter. Textiles and articles of textiles showed some resilience during the fourth quarter, registering a 3.3 per cent quarterly increase in earnings to E847.7 million. From a year earlier, textiles yielded a 4.4 per cent increase in export proceeds. The South African market has proven to be a buffer for textiles which have recorded consistent growth along the years.

The country’s import bill grew by 11.3 per cent to E5.401 billion in the last quarter of 2017. Imports are largely dominated by fuel imports which grew to E677.9 million, depicting a 10.4 per cent rise from the previous quarter. Fuel imports grew a significant 11.2 per cent from a year earlier in tandem with a 26.2 per cent year-on-year increase in vehicle imports. A quarterly analysis shows that vehicles cost the country an amount of E419.3 million in the fourth quarter, rising by 8.3 per cent from the previous quarter.


4.5.4 Services AccountThe services account deficit narrowed by 8.1 per cent quarter-on-quarter to E1.061 billion in the final quarter of 2017. Services inflows posted an impressive E841.7 million in the fourth quarter, an expansion of 84.5 per cent from the previous quarter. Outflows for the quarter were E1.902 billion, an 18.2 per cent quarter-on-quarter increase.

Net outflows of E496.9 million were recorded in the transport services account in the quarter ending December 2017, an increase of 4.4 per cent from the E476.2 million of the preceding period. Transport services inflows were E131.9 million, growing by 18.3 per cent owing to increases in all transport services exports. The transport services account registered outflows of E628.8 million, a quarterly growth of 6.6 per cent compared to the third quarter.

Travel services in the final quarter of the year registered a narrow deficit of E148.9 million compared to the E206 million deficit in the previous quarter. Swaziland remains a net importer of travel services, notwithstanding the 27.7 per cent quarterly contraction in net travel services owing to a decline in the demand for business and personal travel

services. Travel services inflows grew by 21 per cent to E53.1 million with outflows plunging by 19.2 per cent to E202 million.

4.5.5 Primary IncomeThe primary income account recorded a deficit of E1.374 billion in the final quarter of 2017, a significantly wider deficit than the E721.4 million recorded in the preceding quarter. The increased deficit is as a result of net outflows in investment income and other primary income of E1.120 billion and E355.3 million respectively. Compensation of employees, on the other hand, recorded a surplus of E100.7 million in the same period, and was not enough to offset the shortfall in the other sub accounts.

In the quarter ending December 2017, compensation of employees’ inflows amounted to E134.5 million, 30.6 per cent higher than the previous quarter. Compensation of employees outflows recorded a decrease of 12.0 per cent quarter-on-quarter from E38.6 million.

Investment income inflows amounted to E432.0 million from a lower E313.9 million in the third quarter. Outflows in the same account,

FIGURE 19: CURRENT ACCOUNT; DECEMBER 2016 – DECEMBER 2017

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Export of Goods & Services Import of Goods & Services

Trade BalanceCurrent Account Balance

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Export of Goods and Services Import of Goods and Services

Current account Trade Balance

2016Q4 2017Q1 2017Q2 2017Q3 2017Q4



however, increased from E899.8 million to E1.552 billion on account of dividend payments of E623.6 million and reinvested earnings withdrawals of E884.1 million.

During the review quarter, other primary income inflows recorded a quarter-on-quarter decline of 24.7 per cent to E136.0 million. Outflows in this subaccount increased by a quarterly 26.0 per cent to E491.3 million, explaining the deterioration in the category. A major component in the other primary income sub-account is the taxes on products and production for both inflows and outflows.

4.5.6 Secondary IncomeThe secondary income account surplus contracted by a quarterly 10.3 per cent in the last quarter of 2017, recording a lower surplus of E2.057 billion. A year-on-year analysis, however, shows a significant increase of 31.0 per cent.

Underpinning the consistent surplus observed in the account are SACU receipts, whose inflows amounted to E1.777 billion in the period representing 86.4 per cent of total inflows. Other inflows include personal transfers of E323.9 million as well as other transfers of E97.7 million. Secondary income outflows increase by 10.8 per cent quarter-on-quarter to E141.4 million comprising of social contributions, insurance and other miscellaneous transfers.

4.5.7 Financial AccountThe financial account shows that during the last quarter of 2017, the country acquired foreign assets amounting to E2.017 billion, making it a net lender during the period. In the third quarter the financial account posted a net E1.438 billion in foreign asset acquisitions. The increase in the asset base is attributable to movements in the ‘other investment’ account. The direct investment account recorded E167.5 million net gains in foreign assets acquired in the fourth quarter from a net incurrence of E746.1 million in liabilities during the preceding quarter. The account acquired E946.5 million worth of foreign assets from a E4.6 million drop in assets in the third quarter. The assets acquired during the period consist mainly of debt instruments extended to fellow enterprises.

The portfolio investment account posted a net deterioration of E158.2 million in foreign assets acquired in the fourth quarter of 2017 after registering a net E200 million decline in assets acquired in the preceding period.

The ‘other investment’ account recorded a net acquisition of E2.052million in foreign assets driven by trade credits extended to foreign customers of exports. In the third quarter the net increase in assets acquired was wider at E2.140 million. Foreign liabilities incurred rose by E424.0 million buoyed by a E358.1 million worth of short term currency and deposits liabilities received by deposit taking corporations.


FIGURE 20: FINANCIAL ACCOUNT; DECEMBER 2016 – DECEMBER 2017

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2016Q4 2017Q1 2017Q2 2017Q3 2017Q4

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5.1 Monetary Policy Statement – January 2018On 19 January 2018 the Central Bank of Swaziland (Bank), together with the Monetary Policy Consultative Committee (MPCC) held a meeting to consider the appropriate monetary policy stance for the Bank in the upcoming two months.

The appropriate monetary policy stance was taken after considering the international, regional and domestic economic conditions, which the Bank envisaged would have an effect on its price and financial stability mandate. The Bank decided to lower the discount rate by 0.25 per cent from 7.25 per cent to 7 per cent, effective 20 November 2017.

The underlying reasons to cut the discount rate are discussed below: Firstly, international economic conditions continue to show signs of sustained improvement since the last MPCC meeting in November 2017. The growth momentum is sustained in advanced and emerging markets whilst inflationary pressures in most of these countries is closer to targets. The South African economy is also seen to be improving in the latter quarters after a tough first half of the year in 2017.

Secondly, inflation pressures have subsided whilst inflation forecasts also come down. Inflation decelerated to 4.7 per cent in December 2017 from 4.9 per cent in November 2017. The observed decrease in inflation was mainly driven by a decline in food inflation which decelerated from 3.5 per cent in November to 2.6 per cent in December 2017. Additional deflationary pressures emanated from slower price increases in the price indices for furnishing, household equipment and routine household maintenance, which decreased from 3.5 per cent in November to 2.4 per cent in December 2017.

In 2017, inflation averaged 6.2 per cent, 0.32 per cent lower than the forecast average of

6.52 per cent for the year. Annual average inflation is forecasted at 5.6 per cent for 2018. On a quarterly basis, inflation is forecasted to average 5.37 per cent in the first quarter, 5.21 per cent for the second quarter, 5.4 per cent for the third quarter and 6.34 per cent for the fourth quarter. The volatile Lilangeni exchange rate against major currencies and the rising oil prices remain the main upside risks to inflation whilst the falling food prices pose a downside risk.

Thirdly, growth in the banking sector’s credit to the private sector remained relatively subdued over the period under review. Annual growth in credit extended to the private sector stood at 4.8 per cent at the end of November 2017, lower than the 10.8 per cent increase recorded in September 2017. The slowdown in growth was attributed to slower increase in credit to all components when compared to data presented at the November MPCC meeting. Growth in credit extended to the Businesses slowed from 16.9 per cent in September to 11.4 per cent in November 2017. Similarly, growth in credit to Household sector slumped from 5.8 per cent in September to a meagre 1.2 per cent in November 2017. On the other hand, credit to Other Sectors declined by 7.8 per cent over the same period.

Lastly, as at 12 January 2018, the country’s Gross Official Reserves amounted to E8.4 billion, reflecting a 21.2 per cent increase from the E6.93 billion recorded in December 2017. The growth in Reserves was mainly due to the quarterly inflow of the SACU receipts. At this level, the Reserves were sufficient to cover an estimated 4.1 months of imports of goods and services.

The Bank will continue to monitor developments that will influence the movement of inflation and reassures members of the public that it will act appropriately if there are significant changes to the inflation outlook.

Furthermore, the Bank reassures the public that the current monetary policy stance

5. STATEMENTS OF THE MONETARY POLICY COMMITTEE


remains supportive to economic growth and employment creation. The effective date for this discount rate (7 per cent) is 20 January 2018.

5.2 Monetary Policy Statement – March 2018On the 29 March 2018, the Central Bank of Swaziland (Bank), together with the Monetary Policy Consultative Committee (MPCC) held a meeting to consider the appropriate monetary policy stance for the Bank for the upcoming two months.

The appropriate monetary stance was taken after considering international, regional and domestic economic conditions, which the Bank envisaged would have an effect on its price and financial stability mandate.

The Bank decided to cut the discount rate by 25 basis points from 7 per cent to 6.75 per cent, effective 31 March 2018.

The underlying reasons for the cut in the discount rate are enumerated below:

Global economic activity continues to firm up owing to an increased momentum in global growth and the expected impact in U.S. tax policy changes that have been recently approved. On the other hand, inflation in advanced economies continues to be on an upward trajectory, with inflation rates above set targets due to inflationary pressures emanating from increasing oil prices. Under regional developments, growth in South Africa firmed up from 2.3 per cent in the third quarter 2017 to 3.1 per cent in the last quarter. Furthermore, consumer inflation moderated to 4 per cent in February 2018 from 4.4 per cent in January 2018, and is expected to average 4.9 per cent in 2018 due to the stronger exchange rate. This demonstrates that inflationary pressures have moderated somewhat.

Domestic consumer prices continued on

a downward path, with headline inflation declining to 4.0 per cent in February 2018 from 4.6 per cent in January 2018. The slowdown in consumer prices mainly benefitted from slower increases in the price indices for ‘food and non-alcoholic beverages’, ‘transport’ and ‘clothing and footwear’.

As inflationary pressures continued to moderate in the opening two months of 2018, the Bank revised downwards its forecasts to reflect an average of 5.41 per cent for the year 2018, from the previous forecast of 5.61 per cent. The Bank expects inflation to moderate to 4.93 per cent and 5.21 per cent in the first and second quarter of 2018 respectively. The proposed increase in Value Added Tax (VAT), rising oil prices and adjustment of administered prices pose upside risks to the inflation outlook.

Growth in the private sector credit has shown significant improvement since the last seating of the Committee. Year-on-year credit extension to the private sector grew by 12.7 per cent at the end of February 2018, higher than the 8.9 per cent growth recorded in December 2017. This was boosted by the accommodative monetary policy stance pursued by the Bank since January 2018.

As at 23 March 2018, the country’s reserves were at E6.6 billion, equivalent to 3.3 months of imports of goods and services. The country’s reserves have remained above the recommended 3 months of imports of goods and services.

The Bank will continue to monitor developments that will influence the movements of inflation and reassures members of the public that it will act appropriately if there are significant changes to the inflation outlook. The Bank further reassures the public that the Bank’s monetary policy stance remains supportive to economic growth and employment creation. The effective date for this bank rate (6.75 per cent) is 31 march 2018.


STATISTICAL APPENDIX


Table S 1.1CENTRAL BANK OF SWAZILAND, ASSETS

(E’000) Table S 1.1CENTRAL BANK OF SWAZILAND, ASSETS

(E'000)--------------------------- ------------------------------ ----------------------------- --------------------------- --------------------------- ------------------------------------------------------- --------------------------- --------------------------- ---------------------------

Claims on Non-residents Claims On------------------------------ ----------------------------- --------------------------- --------------------------- ------------------------------------------------------- ---------------------------

Cash and Other Claims Other Other Fixed andPeriod Bals with on Total Depository Resident Other TotalEnded Banks Non-residents Claims Govt. Corporations Sectors Total Assets Assets

--------------------------- ------------------------------ ----------------------------- --------------------------- --------------------------- ------------------------------------------------------- --------------------------- --------------------------- ---------------------------2005 1,435,653 102,097 1,537,750 100,571 707 5,525 106,803 212,823 1,857,3762006 2,430,467 138,658 2,569,125 55,122 21,843 4,933 81,898 191,370 2,842,3932007 3,699,049 734,728 4,433,777 14,740 1,848 4,992 21,580 128,662 4,584,0202008 6,402,898 1,270,634 7,673,532 0 1,852 7,867 9,719 133,277 7,816,5292009 5,124,761 1,828,896 6,953,658 777 1,840 11,693 14,310 269,902 7,237,8702010 3,518,448 1,391,673 4,910,121 841 1,838 16,415 19,094 217,438 5,146,6522011 3,299,197 1,429,701 4,728,898 746,256 1,836 18,841 766,933 238,607 5,734,4382012 4,621,317 1,536,164 6,157,481 58,420 660 19,544 78,624 285,085 6,521,1902013 6,767,427 1,861,104 8,628,531 60,363 665 18,868 79,896 348,084 9,056,5112014 6,705,672 1,949,836 8,655,509 2,613 1,835 20,100 24,549 442,774 9,122,8312015 7,064,323 2,371,703 9,436,027 1,390 667 22,250 24,307 418,433 9,878,7672016 6,442,447 2,608,819 9,051,266 1,124,106 25,670 25,534 1,175,309 431,236 10,657,8112017 5,270,440 2,928,619 8,199,060 1,323,157 667 30,151 1,353,976 1,876,709 11,429,7452010March 4,806,200 1,714,386 6,520,586 1,035 1,850 12,829 15,714 196,240 6,732,540June 3,800,540 1,676,419 5,476,959 542 1,839 15,545 17,925 186,732 5,681,616September 3,918,002 1,416,595 5,334,597 957 1,845 15,967 18,769 197,082 5,550,449December 3,518,448 1,391,673 4,910,121 841 1,838 16,415 19,094 217,438 5,146,6522011March 3,143,617 1,331,802 4,475,419 551,001 36,840 16,919 604,761 207,766 5,287,946June 2,834,743 1,383,599 4,218,342 748,943 1,836 17,257 768,036 217,429 5,203,807September 3,100,528 1,415,627 4,516,155 756,422 1,840 18,583 776,845 239,139 5,532,140December 3,299,197 1,429,701 4,728,898 746,256 1,836 18,841 766,933 238,607 5,734,4382012March 2,992,210 1,303,657 4,295,867 755,747 1,840 20,198 777,784 248,416 5,322,067June 3,504,561 1,389,246 4,893,807 766,679 1,836 21,037 789,552 266,603 5,949,962September 3,948,823 1,457,222 5,406,045 58,906 3,830 19,471 82,207 267,914 5,756,165December 4,621,317 1,536,164 6,157,481 58,420 660 19,544 78,624 285,085 6,521,1902013March 5,291,828 1,515,571 6,807,399 58,157 46,839 20,794 125,790 312,797 7,245,986June 6,010,954 1,669,506 7,680,459 58,111 8,835 21,182 88,128 310,638 8,079,225September 6,068,198 1,748,689 7,816,887 58,430 91,707 21,630 171,768 323,352 8,312,007December 6,767,427 1,861,104 8,628,531 60,363 665 18,868 79,896 348,084 9,056,5112014January 7,924,392 2,019,474 9,943,866 59,541 46,839 18,514 124,894 372,288 10,441,047February 7,447,494 1,953,583 9,401,077 59,162 1,842 19,412 80,415 355,374 9,836,867March 6,946,042 1,836,419 8,782,462 1,265 31,837 18,821 51,923 389,156 9,223,542April 7,595,695 1,836,892 9,432,587 1,512 11,841 19,490 32,843 402,669 9,868,099May 6,816,064 1,811,564 8,627,628 1,484 41,845 19,459 62,788 415,114 9,105,530June 6,319,253 1,877,745 8,196,999 1,979 60,534 19,607 82,120 407,460 8,686,578July 7,309,823 1,876,398 9,186,221 1,483 1,688 19,810 22,981 402,549 9,611,752August 6,494,854 1,836,278 8,331,132 26,299 1,841 19,961 48,102 401,660 8,780,894September 6,017,772 1,906,962 7,924,734 1,485 1,837 20,279 23,602 411,181 8,359,517October 7,194,348 1,855,269 9,049,618 2,122 31,841 20,343 54,306 430,836 9,534,760November 6,879,234 1,858,082 8,737,316 2,282 1,844 20,519 24,645 413,433 9,175,394December 6,705,672 1,949,836 8,655,509 2,613 1,835 20,100 24,549 442,799 9,122,8562015January 7,549,111 1,911,355 9,460,466 3,174 110,839 17,861 131,874 428,445 10,020,785February 7,279,749 1,898,124 9,177,873 2,699 1,842 17,956 22,497 408,023 9,608,393March 7,034,808 1,816,562 8,851,370 2,797 1,838 16,798 21,433 410,963 9,283,766April 7,545,316 1,809,615 9,354,932 3,233 1,841 16,526 21,601 417,827 9,794,360May 6,994,168 1,831,569 8,825,737 3,866 1,845 17,113 22,823 421,146 9,269,706June 6,680,158 1,901,142 8,581,299 5,053 665 17,740 23,457 420,801 9,025,557July 7,377,592 1,956,426 9,334,018 3,876 1,839 20,545 26,259 428,490 9,788,767August 6,967,674 2,050,869 9,018,542 3,066 1,842 21,772 26,681 425,931 9,471,154September 6,767,440 2,106,107 8,873,547 2,744 1,708 22,061 26,514 435,242 9,335,304October 7,716,726 2,094,988 9,811,714 2,543 1,843 21,170 25,555 439,530 10,276,800November 7,577,937 2,146,153 9,724,089 2,517 1,847 21,859 26,224 433,751 10,184,064December 7,064,323 2,371,703 9,436,027 1,390 667 22,250 24,307 418,433 9,878,7672016January 8,243,452 2,408,241 10,651,693 1,534 1,842 23,127 26,503 444,179 11,122,375February 7,305,424 3,040,283 10,345,708 1,904 1,846 23,593 27,344 429,852 10,802,903March 7,229,579 2,749,755 9,979,334 3,278 1,310 24,124 28,712 445,577 10,453,623April 7,931,115 2,666,976 10,598,091 2,955 121,844 23,765 148,564 445,749 11,192,404May 7,141,454 2,965,992 10,107,446 555,307 1,849 24,142 581,298 453,256 11,142,000June 6,974,735 2,786,320 9,761,055 558,355 669 24,344 583,367 443,698 10,788,119July 7,149,037 2,671,100 9,820,137 560,424 1,844 24,912 587,180 478,760 10,886,077August 6,531,188 2,809,493 9,340,681 1,116,425 1,850 24,884 1,143,159 432,842 10,916,682September 6,192,950 2,650,465 8,843,416 1,122,620 1,313 24,509 1,148,441 433,118 10,424,975October 6,929,372 2,575,693 9,505,065 1,128,235 36,847 24,458 1,189,541 463,259 11,157,864November 6,438,055 2,647,347 9,085,402 1,117,149 1,853 24,998 1,144,000 442,285 10,671,687December 6,442,447 2,608,819 9,051,266 1,124,106 25,670 25,534 1,175,309 431,236 10,657,8112017January 6,992,505 2,568,507 9,561,012 1,130,052 2,925 26,458 1,159,436 428,550 11,148,997February 6,250,315 2,544,957 8,795,272 1,116,653 2,017 26,799 1,145,469 430,395 10,371,136March 5,811,930 2,816,526 8,628,457 1,123,211 2,010 26,603 1,151,824 439,953 10,220,233April 6,663,774 2,831,032 9,494,806 1,129,384 1,349 27,088 1,157,821 416,303 11,068,929May 5,895,010 2,837,166 8,732,176 1,117,274 2,017 27,802 1,147,093 443,781 10,323,050June 5,310,912 2,887,843 8,198,756 1,124,211 45,667 27,595 1,197,473 468,754 9,864,983July 6,577,789 2,947,543 9,525,332 1,130,028 1,981 28,798 1,160,808 443,212 11,129,351August 5,720,422 2,938,286 8,658,708 1,116,945 2,015 29,081 1,148,041 447,209 10,253,958September 5,509,845 3,043,445 8,553,290 1,298,403 2,065 29,090 1,329,558 436,303 10,319,151October 6,757,971 3,145,449 9,903,420 1,306,471 2,055 29,095 1,337,621 1,876,435 13,117,477November 6,143,897 3,124,697 9,268,594 1,314,683 2,061 30,042 1,346,785 1,866,435 12,481,815December 5,270,440 2,928,619 8,199,060 1,323,157 667 30,151 1,353,976 1,876,709 11,429,7452018January 5,963,730 2,885,718 8,849,448 1,329,766 2,056 31,590 1,363,413 1,873,940 12,086,800February 5,397,316 2,885,058 8,282,373 1,337,137 2,066 30,263 1,369,465 1,842,627 11,494,466March 4,962,556 2,881,580 7,844,137 1,336,677 2,038 30,861 1,369,576 534,440 9,748,153ChangeOver 12 Months (849,374) 65,054 (784,320) 213,466 28 4,258 217,752 94,488 (472,080)--------------------------- ------------------------------ ----------------------------- --------------------------- --------------------------- ------------------------------------------------------- --------------------------- --------------------------- ---------------------------

CLAIMS ON GOVERNMENT - Includes Swaziland Government Securities and Loans with the CBS.CLAIMS ON OTHER DEPOSITORY CORPORATIONS - Includes CBS claims on Banks and the Building Society including accrued interest.CLAIMS ON OTHER RESIDENT SECTORS - Includes CBS claims on other sectors such as staff and other financial corporations.FIXED AND OTHER ASSETS - Includes fixed and other assets plus revaluation deficit payable by Government.

EXTERNAL RESERVES - These are holdings by the Central Bank of Swaziland with external banks, Rand notes, foreign treasury bills and acceptances, the reserve position in IMF and SDR holdings.


Table S 1.2CENTRAL BANK OF SWAZILAND, LIABILITIES

(E’000)Table S 1.2CENTRAL BANK OF SWAZILAND, LIABILITIES

(E'000)---------------------- ---------------------- ---------------------- ---------------------- ---------------------------------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ------------------------------------------

Emalangeni in Circulation Deposits---------------------- ---------------------- ---------------------- ---------------------------------------------- ---------------------- ---------------------- ----------------------

Period Govt. Other Other Capital Ended Notes Coins Total Govt. Lending Depository Resident External and Allocation Other Total

Funds Corporations Sectors Total Liabilities Reserves of SDRs Liabilities Liabilities---------------------- ---------------------- ---------------------- ---------------------- --------------------------------------------------------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ------------------------------------------2005 306,932 34,277 341,209 1,090,674 92,368 148,650 6,658 1,338,351 17,767 42,841 58,458 58,751 1,857,3762006 342,160 36,349 378,509 1,945,916 50,344 186,409 1,613 2,184,281 72,398 53,187 68,453 85,565 2,842,3932007 370,052 37,887 407,939 2,715,023 68,738 349,750 813 3,134,324 105,947 242,866 70,224 622,720 4,584,0202008 374,962 41,226 416,188 5,170,317 22,672 525,729 1,623 5,720,340 628,469 315,252 93,299 642,981 7,816,5292009 462,849 44,807 507,656 4,042,703 29,818 795,795 1,601 4,869,918 603,048 503,191 557,852 196,205 7,237,8702010 515,849 47,673 563,522 2,255,215 28,933 599,055 8,743 2,891,945 613,523 573,030 495,930 8,701 5,146,6522011 491,392 49,506 540,898 1,837,574 26,965 868,501 371,803 3,104,843 524,285 605,152 601,455 357,805 5,734,4382012 590,211 52,570 642,781 2,479,015 24,809 776,550 374,479 3,654,854 601,422 635,632 632,203 354,298 6,521,1902013 674,533 58,179 732,713 4,325,437 22,917 795,868 372,185 5,516,408 698,589 705,099 785,112 618,590 9,056,5112014 808,820 62,841 871,661 4,145,794 20,739 996,378 17,970 5,180,881 827,812 836,544 808,980 596,978 9,122,8562015 895,416 67,463 962,879 3,950,761 18,693 1,201,014 12,569 5,183,038 861,118 891,165 1,040,538 940,030 9,878,7672016 941,323 71,479 1,012,802 3,667,411 22,736 1,500,663 366,997 5,557,807 1,753,112 947,101 891,504 495,486 10,657,8112017 980,336 77,158 1,057,495 3,479,907 10,625 1,509,949 286,998 5,287,479 1,492,617 997,039 850,047 1,745,068 11,429,7452010March 439,156 42,396 481,552 3,747,166 29,732 714,395 9,582 4,500,874 547,901 576,647 538,530 87,036 6,732,540June 457,421 43,202 500,623 2,541,710 29,656 757,580 10,422 3,339,369 577,331 573,030 546,904 144,359 5,681,616September 500,551 44,623 545,174 2,508,062 29,337 699,685 8,304 3,245,389 604,189 573,030 523,942 58,726 5,550,449December 515,849 47,673 563,522 2,255,215 28,933 599,055 8,743 2,891,945 613,523 573,030 495,930 8,701 5,146,6522011March 464,446 46,231 510,677 2,502,810 27,708 574,380 8,411 3,113,308 518,184 605,152 517,664 22,961 5,287,946June 448,121 46,235 494,356 2,070,519 27,495 749,432 159,079 3,006,525 524,735 605,152 524,631 48,407 5,203,807September 489,902 46,654 536,556 1,982,512 27,265 583,670 370,410 2,963,857 517,995 605,152 610,975 297,605 5,532,140December 491,392 49,506 540,898 1,837,574 26,965 868,501 371,803 3,104,843 524,285 605,152 601,455 357,805 5,734,4382012March 471,013 48,416 519,428 1,827,454 25,665 592,210 369,799 2,815,127 554,421 635,632 573,241 224,218 5,322,067June 488,748 48,747 537,494 2,328,182 25,590 632,657 371,261 3,357,690 595,146 635,632 602,773 221,227 5,949,962September 519,194 49,825 569,019 2,113,656 25,655 568,763 371,059 3,079,134 573,252 635,632 616,924 282,205 5,756,165December 590,211 52,570 642,781 2,479,015 24,809 776,550 374,479 3,654,854 601,422 635,632 632,203 354,298 6,521,1902013March 557,618 51,485 609,104 3,188,590 23,246 624,188 370,800 4,206,823 664,391 710,850 668,649 386,169 7,245,986June 616,582 53,167 669,749 3,543,980 23,164 776,796 372,056 4,715,996 674,959 710,850 725,943 581,728 8,079,225September 661,079 55,611 716,690 3,706,421 22,966 850,814 370,549 4,950,750 668,202 762,645 745,622 468,098 8,312,007December 674,533 58,179 732,713 4,325,437 22,917 795,868 372,185 5,516,408 698,589 705,099 785,112 618,590 9,056,5112014January 605,756 57,623 663,379 5,662,722 22,883 648,374 367,628 6,701,608 709,935 762,645 835,962 767,519 10,441,047February 647,356 56,794 704,149 5,094,849 22,921 773,638 369,687 6,261,094 679,952 762,645 798,276 630,750 9,836,867March 655,129 57,231 712,361 4,432,588 21,444 753,606 372,800 5,580,438 789,500 843,655 788,191 509,397 9,223,542April 638,969 58,157 697,127 5,099,285 21,464 746,691 375,021 6,242,462 784,095 843,655 790,262 510,498 9,868,099May 676,718 57,603 734,320 4,266,698 21,499 784,736 377,360 5,450,294 780,422 842,295 782,192 516,007 9,105,530June 659,126 58,370 717,496 3,884,909 20,893 812,304 221,720 4,939,826 828,310 842,295 792,127 566,525 8,686,578July 694,588 59,589 754,178 5,215,548 20,916 775,701 15,290 6,027,455 828,792 836,544 792,472 372,312 9,611,752August 732,785 59,745 792,530 4,352,431 20,964 825,480 15,657 5,214,533 803,993 836,544 779,012 354,283 8,780,894September 717,789 60,265 778,054 3,907,244 20,831 680,254 15,362 4,623,691 813,427 836,544 811,356 496,445 8,359,517October 738,758 60,747 799,505 5,131,929 20,875 688,389 15,617 5,856,810 806,161 836,544 782,577 453,164 9,534,760November 816,732 60,556 877,288 4,427,201 20,905 977,814 15,795 5,441,716 802,868 836,544 778,862 438,116 9,175,394December 808,820 62,841 871,661 4,145,794 20,739 996,378 17,970 5,180,881 827,812 836,544 808,980 596,978 9,122,8562015January 686,481 61,643 748,124 5,279,886 20,761 936,762 16,017 6,253,425 838,457 836,544 788,542 555,693 10,020,785February 719,368 61,228 780,596 5,034,800 20,817 762,355 15,967 5,833,939 813,820 836,544 790,458 553,036 9,608,393March 749,251 61,665 810,916 4,531,614 19,279 767,686 15,744 5,334,322 830,005 891,165 811,322 606,036 9,283,766April 739,839 61,485 801,324 5,033,587 19,214 819,359 11,080 5,883,239 827,688 891,164 806,556 584,388 9,794,360May 730,118 62,104 792,222 4,534,894 19,194 756,379 11,255 5,321,723 829,829 891,165 816,025 618,742 9,269,706June 747,051 62,736 809,788 4,160,406 18,932 788,926 11,318 4,979,581 839,994 891,165 826,807 678,222 9,025,557July 757,159 62,941 820,100 5,149,434 18,979 703,368 11,439 5,883,220 843,371 891,165 852,466 498,446 9,788,767August 830,223 63,110 893,332 4,585,512 19,030 769,796 11,329 5,385,667 845,103 891,165 901,060 554,827 9,471,154September 801,402 63,877 865,279 4,126,539 18,778 849,473 11,993 5,006,784 829,130 891,165 939,822 803,124 9,335,304October 812,268 64,155 876,424 5,066,132 18,825 934,729 12,045 6,031,732 821,198 891,165 931,783 724,499 10,276,800November 905,382 64,352 969,734 4,672,820 18,885 1,042,708 17,669 5,752,082 827,655 891,165 953,429 789,999 10,184,064December 895,416 67,463 962,879 3,950,761 18,693 1,201,014 12,569 5,183,038 861,118 891,165 1,040,538 940,030 9,878,7672016January 759,473 65,405 824,878 5,018,037 18,722 1,128,407 11,762 6,176,928 1,089,388 891,165 1,068,670 1,071,347 11,122,375February 797,257 65,796 863,053 4,533,509 18,773 848,096 11,823 5,412,202 1,326,745 891,165 1,065,044 1,244,695 10,802,903March 778,921 65,894 844,815 3,987,550 17,614 1,069,143 162,992 5,237,299 1,627,814 947,101 1,000,323 796,271 10,453,623April 783,968 65,913 849,881 4,032,953 17,662 1,412,020 264,004 5,726,638 1,725,924 891,165 971,101 1,027,694 11,192,404May 808,540 65,994 874,534 3,916,131 17,693 1,003,228 266,178 5,203,230 1,972,340 947,101 1,068,052 1,076,743 11,142,000June 766,146 66,263 832,409 3,880,644 17,344 985,011 264,629 5,147,629 2,030,256 947,101 990,507 840,217 10,788,119July 905,154 66,508 971,662 4,144,137 17,367 1,130,038 264,145 5,555,687 1,966,935 947,101 941,947 502,745 10,886,077August 920,001 65,867 985,869 4,131,862 17,389 1,016,756 266,399 5,432,406 1,990,228 947,101 986,475 574,603 10,916,682September 895,551 67,142 962,693 3,376,931 17,484 1,276,223 264,774 4,935,412 2,196,937 947,101 931,740 451,093 10,424,975October 918,772 67,577 986,349 4,434,524 17,506 1,117,939 364,943 5,934,912 1,963,886 947,101 899,046 426,569 11,157,864November 932,460 68,358 1,000,818 3,662,908 22,765 1,264,188 367,660 5,317,522 1,955,776 947,101 915,453 535,017 10,671,687December 941,323 71,479 1,012,802 3,667,411 22,736 1,500,663 366,997 5,557,807 1,753,112 947,101 891,504 495,486 10,657,8112017January 805,178 69,946 875,125 4,607,186 22,782 1,162,904 365,572 6,158,443 1,773,413 947,101 882,431 512,484 11,148,997February 833,069 69,161 902,230 4,205,012 22,831 993,260 364,511 5,585,613 1,710,558 947,101 850,110 375,523 10,371,136March 820,316 69,132 889,449 3,863,996 10,127 1,006,832 388,134 5,269,088 1,705,896 947,101 874,725 533,974 10,220,233April 900,809 70,047 970,856 4,299,340 10,148 1,481,588 285,459 6,076,535 1,549,059 997,039 879,220 596,219 11,068,929May 890,431 70,783 961,214 3,372,053 10,178 1,679,469 288,700 5,350,400 1,557,379 997,039 878,964 578,053 10,323,050June 871,081 71,722 942,803 3,646,885 23,234 1,249,560 286,027 5,205,706 1,442,656 997,039 881,726 395,052 9,864,983July 958,255 72,635 1,030,889 4,128,505 11,305 1,648,431 286,119 6,074,360 1,713,368 997,039 896,733 416,962 11,129,351August 940,420 73,583 1,014,003 3,772,445 11,325 1,445,352 288,122 5,517,243 1,448,562 997,039 887,438 389,671 10,253,958September 947,815 74,159 1,021,974 3,553,573 11,369 1,571,927 286,676 5,423,544 1,454,498 997,039 919,258 502,837 10,319,151October 954,080 74,276 1,028,356 4,917,711 10,825 1,378,932 286,369 6,593,837 1,484,413 997,039 957,837 2,055,995 13,117,477November 1,002,525 74,048 1,076,573 3,991,944 10,542 1,760,756 281,145 6,044,388 1,431,793 997,039 932,309 1,999,712 12,481,815December 980,336 77,158 1,057,495 3,479,907 10,625 1,509,949 286,998 5,287,479 1,492,617 997,039 850,047 1,745,068 11,429,7452018January 797,342 76,460 873,802 4,301,339 28,653 1,682,432 286,788 6,299,212 1,415,345 997,039 835,045 1,666,357 12,086,800February 818,839 75,390 894,229 4,054,886 11,018 1,578,057 288,723 5,932,683 1,424,075 997,039 820,174 1,426,266 11,494,466March 855,155 76,445 931,600 2,567,684 11,018 1,485,350 134,809 4,198,860 1,442,290 997,039 820,212 1,358,153 9,748,153ChangeOver 12 Months 34,839 7,312 42,151 (1,296,312) 891 478,518 (253,325) (1,070,228) (263,607) 49,938 (54,513) 824,179 (472,080)---------------------- ---------------------- ---------------------- ---------------------- ---------------------------------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ------------------------------------------

OTHER DEPOSITORY CORPORATIONS-Includes reserve and other deposits of banks and Building Society and holdings of CBS bills.

EMALANGENI IN CIRCULATION - This represents Emalangeni notes and coin issued by the Central Bank of Swaziland.GOVERNMENT DEPOSITS - Represents government balances with CBS in local and foreign currency including accrued interest.GOVERNMENT LENDING FUNDS - Represents deposits by development finance institutions and capital markets development unit within the Central Bank.

EXTERNAL LIABILITIES - Deposits of international organisations such as the International Monetary Fund and liabilities to other non-resident institutions.OTHER LIABILITIES - Include other liabilities and provisions as well as Receipts less Payments.

OTHER RESIDENT SECTORS - Includes deposits by other financial corporations and the private sector.


Table S 1.3DENOMINATIONS OF SWAZILAND CURRENCY ISSUED BY THE CENTRAL BANK OF SWAZILAND

(E’000) DENOMINATIONS OF SWAZILAND CURRENCY ISSUED BY THE CENTRAL BANK OF SWAZILAND

--------------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- Notes Coins NOTES and ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ----------------

Period Coins E5+ E2 E1 Other Total E1 E2 E5 E10 E20 E50* E100@ E200# Total--------------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ----------------2005 341,209 8,773 6,424 7,729 11,351 34,277 342 1,192 1,276 14,144 20,919 113,964 119,488 35,607 306,9322006 378,509 9,426 7,150 8,012 11,759 36,347 342 1,191 1,273 17,236 27,230 124,144 136,815 33,931 342,1622007 407,939 9,715 7,732 8,260 12,179 37,886 342 1,188 1,264 16,877 26,238 122,462 173,488 28,194 370,0532008 416,188 10,728 8,656 8,827 13,015 41,226 342 1,187 1,260 19,882 29,472 60,817 241,364 20,638 374,9622009 507,656 11,601 9,945 9,467 13,794 44,807 342 1,186 1,256 20,199 25,643 60,302 203,101 150,820 462,8492010 563,520 12,428 10,822 9,953 14,469 47,672 342 1,185 1,256 21,284 29,777 56,175 176,635 229,194 515,8482011 540,898 12,953 11,087 10,372 15,095 49,506 342 1,185 1,255 19,668 27,208 52,683 149,685 239,365 491,3922012 642,781 13,596 12,067 10,962 15,946 52,570 342 1,185 1,252 22,697 30,233 60,498 161,803 312,202 590,2112013 732,713 15,574 13,317 12,075 17,214 58,179 342 1,184 1,251 24,918 34,223 66,205 145,835 400,576 674,5332014 871,661 16,725 14,629 12,775 18,712 62,841 342 1,184 1,250 23,715 45,573 87,090 138,525 511,142 808,8202015 962,879 18,696 15,319 13,872 19,575 67,463 342 1,184 1,249 25,676 49,898 91,966 114,527 610,574 895,4172016 1,012,802 20,344 18,222 13,893 19,020 71,479 342 1,184 1,249 25,056 50,292 91,052 102,382 669,768 941,3232017 1,057,495 20,758 18,725 15,691 21,985 77,158 342 1,184 1,249 26,591 51,514 80,866 86,594 731,997 980,3362010March 481,551 10,594 9,338 8,945 13,518 42,395 342 1,186 1,256 17,962 23,306 50,250 185,102 159,752 439,156June 500,623 10,813 9,503 9,178 13,707 43,201 342 1,186 1,256 17,930 23,680 49,679 177,725 185,624 457,422September 545,174 11,469 9,789 9,464 13,901 44,623 342 1,185 1,256 18,233 24,773 52,386 181,326 221,050 500,551December 563,520 12,428 10,822 9,953 14,469 47,672 342 1,185 1,256 21,284 29,777 56,175 176,635 229,194 515,8482011March 510,677 11,845 10,169 9,870 14,347 46,231 342 1,185 1,255 19,775 26,079 51,109 158,362 206,338 464,446June 494,356 11,802 10,080 9,906 14,448 46,235 342 1,185 1,255 18,216 24,429 49,486 142,526 210,682 448,121September 536,556 11,827 10,418 9,861 14,547 46,654 342 1,185 1,255 18,917 26,628 55,387 158,167 228,022 489,902December 540,898 12,953 11,087 10,372 15,095 49,506 342 1,185 1,255 19,668 27,208 52,683 149,685 239,365 491,3922012March 519,428 12,500 10,721 10,200 14,995 48,416 342 1,185 1,255 20,082 26,398 50,816 156,783 214,152 471,013June 537,494 12,448 10,954 10,193 15,152 48,747 342 1,185 1,255 20,131 27,236 54,964 147,960 235,675 488,748September 569,019 12,636 11,272 10,399 15,517 49,825 342 1,185 1,252 20,686 28,136 55,181 149,435 262,978 519,194December 642,781 13,596 12,067 10,962 15,946 52,570 342 1,185 1,252 22,697 30,233 60,498 161,803 312,202 590,2112013March 609,104 13,098 11,531 10,840 16,016 51,485 342 1,185 1,251 21,697 28,408 57,412 150,082 297,242 557,618June 669,749 13,730 11,923 11,245 16,268 53,167 342 1,185 1,251 21,178 30,202 56,727 176,876 328,822 616,582September 716,690 14,587 12,552 11,809 16,663 55,611 342 1,185 1,251 22,726 31,265 63,370 146,632 394,308 661,079December 732,713 15,574 13,317 12,075 17,214 58,179 342 1,184 1,251 24,918 34,223 66,205 145,835 400,576 674,5332014January 663,379 15,123 13,159 12,041 17,300 57,623 342 1,184 1,251 24,093 31,636 62,684 121,852 362,715 605,756February 704,149 14,530 12,901 12,092 17,271 56,794 342 1,184 1,250 22,321 31,976 62,609 137,805 389,868 647,356March 712,361 14,719 13,068 12,012 17,432 57,231 342 1,184 1,250 22,069 32,006 64,965 135,165 398,147 655,129April 697,127 15,054 13,235 12,216 17,651 58,157 342 1,184 1,250 22,212 31,334 61,590 121,507 399,549 638,969May 734,320 14,693 13,180 12,050 17,679 57,603 342 1,184 1,250 22,590 32,561 66,110 123,711 428,969 676,718June 717,496 15,058 13,297 12,132 17,882 58,370 342 1,184 1,250 23,260 34,490 68,227 120,504 409,870 659,126July 754,178 15,392 13,843 12,279 18,075 59,589 342 1,184 1,250 24,107 35,868 69,598 130,716 431,522 694,588August 792,530 15,591 13,672 12,368 18,114 59,745 342 1,184 1,250 24,753 37,600 71,613 126,603 469,440 732,785September 778,054 15,753 13,768 12,418 18,326 60,265 342 1,184 1,250 23,854 35,059 68,842 121,559 465,699 717,789October 799,505 16,008 14,047 12,382 18,309 60,747 342 1,184 1,250 23,956 35,712 70,982 122,560 482,772 738,758November 877,288 15,860 14,075 12,311 18,310 60,556 342 1,184 1,250 23,482 36,416 68,607 162,002 523,448 816,732December 871,661 16,725 14,629 12,775 18,712 62,841 342 1,184 1,250 23,715 45,573 87,090 138,525 511,142 808,8202015January 748,124 16,085 14,195 12,692 18,671 61,643 342 1,184 1,250 21,429 39,272 72,415 111,529 439,060 686,481February 780,596 15,827 14,063 12,614 18,724 61,228 342 1,184 1,250 21,223 39,665 68,438 123,982 463,285 719,368March 810,916 16,018 14,107 12,691 18,849 61,665 342 1,184 1,250 21,351 40,725 72,842 117,983 493,574 749,251April 801,324 15,954 13,985 12,640 18,907 61,485 342 1,184 1,250 20,984 41,162 72,624 104,612 497,681 739,839May 792,222 16,256 14,044 12,775 19,029 62,104 342 1,184 1,250 22,062 39,186 72,644 98,774 494,678 730,118June 809,788 16,373 14,379 12,861 19,123 62,736 342 1,184 1,250 22,306 41,400 73,434 102,207 504,930 747,051July 820,100 16,707 14,225 12,765 19,244 62,941 342 1,184 1,249 23,387 41,006 74,928 98,474 516,589 757,159August 893,332 16,618 14,339 12,842 19,311 63,110 342 1,184 1,249 22,984 45,457 75,773 145,310 537,924 830,223September 865,279 17,033 14,476 13,057 19,311 63,877 342 1,184 1,249 24,775 42,465 77,072 109,887 544,428 801,402October 876,424 17,076 14,539 13,066 19,475 64,155 342 1,184 1,249 22,660 44,058 76,483 103,196 563,096 812,268November 969,734 17,172 14,635 13,039 19,505 64,352 342 1,184 1,249 22,916 45,181 78,136 132,701 623,673 905,382December 962,879 18,696 15,319 13,872 19,575 67,463 342 1,184 1,249 25,676 49,898 91,966 114,527 610,574 895,4172016January 824,878 18,196 14,761 13,203 19,244 65,405 342 1,184 1,249 24,076 42,998 79,966 100,484 509,174 759,473February 863,053 17,335 15,053 13,700 19,708 65,796 342 1,184 1,249 23,518 40,157 72,963 102,964 554,880 797,257March 844,815 17,447 14,996 13,654 19,797 65,894 342 1,184 1,249 22,739 41,670 75,854 97,113 538,771 778,921April 849,881 17,564 14,892 13,650 19,806 65,913 342 1,184 1,249 23,052 41,844 72,633 84,915 558,750 783,968May 874,534 17,475 14,848 13,793 19,878 65,994 342 1,184 1,249 24,304 41,185 73,241 83,054 583,982 808,540June 832,409 17,755 14,795 13,775 19,938 66,263 342 1,184 1,249 23,868 42,199 70,991 78,053 548,259 766,146July 971,662 17,654 15,092 13,818 19,943 66,508 342 1,184 1,249 23,976 44,203 77,857 113,870 642,474 905,154August 985,869 16,966 15,390 13,621 19,890 65,867 342 1,184 1,249 24,390 45,750 81,817 105,752 659,518 920,001September 962,693 17,970 14,879 14,480 19,813 67,142 342 1,184 1,249 26,115 50,107 78,710 92,740 645,106 895,551October 986,349 18,109 15,252 14,457 19,760 67,577 342 1,184 1,249 24,180 46,434 81,823 92,772 670,788 918,772November 1,000,818 18,117 15,845 14,456 19,940 68,358 342 1,184 1,249 24,239 44,719 82,654 92,172 685,902 932,460December 1,012,802 20,344 18,222 13,893 19,020 71,479 342 1,184 1,249 25,056 50,292 91,052 102,382 669,768 941,3232017January 875,125 18,427 16,608 14,644 20,268 69,946 342 1,184 1,249 23,600 44,437 72,613 85,561 576,193 805,178February 902,230 18,012 16,414 14,530 20,205 69,161 342 1,184 1,249 23,355 42,227 73,145 83,458 608,111 833,069March 889,449 17,950 16,382 14,523 20,277 69,132 342 1,184 1,249 23,650 46,217 76,947 80,922 589,807 820,316April 970,856 18,287 16,582 14,725 20,453 70,047 342 1,184 1,249 25,578 52,094 87,965 86,528 645,870 900,809May 961,214 18,657 16,820 14,779 20,527 70,783 342 1,184 1,249 26,570 53,336 92,315 88,343 627,094 890,431June 942,803 19,026 17,068 14,889 20,740 71,722 342 1,184 1,249 25,999 44,531 88,840 85,555 623,382 871,081July 1,030,889 19,388 17,497 14,948 20,802 72,635 342 1,184 1,249 24,492 46,998 86,703 85,288 712,000 958,255August 1,014,003 19,664 17,716 15,113 21,090 73,583 342 1,184 1,249 24,453 48,939 77,278 79,365 707,612 940,420September 1,021,974 19,874 17,904 15,222 21,159 74,159 342 1,184 1,249 24,994 48,213 78,009 73,231 720,594 947,815October 1,028,356 19,901 17,832 15,184 21,360 74,276 342 1,184 1,249 26,017 46,851 80,899 77,835 719,703 954,080November 1,076,573 19,716 17,616 15,226 21,491 74,048 342 1,184 1,249 25,530 48,591 78,379 71,012 776,239 1,002,525December 1,057,495 20,758 18,725 15,691 21,985 77,158 342 1,184 1,249 26,591 51,514 80,866 86,594 731,997 980,3362018January 873,802 20,354 18,331 15,787 21,988 76,460 342 1,184 1,249 25,146 47,764 70,105 59,990 591,564 797,342February 894,229 19,917 17,964 15,542 21,967 75,390 342 1,184 1,249 24,727 46,180 71,505 61,726 611,928 818,839March 931,600 20,399 18,190 15,761 22,095 76,445 342 1,184 1,249 28,657 48,061 72,872 62,210 640,581 855,155--------------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ----------------

+ The E5 coin was first issued to the public on 17th April 1996.@ The E100 note was first issued to the public on 5th September 1996. # The E200 note was first issued to the public on 4th September 1998.

* The E50 note was first issued to the public on 15th June,1990.


Table S 2.1 DEPOSITORY CORPORATIONS SURVEY

(E’000) DEPOSITORY CORPORATIONS SURVEY

(E'000)---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ----------------------

Domestic Claims (Net) Money Supply (M1) Quasi Money/Other Deposits Other Accounts---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ----------------------

Net Net Claims Claims on TransferablePeriod Foreign on Other (E) in (Demand) Savings Time Interbank CapitalEnded Assets Government Sectors Total Circulation Deposits Total Deposits Deposits Total Uncleared & Other---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ----------------------2005 1,893,790 (791,421) 4,134,235 3,342,814 236,452 1,046,029 1,282,481 962,221 1,712,968 2,675,189 84,223 1,194,7122006 3,294,699 (1,677,428) 4,341,996 2,664,567 250,514 1,106,013 1,356,527 1,012,992 1,970,779 2,983,771 148,543 1,470,4252007 5,757,144 (3,884,353) 5,271,735 1,387,382 248,639 1,417,329 1,665,968 1,033,187 2,572,807 3,605,994 (74,720) 1,947,2842008 8,156,088 (5,094,232) 5,747,929 653,698 279,820 1,690,707 1,970,527 1,165,768 3,148,668 4,314,436 (132,173) 2,656,9962009 7,762,796 (3,984,324) 6,509,762 2,525,438 327,634 2,007,753 2,335,387 1,212,770 4,418,587 5,631,357 (99,265) 2,420,7542010 5,629,886 (2,031,173) 6,891,021 4,859,849 349,347 2,180,953 2,530,300 1,277,592 4,715,138 5,992,730 (469,676) 2,436,3822011 4,102,961 (618,886) 8,277,770 7,658,884 357,012 2,510,681 2,867,693 1,294,907 4,615,808 5,910,715 100,821 2,882,6152012 6,317,157 (1,589,801) 8,060,090 6,470,288 409,343 3,012,281 3,421,624 1,364,853 4,871,361 6,236,214 4,372 3,125,2352013 7,920,289 (3,008,441) 9,757,136 6,748,695 499,167 3,900,034 4,399,201 1,543,024 5,254,708 6,797,732 (261,156) 3,733,2082014 7,731,615 (2,965,024) 10,868,934 7,903,910 529,671 3,715,706 4,245,377 1,624,575 5,768,697 7,393,272 (254,613) 4,251,4892015 9,109,542 (2,737,663) 11,421,094 8,683,431 554,715 4,189,828 4,744,543 1,626,986 6,847,551 8,474,537 (488,899) 5,062,7912016 8,831,275 (833,650) 13,037,309 12,203,659 609,116 5,404,949 6,014,065 1,808,210 8,885,805 10,694,015 (816,264) 5,143,1192017 7,909,497 (62,553) 14,200,734 14,138,182 607,901 5,066,108 5,674,010 1,680,668 9,988,361 11,669,029 (2,061,439) 6,766,0792010March 8,239,691 (3,761,507) 6,141,978 2,380,472 341,541 1,843,725 2,185,266 1,169,106 4,757,520 5,926,626 137,730 2,370,541June 6,810,025 (2,517,649) 6,677,016 4,159,367 357,981 2,025,256 2,383,237 1,220,765 4,981,382 6,202,147 (104,221) 2,488,229September 6,506,625 (2,358,014) 6,850,032 4,492,018 407,339 1,928,744 2,336,083 1,242,304 5,082,753 6,325,057 (105,526) 2,443,030December 5,629,886 (2,031,173) 6,891,021 4,859,849 349,347 2,180,953 2,530,300 1,277,592 4,715,138 5,992,730 (469,676) 2,436,3822011March 5,247,811 (1,507,085) 6,924,879 5,417,795 356,799 1,892,421 2,249,220 1,231,959 4,910,240 6,142,199 (133,326) 2,407,511June 4,445,539 (782,729) 7,438,002 6,655,274 354,717 2,064,170 2,418,887 1,259,579 4,951,895 6,211,474 (51,321) 2,521,773September 4,166,357 (654,927) 8,222,510 7,567,583 389,858 2,518,458 2,908,315 1,271,291 4,640,735 5,912,026 97,460 2,816,139December 4,102,961 (618,886) 8,277,770 7,658,884 357,012 2,510,681 2,867,693 1,294,907 4,615,808 5,910,715 100,821 2,882,6152012March 3,687,750 (473,132) 8,233,252 7,760,120 380,995 2,379,734 2,760,729 1,265,370 4,648,472 5,913,842 (99,409) 2,872,708June 4,943,615 (900,825) 7,794,539 6,893,715 386,416 2,511,091 2,897,507 1,333,224 4,631,486 5,964,710 (38,462) 3,013,574September 5,022,174 (1,155,864) 8,340,831 7,184,967 410,907 2,944,989 3,355,896 1,339,851 4,608,898 5,948,749 (100,288) 3,002,783December 6,317,157 (1,589,801) 8,060,090 6,470,288 409,343 3,012,281 3,421,624 1,364,853 4,871,361 6,236,214 4,372 3,125,2352013March 7,122,808 (1,897,759) 8,145,654 6,247,895 442,123 3,117,731 3,559,854 1,352,615 5,233,383 6,585,998 (130,277) 3,355,128June 6,844,641 (2,111,774) 8,544,049 6,432,275 495,290 2,908,160 3,403,450 1,435,107 5,041,588 6,476,695 (40,823) 3,437,594September 6,860,838 (2,205,451) 9,326,321 7,120,871 515,985 3,307,988 3,823,973 1,463,545 5,386,935 6,850,480 (244,860) 3,552,117December 7,920,289 (3,008,441) 9,757,136 6,748,695 499,167 3,900,034 4,399,201 1,543,024 5,254,708 6,797,732 (261,156) 3,733,2082014January 9,108,396 (4,326,307) 9,623,551 5,297,244 467,623 3,178,178 3,645,801 1,503,587 5,468,446 6,972,033 (185,194) 3,973,000February 8,736,254 (3,848,546) 9,568,057 5,719,511 508,878 3,117,740 3,626,618 1,485,048 5,591,496 7,076,544 (153,819) 3,906,422March 8,092,746 (3,342,979) 9,774,055 6,431,077 482,046 3,357,616 3,839,662 1,496,565 5,486,864 6,983,429 (202,559) 3,903,292April 9,000,381 (4,062,943) 9,738,974 5,676,031 478,221 3,533,493 4,011,714 1,557,516 5,330,705 6,888,221 (166,073) 3,942,550May 7,998,077 (3,187,525) 10,121,374 6,933,849 490,521 3,259,367 3,749,888 1,539,183 5,810,983 7,350,166 42,817 3,789,055June 7,837,281 (2,926,111) 10,079,667 7,153,556 472,428 3,453,478 3,925,906 1,530,421 5,893,702 7,424,123 (216,458) 3,857,266July 8,116,612 (4,235,460) 10,465,403 6,229,944 503,396 3,296,778 3,800,174 1,557,240 5,479,345 7,036,585 (436,810) 3,946,607August 7,371,096 (3,557,075) 10,611,625 7,054,551 567,687 3,438,105 4,005,792 1,577,036 5,422,674 6,999,710 (662,223) 4,082,367September 7,305,313 (3,059,762) 10,597,423 7,537,662 549,008 3,556,710 4,105,718 1,569,674 5,423,959 6,993,633 (410,136) 4,153,760October 8,534,045 (4,031,562) 10,503,538 6,471,976 559,346 3,278,860 3,838,206 1,596,487 5,838,574 7,435,061 (316,764) 4,049,518November 8,175,847 (3,345,050) 10,734,488 7,389,437 632,677 3,607,890 4,240,567 1,572,695 5,893,595 7,466,290 (244,426) 4,102,853December 7,731,615 (2,965,024) 10,868,934 7,903,910 529,671 3,715,706 4,245,377 1,624,575 5,768,697 7,393,272 (254,613) 4,251,4892015January 8,938,255 (4,147,167) 10,766,680 6,619,513 525,690 3,568,489 4,094,179 1,549,388 5,867,797 7,417,185 (229,045) 4,275,449February 8,441,715 (3,823,221) 10,891,994 7,068,773 575,328 3,557,557 4,132,885 1,566,973 5,668,062 7,235,035 (190,055) 4,332,624March 8,179,355 (3,534,743) 10,652,477 7,117,734 504,967 3,608,807 4,113,774 1,568,398 5,330,733 6,899,131 (204,232) 4,488,416April 9,363,883 (4,077,687) 10,642,806 6,565,119 526,710 3,855,113 4,381,823 1,622,995 5,710,050 7,333,045 (292,660) 4,506,794May 8,429,258 (3,541,424) 10,903,196 7,361,772 542,757 3,693,988 4,236,745 1,617,617 5,599,667 7,217,284 (135,872) 4,472,873June 7,660,895 (3,130,914) 11,328,191 8,197,277 527,678 3,765,536 4,293,214 1,609,538 5,764,812 7,374,350 (164,523) 4,355,131July 8,726,084 (4,146,538) 11,340,057 7,193,519 570,529 3,618,587 4,189,116 1,672,644 5,893,712 7,566,356 (318,063) 4,482,194August 9,064,818 (3,710,690) 11,272,536 7,561,847 633,856 4,041,486 4,675,342 1,619,132 6,115,466 7,734,598 (428,540) 4,645,264September 9,634,528 (3,117,249) 11,197,506 8,080,257 586,066 4,000,063 4,586,129 1,644,045 6,854,419 8,498,464 (203,404) 4,833,596October 9,547,021 (3,915,106) 11,490,069 7,574,963 642,663 3,847,452 4,490,115 1,638,377 6,573,440 8,211,817 (401,775) 4,821,827November 9,182,904 (3,363,879) 11,443,647 8,079,768 670,715 3,861,805 4,532,521 1,638,807 6,550,000 8,188,807 (296,508) 4,837,852December 9,109,542 (2,737,663) 11,421,094 8,683,431 554,715 4,189,828 4,744,543 1,626,986 6,847,551 8,474,537 (488,899) 5,062,7912016January 10,423,293 (3,894,692) 11,585,021 7,690,329 561,197 4,063,259 4,624,456 1,561,597 7,155,026 8,716,623 (398,029) 5,170,571February 9,547,584 (3,352,836) 11,632,295 8,279,460 564,513 3,840,639 4,405,152 1,572,091 7,002,053 8,574,144 (543,433) 5,391,180March 8,719,323 (2,802,891) 11,641,860 8,838,969 530,454 3,557,774 4,088,228 1,580,395 7,072,986 8,653,381 100,278 4,716,405April 9,357,508 (2,746,710) 11,708,648 8,961,939 562,389 3,943,957 4,506,346 1,614,973 7,280,794 8,895,767 (326,665) 5,243,999May 8,380,423 (1,993,162) 11,995,630 10,002,467 528,733 4,046,579 4,575,312 1,670,664 7,409,987 9,080,650 (333,011) 5,059,939June 7,786,765 (1,811,453) 11,889,435 10,077,982 505,936 3,670,406 4,176,342 1,703,833 7,709,187 9,413,020 (636,725) 4,912,109July 8,290,741 (2,110,404) 12,410,621 10,300,217 657,550 3,830,023 4,487,572 1,749,099 8,025,908 9,775,007 (575,310) 4,903,688August 8,499,554 (1,238,296) 12,337,239 11,098,944 580,149 4,298,156 4,878,305 1,791,916 8,398,880 10,190,796 (544,902) 5,074,298September 7,051,208 (455,833) 12,416,607 11,960,774 620,687 4,177,192 4,797,878 1,798,748 7,913,626 9,712,374 (492,162) 4,993,891October 7,689,404 (1,592,049) 12,779,469 11,187,419 693,107 4,267,160 4,960,267 1,799,792 8,028,192 9,827,984 (934,335) 5,022,907November 8,254,726 (913,819) 13,221,476 12,307,656 666,580 4,440,943 5,107,523 1,792,961 9,128,949 10,921,910 (624,048) 5,156,997December 8,831,275 (833,650) 13,037,309 12,203,659 609,116 5,404,949 6,014,065 1,808,210 8,885,805 10,694,015 (816,264) 5,143,1192017January 8,445,520 (1,621,974) 12,441,124 10,819,150 573,559 4,454,891 5,028,450 1,739,081 8,368,237 10,107,318 (1,029,959) 5,158,862February 8,082,286 (1,192,323) 12,585,339 11,393,016 586,108 4,449,483 5,035,591 1,722,152 8,339,467 10,061,618 (670,753) 5,048,846March 7,073,602 (798,749) 12,455,914 11,657,165 594,520 4,125,647 4,720,167 1,758,805 7,891,256 9,650,061 (837,883) 5,187,025April 8,219,033 (1,361,317) 12,622,485 11,261,168 593,859 4,487,141 5,081,000 1,726,536 7,855,871 9,582,407 (208,897) 5,025,691May 7,966,300 (484,890) 12,777,421 12,292,531 557,786 4,564,818 5,122,603 1,770,130 8,521,353 10,291,483 (290,546) 5,135,291June 8,446,334 (757,184) 13,096,480 12,339,296 633,077 5,004,361 5,637,439 1,731,976 9,093,194 10,825,169 (747,458) 5,070,480July 9,217,137 (1,330,657) 13,174,960 11,844,304 668,377 4,665,514 5,333,891 1,595,782 9,577,606 11,173,388 (605,801) 5,159,963August 8,977,785 (602,870) 13,004,414 12,401,543 629,718 4,568,938 5,198,655 1,572,493 10,006,512 11,579,005 (595,273) 5,196,942September 8,299,308 2,749 13,758,777 13,761,527 698,082 4,901,685 5,599,767 1,601,944 9,929,674 11,531,617 (440,796) 5,370,246October 9,681,711 (1,248,956) 13,532,454 12,283,498 669,737 4,778,394 5,448,131 1,616,488 10,046,534 11,663,021 (2,118,074) 6,972,131November 9,577,028 (541,141) 13,861,260 13,320,119 769,983 4,904,106 5,674,089 1,719,058 10,514,761 12,233,820 (1,987,839) 6,977,078December 7,909,497 (62,553) 14,200,734 14,138,182 607,901 5,066,108 5,674,010 1,680,668 9,988,361 11,669,029 (2,061,439) 6,766,0792018January 9,134,666 (897,907) 14,022,985 13,125,079 550,735 5,261,136 5,811,871 1,641,373 10,041,875 11,683,248 (1,991,444) 6,756,071February 8,432,635 (448,250) 13,967,089 13,518,839 565,173 5,161,904 5,727,077 1,636,833 10,051,888 11,688,721 (1,879,074) 6,414,749March 7,655,912 1,135,704 13,845,330 14,981,034 533,284 5,125,962 5,659,246 1,622,253 9,194,837 10,817,090 (336,201) 6,496,810ChangeOver 12 Months 582,310 1,934,452 1,389,417 3,323,869 (61,236) 1,000,315 939,079 (136,552) 1,303,582 1,167,030 501,682 1,309,784---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ----------------------

and the Building Society.Since September 2004, the Governemnt sector includes central government and governmental public enterprises.Government foreign asset holdings

and public non-financial Enterprises,households and non-profit institutions serving households plus other domestic financial investments.The sharp jump since August 2004 was a result of re-classification to include provision for baddebts, accrued interest and suspended interest which were previously netted out.

OTHER ACCOUNTS:Shares and Other equity and Other items(net) - Includes capital, reserve provisions and other liabilities less fixed and other non-monetary assets.

NET FOREIGN ASSETS - Includes Net Official Reserves(CBS and Government) as well as Banks and Building Society's Net Foreign Holdings.

DOMESTIC CREDIT (NET) to PRIVATE SECTOR - Includes credit from CBS, Banks and Building Society to resident businesses, local government, Public financial

DOMESTIC CREDIT (NET) to GOVERNMENT - Includes total treasury bills, stocks and other claims on Government less Government deposits with CBS, Banks

Table S 2.1

DEPOSITORY CORPORATIONS SURVEY - Includes figures of Central Bank, the four banks and the Building Society operating in Swaziland.

are treated as Central Bank holdings with matching deposits which then reduces net credit to Government. This item also includes the Capital Investment Fund (CIF) which was managed by CBS separately from 1991-Nov.2005. From Dec.2005 CIF is within the Balance sheet of CBS.

DEMAND,SAVINGS and TIME DEPOSITS - Includes private sector only, Government and interbank deposits excluded.


Tab

le S

2.1

.1Ce

ntra

l Ban

k of

Sw

azila

nd S

urve

y

Tho

usan

ds o

f Em

alan

geni

Mar

-17

Apr-

17M

ay-1

7Ju

n-17

Jul-

17Au

g-17

Sep-

17O

ct-1

7N

ov-1

7D

ec-1

7Ja

n-18

Feb-

18M

ar-1

8

Net

For

eign

Ass

ets

6,18

7,49

07,

066,

527

6,29

5,83

35,

874,

373

6,90

8,76

66,

322,

707

6,17

9,53

47,

461,

170

6,90

4,49

25,

856,

396

6,59

9,05

86,

038,

125

5,58

1,63

5Cl

aim

s on

non

resi

dent

s8,

625,

888

9,49

4,80

68,

732,

176

8,19

8,75

69,

525,

332

8,65

8,70

88,

553,

290

9,90

3,42

09,

268,

594

8,19

9,06

08,

849,

448

8,28

2,37

37,

844,

137

Mon

etar

y G

old

and

SDRs

882,

733

887,

272

887,

027

889,

818

904,

967

895,

669

927,

787

966,

858

941,

094

858,

174

843,

072

828,

064

828,

064

Fore

ign

Exch

ange

Res

erve

s4,

471,

896

5,31

2,90

74,

563,

222

3,98

4,02

65,

244,

539

4,39

8,24

14,

138,

106

5,31

9,44

54,

761,

844

4,02

3,00

24,

762,

722

4,20

8,72

33,

622,

212

Fore

ign

held

sec

urit

ies

1,78

8,55

41,

784,

415

1,77

2,13

11,

770,

226

1,77

6,54

31,

760,

427

1,81

1,09

51,

878,

093

1,82

7,73

71,

693,

505

1,64

3,60

21,

629,

314

1,75

4,28

1O

ther

non

resi

dent

1,48

2,70

51,

510,

213

1,50

9,79

71,

554,

686

1,59

9,28

31,

604,

371

1,67

6,30

31,

739,

024

1,73

7,92

01,

624,

379

1,60

0,05

21,

616,

273

1,63

9,58

0Le

ss:

Liab

iliti

es t

o no

nres

iden

ts2,

438,

398

2,42

8,27

92,

436,

343

2,32

4,38

32,

616,

566

2,33

6,00

12,

373,

756

2,44

2,25

02,

364,

102

2,34

2,66

42,

250,

390

2,24

4,24

92,

262,

501

Dep

osit

s1,

563,

673

1,54

9,05

91,

557,

379

1,44

2,65

61,

713,

368

1,44

8,56

21,

454,

498

1,48

4,41

31,

431,

793

1,49

2,61

71,

415,

345

1,42

4,07

51,

442,

290

Loan

s0

00

06,

465

00

00

00

00

Secu

riti

es o

ther

tha

n sh

ares

00

00

00

00

00

00

0Fi

nanc

ial D

eriv

ativ

es0

00

00

00

00

00

00

SD

R al

loca

tion

s87

4,72

587

9,22

087

8,96

488

1,72

689

6,73

388

7,43

891

9,25

895

7,83

793

2,30

985

0,04

783

5,04

582

0,17

482

0,21

2D

omes

tic

Clai

ms

(2,7

32,3

84)

(3,1

51,6

68)

(2,2

35,1

38)

(2,4

72,6

45)

(2,9

79,0

03)

(2,6

35,7

29)

(2,2

35,3

83)

(3,5

90,9

15)

(2,6

55,7

01)

(2,1

36,5

56)

(2,9

66,5

80)

(2,6

96,4

39)

(1,2

09,1

25)

Clai

ms

on o

ther

dep

osit

ory

corp

orat

ions

2,01

01,

349

2,01

745

,667

1,98

12,

015

2,06

52,

055

2,06

166

72,

056

2,06

62,

038

Net

cla

ims

on c

entr

al g

over

nmen

t(2

,760

,997

)(3

,180

,105

)(2

,264

,957

)(2

,545

,908

)(3

,009

,782

)(2

,666

,825

)(2

,266

,538

)(3

,622

,065

)(2

,687

,803

)(2

,167

,375

)(3

,000

,226

)(2

,728

,767

)(1

,242

,024

)Cl

aim

s on

Cen

tral

Gov

ernm

ent

1,12

3,21

11,

129,

384

1,11

7,27

41,

124,

211

1,13

0,02

81,

116,

945

1,29

8,40

31,

306,

471

1,31

4,68

31,

323,

157

1,32

9,76

61,

337,

137

1,33

6,67

7Se

curi

ties

oth

er t

han

shar

es3,

324

3,05

63,

509

3,89

12,

935

2,85

23,

031

3,14

03,

649

4,16

53,

586

3,76

73,

307

Oth

er c

laim

s1,

119,

887

1,12

6,32

81,

113,

765

1,12

0,32

01,

127,

093

1,11

4,09

31,

295,

372

1,30

3,33

11,

311,

033

1,31

8,99

21,

326,

181

1,33

3,36

91,

333,

369

Less

: Li

abili

ties

to

cent

ral g

over

nmen

t3,

884,

208

4,30

9,48

93,

382,

231

3,67

0,11

94,

139,

810

3,78

3,77

03,

564,

941

4,92

8,53

64,

002,

486

3,49

0,53

24,

329,

992

4,06

5,90

42,

578,

701

Dep

osit

s3,

874,

081

4,29

9,34

03,

372,

053

3,64

6,88

54,

128,

505

3,77

2,44

53,

553,

573

4,91

7,71

13,

991,

944

3,47

9,90

74,

301,

339

4,05

4,88

62,

567,

684

Gov

t Le

ndin

g Fu

nds(

Loan

Gua

rant

ees)

10,1

2710

,148

10,1

7823

,234

11,3

0511

,325

11,3

6910

,825

10,5

4210

,625

28,6

5311

,018

11,0

18Cl

aim

s on

oth

er s

ecto

rs26

,603

27,0

8827

,802

27,5

9528

,798

29,0

8129

,090

29,0

9530

,042

30,1

5131

,590

30,2

6330

,861

Oth

er f

inan

cial

cor

pora

tion

s3,

913

3,91

34,

281

4,28

14,

659

4,85

75,

065

5,27

45,

482

5,69

05,

898

6,10

06,

100

Stat

e an

d lo

cal g

over

nmen

t0

00

00

00

00

00

00

Publ

ic n

onfi

nanc

ial c

orpo

rati

ons

00

00

00

00

00

00

0O

ther

non

fina

ncia

l cor

pora

tion

s0

00

00

00

00

00

00

Oth

er r

esid

ent

sect

ors

22,6

8923

,174

23,5

2123

,314

24,1

3924

,224

24,0

2423

,822

24,5

6024

,462

25,6

9224

,163

24,7

61M

onet

ary

Base

2,28

4,41

42,

737,

902

2,92

9,38

32,

478,

391

2,96

5,43

92,

747,

476

2,88

0,57

72,

693,

656

3,11

8,47

52,

854,

442

2,84

3,02

22,

761,

009

2,55

1,75

8

Curr

ency

in c

ircu

lati

on88

9,44

997

0,85

696

1,21

494

2,80

31,

030,

889

1,01

4,00

31,

021,

974

1,02

8,35

61,

076,

573

1,05

7,49

587

3,80

289

4,22

993

1,60

0

Liab

iliti

es t

o ot

her

depo

sito

ry c

orpo

rati

ons

1,00

6,83

21,

481,

588

1,67

9,46

91,

249,

560

1,64

8,43

11,

445,

352

1,57

1,92

71,

378,

932

1,76

0,75

61,

509,

949

1,68

2,43

21,

578,

057

1,48

5,35

0Re

serv

e D

epos

its1

1,00

6,83

21,

481,

588

1,67

9,46

91,

249,

560

1,64

8,43

11,

445,

352

1,57

1,92

71,

378,

932

1,76

0,75

61,

509,

949

1,68

2,43

21,

578,

057

1,48

5,35

0O

ther

liab

iliti

es2

00

00

00

00

00

00

0O

ther

dep

osit

s in

clud

ed in

bro

ad m

oney

388,

134

285,

459

288,

700

286,

027

286,

119

288,

122

286,

676

286,

369

281,

145

286,

998

286,

788

288,

723

134,

809

Oth

er f

inan

cial

cor

pora

tion

s37

5,04

627

3,22

627

6,27

027

3,46

227

3,32

727

5,36

927

3,55

727

3,38

127

5,33

027

3,59

727

3,31

127

5,14

210

0,71

1St

ate

and

loca

l gov

ernm

ent

00

00

00

00

00

00

0Pu

blic

non

fina

ncia

l cor

pora

tion

s0

00

00

00

00

00

00

Oth

er n

onfi

nanc

ial c

orpo

rati

ons

00

00

00

00

00

00

0O

ther

res

iden

t se

ctor

s13

,088

12,2

3312

,430

12,5

6512

,792

12,7

5213

,119

12,9

875,

815

13,4

0013

,477

13,5

8134

,097

Secu

riti

es e

xcl.

fro

m b

ase

mon

ey,

incl

. in

bro

ad

mon

eyO

ther

liab

iliti

es e

xcl.

fro

m b

road

mon

ey

Shar

es a

nd o

ther

equ

ity

1,30

2,91

01,

311,

108

1,29

3,16

01,

329,

479

1,36

9,46

91,

353,

013

1,46

3,87

23,

010,

422

2,96

7,66

12,

702,

915

2,62

2,34

42,

392,

109

2,30

8,00

3Fu

nds

cont

ribu

ted

by o

wne

rs23

7,56

323

7,56

323

7,56

323

7,56

323

7,56

323

7,56

323

7,56

323

7,56

323

7,56

323

7,56

323

7,56

323

7,56

323

7,56

3Cu

rren

t ye

ar r

esul

ts0

20,1

4020

,645

48,6

5566

,436

86,6

0710

1,97

295

,456

133,

993

143,

612

141,

558

172,

577

0G

ener

al r

eser

ve75

9,47

675

9,47

675

9,47

675

9,47

675

9,47

675

9,47

675

9,47

675

9,47

675

9,47

675

9,47

675

9,47

675

9,47

675

9,47

6Va

luat

ion

adju

stm

ent

305,

871

293,

929

275,

475

283,

785

305,

994

269,

366

364,

861

1,91

7,92

71,

836,

629

1,56

2,26

41,

483,

747

1,22

2,49

31,

310,

964

IMF

acco

unts

bal

anci

ng it

em0

00

00

00

00

00

00

Oth

er it

ems

(net

)(1

32,2

18)

(134

,152

)(1

61,8

49)

(406

,143

)(4

05,1

45)

(413

,511

)(4

00,2

99)

(1,8

33,8

23)

(1,8

37,3

44)

(1,8

37,5

18)

(1,8

32,8

88)

(1,8

11,4

31)

(487

,251

)O

ther

liab

iliti

es

282,

178

282,

151

281,

932

62,6

1238

,067

33,6

9836

,004

42,6

1229

,090

39,1

9241

,052

31,1

9647

,189

Less

: ot

her

asse

ts(4

14,3

95)

(416

,303

)(4

43,7

81)

(468

,754

)(4

43,2

12)

(447

,209

)(4

36,3

03)

(1,8

76,4

35)

(1,8

66,4

35)

(1,8

76,7

09)

(1,8

73,9

40)

(1,8

42,6

27)

(534

,440

)

1. In

clud

es d

epos

its

of t

he S

waz

iland

Bui

ldin

g So

ciet

y.

2. In

clud

es C

entr

al B

ank

of S

waz

iland

bill

s.


Tab

le S

2.1

.2O

ther

Dep

osit

ory

Corp

orat

ions

Sur

vey

Ta

ble

S 2.

1.2

Oth

er D

epos

itor

y Co

rpor

atio

ns S

urve

y

Tho

usan

ds o

f Em

alan

geni

Mar

-17

Apr

-17

May

-17

Jun-

17Ju

l-17

Aug

-17

Sep-

17O

ct-1

7N

ov-1

7D

ec-1

7Ja

n-18

Feb-

18M

ar-1

8N

et F

orei

gn A

sset

s99

9,52

31,

126,

263

1,64

4,22

42,

545,

718

2,28

2,12

92,

628,

835

2,09

5,40

22,

194,

298

2,64

6,29

32,

026,

859

2,50

9,36

52,

368,

267

2,04

8,03

4Cl

aim

s on

non

resi

dent

s1,

293,

446

1,54

7,38

62,

132,

173

2,86

1,58

92,

746,

820

2,86

4,47

42,

175,

175

2,41

3,15

82,

862,

774

2,46

4,70

42,

911,

537

2,65

1,00

32,

330,

563

Fore

ign

curr

ency

hol

ding

s53

,499

61,0

0648

,839

42,5

0154

,766

55,9

9453

,628

63,8

2455

,115

63,3

4657

,717

50,3

7659

,905

Dep

osit

s1,

239,

339

1,48

5,77

22,

082,

726

2,81

8,47

92,

691,

445

2,80

7,87

32,

120,

939

2,34

8,72

72,

807,

051

2,40

0,74

92,

853,

212

2,60

0,01

92,

261,

847

Secu

riti

es o

ther

tha

n sh

ares

608

608

608

608

608

608

608

608

608

608

608

608

608

Loan

s0

00

00

00

00

00

00

Oth

er0

00

00

00

00

00

08,

203

Less

: Li

abili

ties

to

nonr

esid

ents

293,

923

421,

122

487,

949

315,

871

464,

691

235,

639

79,7

7321

8,86

021

6,48

143

7,84

540

2,17

128

2,73

628

2,52

9D

epos

its

293,

923

421,

122

487,

949

315,

871

464,

691

235,

639

79,7

7321

8,86

021

6,48

143

7,84

540

2,17

128

2,73

628

2,52

9Se

curi

ties

oth

er t

han

shar

es0

00

00

00

00

00

00

Loan

s0

00

00

00

00

00

00

Oth

er0

00

00

00

00

00

00

Clai

ms

on c

entr

al b

ank

1,28

8,54

51,

827,

066

2,03

0,08

81,

551,

573

1,96

4,67

62,

102,

244

1,85

1,67

21,

732,

073

2,04

9,23

01,

951,

389

1,99

0,63

31,

918,

854

1,74

4,63

4Cu

rren

cy29

4,92

837

6,99

740

3,42

830

9,72

636

2,51

238

4,28

532

3,89

235

8,61

930

6,59

044

9,59

332

3,06

732

9,05

639

8,31

5Re

serv

e de

posi

ts99

3,61

71,

450,

069

1,62

6,66

01,

241,

847

1,60

2,16

41,

717,

958

1,52

7,78

11,

373,

454

1,74

2,64

01,

501,

796

1,66

7,56

61,

589,

798

1,34

6,31

8O

ther

cla

ims1

00

00

00

00

00

00

0N

et c

laim

s on

cen

tral

gov

ernm

ent

1,97

8,40

61,

845,

031

1,80

6,31

01,

814,

966

1,70

5,36

82,

090,

198

2,29

5,53

02,

399,

352

2,17

2,90

62,

131,

065

2,12

8,56

22,

306,

760

2,40

3,97

1Cl

aim

s on

cen

tral

gov

ernm

ent

2,35

6,56

82,

305,

921

2,32

4,54

42,

236,

435

2,15

4,85

52,

564,

102

2,74

0,55

12,

842,

430

2,58

2,86

52,

541,

758

2,79

8,96

02,

741,

201

2,80

1,67

9Se

curi

ties

oth

er t

han

shar

es2,

285,

914

2,30

1,09

52,

319,

893

2,23

3,04

42,

152,

046

2,56

1,01

22,

737,

130

2,83

9,13

22,

580,

121

2,53

8,71

52,

790,

379

2,73

9,64

82,

800,

404

Loan

s70

,654

4,82

54,

651

3,39

12,

809

3,09

03,

421

3,29

82,

744

3,04

38,

581

1,55

31,

275

Less

: Li

abili

ties

to

cent

ral g

over

nmen

t37

8,16

246

0,89

051

8,23

542

1,46

844

9,48

747

3,90

444

5,02

044

3,07

840

9,95

941

0,69

367

0,39

843

4,44

139

7,70

8D

epos

its

378,

162

460,

890

518,

235

421,

468

449,

487

473,

904

445,

020

443,

078

409,

959

410,

693

670,

398

434,

441

397,

708

Oth

er li

abili

ties

Clai

ms

on o

ther

sec

tors

12,4

29,3

1112

,595

,398

12,7

49,6

1913

,068

,884

13,1

46,1

6212

,975

,333

13,7

29,6

8713

,503

,359

13,8

31,2

1814

,170

,583

13,9

91,3

9513

,936

,826

13,8

14,4

69O

ther

fin

anci

al c

orpo

rati

ons

635,

047

786,

857

715,

540

781,

247

693,

344

407,

917

498,

626

539,

142

630,

319

1,33

6,07

81,

307,

459

1,32

5,69

31,

363,

500

Stat

e an

d lo

cal g

over

nmen

t67

,135

77,5

3358

,469

82,7

4082

,863

78,4

7881

,210

78,7

3578

,533

81,1

1238

,936

45,6

9646

,550

Publ

ic n

onfi

nanc

ial c

orpo

rati

ons

300,

945

316,

449

374,

437

457,

686

431,

935

445,

291

436,

147

439,

089

465,

644

527,

290

437,

037

459,

196

581,

764

Oth

er n

onfi

nanc

ial c

orpo

rati

ons

5,71

6,41

25,

674,

835

5,75

0,62

65,

869,

331

5,92

1,97

26,

130,

140

6,53

3,80

46,

385,

367

6,54

9,58

96,

273,

571

6,13

7,66

06,

017,

111

5,90

4,68

1O

ther

res

iden

t se

ctor

s5,

709,

771

5,73

9,72

45,

850,

547

5,87

7,88

06,

016,

048

5,91

3,50

66,

179,

901

6,06

1,02

66,

107,

133

5,95

2,53

16,

070,

303

6,08

9,13

05,

917,

975

Liab

iliti

es t

o ce

ntra

l ban

k0

00

45,0

130

00

00

00

00

Dep

osit

s in

clud

ed in

bro

ad m

oney

13,3

87,5

7413

,784

,088

14,5

67,6

0115

,543

,503

15,5

52,7

8315

,859

,821

16,1

46,6

2616

,155

,047

16,8

56,7

8016

,448

,140

16,6

57,5

9616

,561

,903

15,8

08,2

44Tr

ansf

erab

le d

epos

its

4,12

5,64

74,

487,

141

4,56

4,81

85,

004,

361

4,66

5,51

44,

568,

938

4,90

1,68

54,

778,

394

4,90

4,10

65,

066,

108

5,26

1,13

65,

161,

904

5,12

5,96

2O

ther

fin

anci

al c

orpo

rati

ons

59,8

0857

,210

39,5

9367

,186

72,6

4175

,543

93,5

1273

,036

73,6

3965

,399

58,5

5369

,217

72,6

06St

ate

and

loca

l gov

ernm

ent

18,3

5120

,732

23,0

8615

,124

16,2

4417

,932

19,5

1819

,788

20,6

0120

,265

40,8

7115

,009

14,9

79Pu

blic

non

fina

ncia

l cor

pora

tion

s13

7,83

518

3,22

313

6,33

416

7,08

216

0,13

011

4,13

711

3,16

211

3,93

313

1,16

412

8,34

116

1,80

217

3,78

217

4,85

0O

ther

non

fina

ncia

l cor

pora

tion

s2,

939,

257

3,42

5,78

23,

621,

584

4,03

0,82

43,

669,

284

3,56

1,02

24,

096,

103

3,68

2,10

53,

707,

427

3,85

1,12

54,

048,

946

3,89

1,97

33,

977,

492

Oth

er r

esid

ent

sect

ors

970,

396

800,

194

744,

221

724,

146

747,

215

800,

304

579,

390

889,

533

971,

275

1,00

0,97

895

0,96

41,

011,

924

886,

035

Oth

er d

epos

its

9,26

1,92

79,

296,

948

10,0

02,7

8310

,539

,142

10,8

87,2

6911

,290

,883

11,2

44,9

4111

,376

,653

11,9

52,6

7411

,382

,031

11,3

96,4

6011

,399

,998

10,6

82,2

82O

ther

fin

anci

al c

orpo

rati

ons

1,54

7,57

51,

273,

814

1,79

1,26

41,

522,

024

1,92

7,21

41,

494,

081

1,77

4,63

31,

981,

261

1,97

1,53

72,

254,

768

1,78

7,06

31,

705,

927

1,64

0,42

0St

ate

and

loca

l gov

ernm

ent

179,

239

192,

444

183,

703

186,

022

170,

746

170,

095

175,

272

177,

987

181,

192

186,

292

159,

493

253,

128

241,

703

Publ

ic n

onfi

nanc

ial c

orpo

rati

ons

764,

881

836,

350

656,

007

801,

137

955,

538

680,

321

744,

261

541,

686

532,

227

343,

604

715,

236

787,

419

694,

309

Oth

er n

onfi

nanc

ial c

orpo

rati

ons

3,14

1,89

13,

577,

954

3,84

4,39

74,

447,

169

4,25

5,87

65,

473,

222

5,22

9,20

65,

473,

096

5,90

0,41

25,

266,

563

5,26

7,05

25,

089,

683

4,43

3,97

8O

ther

res

iden

t se

ctor

s3,

628,

341

3,41

6,38

63,

527,

412

3,58

2,79

03,

577,

895

3,47

3,16

53,

321,

570

3,20

2,62

33,

367,

306

3,33

0,80

43,

467,

614

3,56

3,84

23,

671,

872

Secu

riti

es o

ther

tha

n sh

ares

exc

l. f

rom

bro

ad m

oney

18,0

5910

,606

10,0

558,

910

9,58

49,

785

9,47

99,

502

15,8

458,

506

10,0

458,

812

8,57

4Sh

ares

and

oth

er e

quit

y3,

748,

594

3,71

4,58

33,

842,

131

3,74

1,00

13,

790,

494

3,84

3,92

93,

906,

374

3,96

1,70

94,

009,

417

4,06

3,16

44,

133,

726

4,15

3,95

14,

188,

807

Fund

s co

ntri

bute

d by

ow

ners

109,

352

109,

352

109,

351

109,

352

109,

351

109,

351

109,

351

109,

351

109,

351

109,

352

109,

352

109,

352

109,

352

Reta

ined

ear

ning

s2,

077,

957

2,07

7,95

72,

077,

957

2,04

1,52

72,

041,

527

2,04

1,52

72,

049,

577

2,04

9,57

72,

049,

577

2,05

1,59

22,

162,

596

2,16

7,88

02,

235,

535

Curr

ent

year

res

ults

56,7

892,

283

137,

361

38,1

2876

,929

114,

028

157,

325

208,

208

241,

813

284,

619

122,

389

140,

763

113,

859

Gen

eral

and

spe

cial

res

erve

s1,

504,

496

1,52

4,99

11,

517,

461

1,55

1,99

41,

562,

686

1,57

9,02

31,

590,

121

1,59

4,57

21,

608,

675

1,61

7,60

11,

739,

389

1,73

5,95

61,

730,

061

Oth

er it

ems

(net

)(4

58,4

42)

(115

,520

)(1

89,5

45)

(357

,285

)(2

54,5

25)

83,0

73(9

0,18

7)(2

97,1

75)

(182

,395

)(2

39,9

13)

(181

,411

)(1

93,9

58)

5,48

4O

ther

liab

iliti

es86

0,01

71,

293,

040

1,26

5,65

61,

064,

058

1,02

1,02

71,

310,

679

1,39

0,63

41,

176,

021

1,56

8,54

01,

335,

967

1,34

3,20

71,

444,

631

1,73

7,16

8Le

ss:

othe

r as

sets

(1,3

18,4

59)

(1,4

08,5

61)

(1,4

55,2

01)

(1,4

21,3

43)

(1,2

75,5

52)

(1,2

27,6

06)

(1,4

80,8

21)

(1,4

73,1

97)

(1,7

50,9

35)

(1,5

75,8

81)

(1,5

24,6

18)

(1,6

38,5

89)

(1,7

31,6

84)

1. In

clud

es C

entr

al B

ank

of S

waz

iland

bill

s.


Tab

le S

2.1

.3D

epos

itor

y Co

rpor

atio

ns S

urve

y

Tabl

e S

2.1.

3D

epos

itor

y Co

rpor

atio

ns S

urve

y

Tho

usan

ds o

f Em

alan

geni

Mar

-17

Apr

-17

May

-17

Jun-

17Ju

l-17

Aug

-17

Sep-

17O

ct-1

7N

ov-1

7D

ec-1

7Ja

n-18

Feb-

18M

ar-1

8N

et F

orei

gn A

sset

s7,

213,

256

8,21

9,03

37,

966,

300

8,44

6,33

49,

217,

137

8,97

7,78

58,

299,

308

9,68

1,71

19,

577,

028

7,90

9,49

79,

134,

666

8,43

2,63

57,

655,

912

Clai

ms

on n

onre

side

nts

9,94

5,57

711

,068

,434

10,8

90,5

9211

,086

,587

12,2

98,3

9411

,549

,425

10,7

54,7

0812

,342

,822

12,1

57,6

1110

,690

,006

11,7

87,2

2810

,959

,619

10,2

00,9

42CB

S8,

652,

131

9,52

1,04

98,

758,

419

8,22

4,99

89,

551,

575

8,68

4,95

18,

579,

533

9,92

9,66

39,

294,

837

8,22

5,30

38,

875,

691

8,30

8,61

67,

870,

380

OD

Cs1,

293,

446

1,54

7,38

62,

132,

173

2,86

1,58

92,

746,

820

2,86

4,47

42,

175,

175

2,41

3,15

82,

862,

774

2,46

4,70

42,

911,

537

2,65

1,00

32,

330,

563

Less

: Li

abili

ties

to

nonr

esid

ents

2,73

2,32

02,

849,

402

2,92

4,29

22,

640,

253

3,08

1,25

72,

571,

640

2,45

5,40

02,

661,

110

2,58

0,58

32,

780,

509

2,65

2,56

12,

526,

984

2,54

5,03

0CB

S2,

438,

398

2,42

8,27

92,

436,

343

2,32

4,38

32,

616,

566

2,33

6,00

12,

373,

756

2,44

2,25

02,

364,

102

2,34

2,66

42,

250,

390

2,24

4,24

92,

262,

501

OD

Cs29

3,92

342

1,12

248

7,94

931

5,87

146

4,69

123

5,63

981

,644

218,

860

216,

481

437,

845

402,

171

282,

736

282,

529

Dom

esti

c cl

aim

s11

,647

,080

11,2

61,1

6812

,292

,531

12,3

39,2

9611

,844

,304

12,4

01,5

4313

,761

,527

12,2

83,4

9813

,320

,119

14,1

38,1

8213

,125

,079

13,5

18,8

3914

,981

,034

Net

cla

ims

on c

entr

al g

over

nmen

t(8

08,8

34)

(1,3

61,3

17)

(484

,890

)(7

57,1

84)

(1,3

30,6

57)

(602

,870

)2,

749

(1,2

48,9

56)

(541

,141

)(6

2,55

3)(8

97,9

07)

(448

,250

)1,

135,

704

Clai

ms

on c

entr

al g

over

nmen

t3,

479,

779

3,43

5,30

53,

441,

819

3,36

0,64

63,

284,

884

3,68

1,04

74,

038,

954

4,14

8,90

13,

897,

547

3,86

4,91

54,

128,

726

4,07

8,33

84,

138,

355

CBS

1,12

3,21

11,

129,

384

1,11

7,27

41,

124,

211

1,13

0,02

81,

116,

945

1,29

8,40

31,

306,

471

1,31

4,68

31,

323,

157

1,32

9,76

61,

337,

137

1,33

6,67

7O

DCs

2,35

6,56

82,

305,

921

2,32

4,54

42,

236,

435

2,15

4,85

52,

564,

102

2,74

0,55

12,

842,

430

2,58

2,86

52,

541,

758

2,79

8,96

02,

741,

201

2,80

1,67

9Le

ss:

Liab

iliti

es t

o ce

ntra

l gov

ernm

ent

4,28

8,61

34,

796,

621

3,92

6,70

94,

117,

830

4,61

5,54

04,

283,

917

4,03

6,20

45,

397,

857

4,43

8,68

83,

927,

467

5,02

6,63

34,

526,

588

3,00

2,65

2CB

S3,

910,

450

4,33

5,73

23,

408,

474

3,69

6,36

14,

166,

053

3,81

0,01

33,

591,

184

4,95

4,77

94,

028,

729

3,51

6,77

54,

356,

235

4,09

2,14

72,

604,

944

OD

Cs37

8,16

246

0,89

051

8,23

542

1,46

844

9,48

747

3,90

444

5,02

044

3,07

840

9,95

941

0,69

367

0,39

843

4,44

139

7,70

8Cl

aim

s on

oth

er s

ecto

rs12

,455

,914

12,6

22,4

8512

,777

,421

13,0

96,4

8013

,174

,960

13,0

04,4

1413

,758

,777

13,5

32,4

5413

,861

,260

14,2

00,7

3414

,022

,985

13,9

67,0

8913

,845

,330

Oth

er f

inan

cial

cor

pora

tion

s63

8,96

179

0,77

071

9,82

178

5,52

869

8,00

341

2,77

550

3,69

154

4,41

663

5,80

11,

341,

768

1,31

3,35

61,

331,

793

1,36

9,60

0St

ate

and

loca

l gov

ernm

ent

67,1

3577

,533

58,4

6982

,740

82,8

6378

,478

81,2

1078

,735

78,5

3381

,112

38,9

3645

,696

46,5

50Pu

blic

non

fina

ncia

l cor

pora

tion

s30

0,94

531

6,44

937

4,43

745

7,68

643

1,93

544

5,29

143

6,14

743

9,08

946

5,64

452

7,29

043

7,03

745

9,19

658

1,76

4O

ther

non

fina

ncia

l cor

pora

tion

s5,

716,

412

5,67

4,83

55,

750,

626

5,86

9,33

15,

921,

972

6,13

0,14

06,

533,

804

6,38

5,36

76,

549,

589

6,27

3,57

16,

137,

660

6,01

7,11

15,

904,

681

Oth

er r

esid

ent

sect

ors

5,73

2,46

05,

762,

898

5,87

4,06

75,

901,

194

6,04

0,18

75,

937,

730

6,20

3,92

56,

084,

848

6,13

1,69

35,

976,

993

6,09

5,99

56,

113,

293

5,94

2,73

6TO

TAL

ASS

ETS

18,8

60,3

3619

,480

,201

20,2

58,8

3020

,785

,630

21,0

61,4

4121

,379

,329

1,02

1,04

81,

062,

240

1,17

9,97

81,

950,

170

22,2

59,7

4521

,951

,474

22,6

36,9

46

Broa

d m

oney

liab

iliti

es14

,370

,228

14,6

63,4

0715

,414

,086

16,4

62,6

0816

,507

,279

16,7

77,6

6017

,131

,384

17,1

11,1

5317

,907

,909

17,3

43,0

3917

,495

,119

17,4

15,7

9816

,476

,337

Curr

ency

out

side

dep

osit

ory

corp

orat

ions

594,

520

593,

859

557,

786

633,

077

668,

377

629,

718

698,

082

669,

737

769,

983

607,

901

550,

735

565,

173

533,

284

Tran

sfer

able

dep

osit

s4,

125,

647

4,48

7,14

14,

564,

818

5,00

4,36

14,

665,

514

4,56

8,93

84,

901,

685

4,77

8,39

44,

904,

106

5,06

6,10

85,

261,

136

5,16

1,90

45,

125,

962

Oth

er f

inan

cial

cor

pora

tion

s59

,808

57,2

1039

,593

67,1

8672

,641

75,5

4393

,512

73,0

3673

,639

65,3

9958

,553

69,2

1772

,606

Stat

e an

d lo

cal g

over

nmen

t18

,351

20,7

3223

,086

15,1

2416

,244

17,9

3219

,518

19,7

8820

,601

20,2

6540

,871

15,0

0914

,979

Publ

ic n

onfi

nanc

ial c

orpo

rati

ons

137,

835

183,

223

136,

334

167,

082

160,

130

114,

137

113,

162

113,

933

131,

164

128,

341

161,

802

173,

782

174,

850

Oth

er n

onfi

nanc

ial c

orpo

rati

ons

2,93

9,25

73,

425,

782

3,62

1,58

44,

030,

824

3,66

9,28

43,

561,

022

3,96

7,81

63,

682,

105

3,70

7,42

73,

851,

125

4,04

8,94

63,

891,

973

3,97

7,49

2O

ther

res

iden

t se

ctor

s97

0,39

680

0,19

474

4,22

172

4,14

674

7,21

580

0,30

470

7,67

788

9,53

397

1,27

51,

000,

978

950,

964

1,01

1,92

488

6,03

5O

ther

dep

osit

s in

clud

ed in

bro

ad m

oney

9,65

0,06

19,

582,

407

10,2

91,4

8310

,825

,169

11,1

73,3

8811

,579

,005

11,5

31,6

1711

,663

,021

12,2

33,8

2011

,669

,029

11,6

83,2

4811

,688

,721

10,8

17,0

90O

ther

fin

anci

al c

orpo

rati

ons

1,92

2,62

11,

547,

040

2,06

7,53

41,

795,

486

2,20

0,54

11,

769,

450

2,04

8,19

02,

254,

642

2,24

6,86

72,

528,

365

2,06

0,37

51,

981,

069

1,74

1,13

1St

ate

and

loca

l gov

ernm

ent

179,

239

192,

444

183,

703

186,

022

170,

746

170,

095

175,

272

177,

987

181,

192

186,

292

159,

493

253,

128

241,

703

Publ

ic n

onfi

nanc

ial c

orpo

rati

ons

764,

881

836,

350

656,

007

801,

137

955,

538

680,

321

744,

261

541,

686

532,

227

343,

604

715,

236

787,

419

694,

309

Oth

er n

onfi

nanc

ial c

orpo

rati

ons

3,14

1,89

13,

577,

954

3,84

4,39

74,

447,

169

4,25

5,87

65,

473,

222

5,22

9,20

65,

473,

096

5,90

0,41

25,

266,

563

5,26

7,05

25,

089,

683

4,43

3,97

8O

ther

res

iden

t se

ctor

s3,

641,

429

3,42

8,61

93,

539,

842

3,59

5,35

53,

590,

687

3,48

5,91

73,

334,

689

3,21

5,61

03,

373,

121

3,34

4,20

53,

481,

091

3,57

7,42

33,

705,

969

Secu

riti

es o

ther

tha

n sh

ares

incl

. in

bro

ad m

oney

Oth

er li

abili

ties

exc

l. f

rom

bro

ad m

oney

18,0

5910

,606

10,0

558,

910

9,58

49,

785

9,47

99,

502

15,8

458,

506

10,0

458,

812

8,57

4CB

S0

00

00

00

00

00

00

OD

Cs18

,059

10,6

0610

,055

8,91

09,

584

9,78

59,

479

9,50

215

,845

8,50

610

,045

8,81

28,

574

Shar

es a

nd o

ther

equ

ity

5,05

1,50

45,

025,

691

5,13

5,29

15,

070,

480

5,15

9,96

35,

196,

942

5,37

0,24

66,

972,

131

6,97

7,07

86,

766,

079

6,75

6,07

16,

546,

060

6,49

6,81

0CB

S1,

302,

910

1,31

1,10

81,

293,

160

1,32

9,47

91,

369,

469

1,35

3,01

31,

463,

872

3,01

0,42

22,

967,

661

2,70

2,91

52,

622,

344

2,39

2,10

92,

308,

003

OD

Cs3,

748,

594

3,71

4,58

33,

842,

131

3,74

1,00

13,

790,

494

3,84

3,92

93,

906,

374

3,96

1,70

94,

009,

417

4,06

3,16

44,

133,

726

4,15

3,95

14,

188,

807

Oth

er it

ems

(net

)(5

79,4

55)

(219

,502

)(3

00,6

01)

(756

,368

)(6

15,3

85)

(605

,059

)(4

50,2

75)

(2,1

27,5

75)

(2,0

03,6

84)

(2,0

69,9

44)

(2,0

01,4

89)

(2,0

19,1

96)

(344

,774

)Cu

rren

cy

294,

928

376,

997

403,

428

309,

726

362,

512

384,

285

323,

892

358,

619

306,

590

449,

593

323,

067

329,

056

398,

315

Clai

ms

on c

entr

al b

ank

(1,2

88,5

45)

(1,8

27,0

66)

(2,0

30,0

88)

(1,5

51,5

73)

(1,9

64,6

76)

(2,1

02,2

44)

(1,8

51,6

72)

(1,7

32,0

73)

(2,0

49,2

30)

(1,9

51,3

89)

(1,9

90,6

33)

(1,9

18,8

54)

(1,7

44,6

34)

Clai

ms

on o

ther

dep

osit

ory

corp

orat

ions

(2,0

10)

(1,3

49)

(2,0

17)

(45,

667)

(1,9

81)

(2,0

15)

(2,0

65)

(2,0

55)

(2,0

61)

(667

)(2

,056

)(2

,066

)(2

,038

)O

ther

ass

ets

(1,7

32,8

54)

(1,8

24,8

63)

(1,8

98,9

82)

(1,8

90,0

98)

(1,7

18,7

64)

(1,6

74,8

15)

(1,8

36,3

44)

(3,3

49,6

32)

(3,6

17,3

69)

(3,4

52,5

90)

(3,3

98,5

57)

(3,4

81,2

16)

(2,2

66,1

25)

Liab

iliti

es t

o ce

ntra

l ban

k0

00

45,0

130

00

00

00

00

Liab

iliti

es t

o ot

her

depo

sito

ry c

orpo

rati

ons

1,00

6,83

21,

481,

588

1,67

9,46

91,

249,

560

1,64

8,43

11,

445,

352

1,57

1,92

71,

378,

932

1,76

0,75

61,

509,

949

1,68

2,43

21,

578,

057

1,48

5,35

0O

ther

liab

iliti

es1,

142,

195

1,57

5,19

11,

547,

588

1,12

6,67

01,

059,

093

1,34

4,37

81,

343,

988

1,21

8,63

31,

597,

630

1,37

5,15

91,

384,

259

1,47

5,82

71,

784,

357

TOTA

L LI

ABI

LITI

ES18

,860

,336

19,4

80,2

0120

,258

,830

20,7

85,6

3021

,061

,441

21,3

79,3

2922

,060

,834

21,9

65,2

1022

,897

,147

22,0

47,6

7922

,259

,745

21,9

51,4

7422

,636

,946


Table S 2.2DEPOSITORY CORPORATIONS AND MONETARY RATIOS

Table S 2.2 DEPOSITORY CORPORATIONS AND MONETARY RATIOS

----------------- --------------------- --------------------- --------------------- --------------------- --------------------- --------------------- ------------------ ---------------------- ------------------------- -----------------------Item as Percent of Total Deposits Emalangeni International

--------------------- --------------------- --------------------- --------------------- --------------------- --------------------- Outside ReservesPrivate Loans ------------------ ---------------------- Depository to Average

Period Demand Savings Time Govt Sector and Liquid Reserve Corporations to MonthlyEnded Deposits Deposits Deposits Deposits Deposits Advances Assets Assets Money Supply Imports----------------- --------------------- --------------------- --------------------- --------------------- --------------------- --------------------- ------------------ ---------------------- ------------------------- -----------------------2005 28.2 25.8 46.0 0.5 99.5 109.1 15.4 2.8 18.4 1.32006 26.6 24.4 49.0 1.5 98.5 103.7 17.7 2.8 18.5 2.12007 27.5 19.9 52.6 2.4 97.6 100.9 17.8 3.2 14.9 3.72008 27.7 18.9 53.3 3.1 96.9 90.4 17.4 2.9 14.2 4.62009 25.5 15.7 58.8 3.0 97.0 80.9 18.3 2.8 14.0 4.12010 25.7 15.3 59.0 3.7 96.3 76.2 22.6 2.8 17.6 2.82011 30.9 15.4 53.7 5.4 94.6 95.9 25.9 9.0 12.4 2.32012 32.6 14.9 52.5 4.1 95.9 85.6 26.2 6.0 12.0 2.92013 36.6 14.7 48.7 3.1 96.9 89.9 27.1 6.0 11.3 3.92014 32.6 14.4 53.0 2.7 97.3 92.5 27.5 6.6 12.5 3.62015 32.1 12.6 55.3 3.6 96.4 84.1 26.6 6.8 11.7 3.82016 33.8 11.3 54.9 2.9 97.1 75.1 28.7 6.6 10.1 3.62017 30.1 10.1 59.7 2.4 97.6 76.1 27.5 6.4 10.7 3.52010March 23.0 14.8 62.2 3.3 96.7 74.5 15.4 2.7 15.6 3.8June 23.8 14.6 61.6 3.4 96.6 72.5 16.5 2.7 15.0 3.2September 22.5 14.8 62.7 3.7 96.3 73.5 17.6 2.9 17.4 3.1December 25.7 15.3 59.0 3.7 96.3 76.2 22.6 2.8 17.6 2.82011March 23.4 14.9 61.6 4.1 95.9 76.9 21.9 2.7 15.9 2.5June 25.4 15.1 59.6 4.3 95.7 86.1 22.7 2.7 14.7 2.3September 30.3 15.3 54.4 4.5 95.5 96.1 21.8 6.4 13.4 2.2December 30.9 15.4 53.7 5.4 94.6 95.9 25.9 9.0 12.4 2.32012March 30.3 15.2 54.6 6.3 93.7 95.7 24.5 6.3 13.8 2.1June 31.9 15.4 52.6 7.5 92.5 87.5 26.2 6.5 13.3 2.3September 33.4 15.3 51.3 4.9 95.1 91.0 24.0 6.0 12.2 2.6December 32.6 14.9 52.5 4.1 95.9 85.6 26.2 6.0 12.0 2.92013March 32.0 14.1 53.9 4.2 95.8 81.3 28.0 6.0 12.4 3.2June 31.0 15.5 53.4 3.9 96.1 89.7 32.7 6.0 14.6 3.5September 37.3 14.6 52.8 3.5 96.5 87.6 29.1 6.0 13.5 4.1December 40.7 14.7 48.7 3.1 96.9 89.9 27.1 7.5 11.3 3.92014January 31.4 15.1 53.5 3.3 96.7 93.4 25.7 6.8 12.8 4.8February 30.6 14.8 54.6 3.6 96.4 91.9 27.0 6.6 14.0 4.5March 32.6 14.6 52.8 3.2 96.8 93.2 24.8 6.7 12.6 4.2April 34.0 15.0 51.0 3.1 96.9 91.8 24.0 6.7 11.9 4.3May 30.9 14.8 54.4 2.8 97.2 93.5 24.4 6.5 13.1 3.9June 31.3 14.1 54.6 3.1 96.9 89.1 23.2 6.2 12.0 3.7July 30.9 14.9 54.2 2.8 97.2 96.1 24.1 6.7 13.2 4.0August 31.8 14.8 53.4 3.3 96.7 95.9 22.6 6.7 14.2 3.6September 32.7 14.6 52.7 3.3 96.7 95.2 21.2 6.8 13.4 3.4October 29.8 14.7 55.5 2.7 97.3 92.6 23.1 6.7 14.6 3.8November 31.7 14.0 54.3 2.9 97.1 91.4 24.6 6.2 14.9 3.6December 32.6 14.4 53.0 2.7 97.3 92.5 27.5 6.6 12.5 3.62015January 31.5 13.9 54.7 3.2 96.8 92.1 25.7 6.5 12.8 3.8February 32.1 14.3 53.6 2.9 97.1 95.4 24.5 6.4 13.9 3.7March 32.9 14.5 52.6 4.3 95.7 95.0 24.5 6.5 12.3 3.5April 33.3 14.1 52.6 4.3 95.7 89.1 23.4 6.6 12.0 3.8May 32.6 14.4 53.0 4.2 95.8 93.1 24.2 6.3 12.8 3.5June 32.5 14.1 53.5 4.1 95.9 93.0 24.7 6.4 12.3 3.4July 31.1 14.6 54.3 3.9 96.1 92.1 23.0 6.4 13.6 3.5August 33.0 13.4 53.6 4.0 96.0 89.0 21.6 6.3 13.6 3.6September 30.9 12.8 56.3 3.8 96.2 84.2 22.4 8.5 12.8 3.5October 30.7 13.2 56.1 4.0 96.0 89.5 24.4 6.5 14.3 4.0November 31.0 13.2 55.8 4.1 95.9 88.1 26.5 6.7 14.8 4.0December 32.1 12.6 55.3 3.6 96.4 84.1 26.6 6.8 11.7 3.82016January 30.9 12.0 57.1 3.6 96.4 83.7 24.1 6.5 12.1 4.5February 30.1 12.4 57.5 3.4 96.6 85.7 22.8 6.7 12.8 4.1March 28.7 12.8 58.5 3.6 96.4 87.7 26.2 6.5 13.0 3.9April 30.6 12.6 56.8 3.2 96.8 84.1 27.1 6.7 12.5 4.4May 30.7 12.8 56.5 2.9 97.1 84.2 25.1 6.9 11.6 4.1June 28.1 13.1 58.8 2.8 97.2 85.8 26.7 6.7 12.1 4.0July 28.1 12.8 59.1 3.5 96.5 85.3 25.8 6.4 14.7 4.0August 29.5 12.4 58.1 3.1 96.9 79.9 27.0 6.4 11.9 3.8September 29.8 13.0 57.2 3.2 96.8 84.0 29.0 6.3 12.9 3.6October 30.6 12.9 56.6 3.2 96.8 83.9 28.4 6.4 14.0 3.8November 29.2 11.8 59.1 3.0 97.0 79.8 25.7 6.4 13.1 3.6December 33.8 11.3 54.9 2.9 97.1 75.1 28.7 6.6 10.1 3.62017January 30.8 12.0 57.1 3.1 96.9 81.0 29.3 6.8 11.4 3.8February 30.6 12.0 57.4 2.9 97.1 82.2 26.7 6.4 11.6 3.5March 30.0 13.0 57.0 2.7 97.3 85.9 28.5 6.3 12.6 3.4April 31.9 12.3 55.8 3.2 96.8 83.2 30.3 6.3 11.7 3.9May 30.7 11.9 57.4 3.4 96.6 79.7 31.2 6.4 10.9 3.5June 31.4 11.0 57.6 2.6 97.4 76.9 25.6 6.4 11.2 3.3July 29.3 10.1 60.5 2.8 97.2 77.7 27.7 6.5 12.5 4.0August 28.1 9.8 62.1 2.9 97.1 76.8 29.9 6.4 12.1 3.5September 29.7 9.8 60.5 2.7 97.3 80.0 28.6 6.3 12.1 3.5October 28.9 9.9 61.2 2.7 97.3 78.3 28.8 6.3 12.3 4.2November 28.5 10.1 61.4 2.4 97.6 76.6 27.3 6.6 13.6 3.9December 30.1 10.1 59.7 2.4 97.6 76.1 27.5 6.4 10.7 3.52018January 30.6 9.6 59.8 3.9 96.1 77.4 28.4 6.4 9.5 3.7February 30.4 9.8 59.8 2.6 97.4 78.2 27.9 6.3 9.9 3.4March 31.7 10.2 58.1 2.4 97.6 81.1 28.1 6.3 9.4 3.2----------------- --------------------- --------------------- --------------------- --------------------- --------------------- --------------------- ------------------ ---------------------- ------------------------- -----------------------SWAZILAND BUILDING SOCIETY DATA IS INCLUDED FROM DECEMBER 2003.SWAZILAND BUILDING SOCIETY DATA IS INCLUDED FROM DECEMBER 2003.INTERNATIONAL RESERVES TO AVERAGE MONTHLY IMPORTS: Gross official reserves figures are used for these ratios.Since actual imports figures are only available up to December 2017, an estimate has been used for the January 2018 to March 2018 ratios.

Liabilities to Public Total Domestic


Table S 2.3MONEY SUPPLY

(E’000) Table S 2.3 MONEY SUPPLY (E'000)

---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ------------------ ----------------- --------------------------------------- ------------------------------------- Less Held Emalangeni Other

Emalangeni Issued by C.B.S. by Other Outside Transferable Narrow Deposits M1 M2 Quasi MoneyPeriod ---------------------- ---------------------- ---------------------- Depository Depository (Demand) Money (Quasi Broad Annual % Annual % Annual %Ended Notes Coins Total Corporations Corporations Deposits Supply (M1) Money) Money (M2) Change Change Change---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ------------------ ----------------- --------------------------------------- -------------------------------------2005 306,932 34,277 341,209 104,757 236,452 1,046,029 1,282,481 2,675,189 3,957,670 19.3 9.9 5.92006 342,160 36,349 378,509 127,995 250,514 1,106,013 1,356,527 2,983,771 4,340,298 5.8 9.7 11.52007 370,052 37,887 407,939 159,300 248,639 1,417,329 1,665,968 3,605,994 5,271,962 22.8 21.5 20.92008 374,962 41,226 416,188 136,368 279,820 1,690,707 1,970,527 4,314,436 6,284,963 18.3 19.2 19.62009 462,849 44,807 507,656 180,022 327,634 2,007,753 2,335,387 5,631,357 7,966,744 18.5 26.8 30.52010 515,849 47,673 563,522 214,175 349,347 2,180,953 2,530,300 5,992,730 8,523,030 8.3 7.0 6.42011 491,392 49,506 540,898 183,886 357,012 2,510,681 2,867,693 5,910,715 8,778,409 13.3 3.0 (1.4)2012 590,211 52,570 642,781 233,438 409,343 3,012,281 3,421,624 6,236,214 9,657,838 19.3 10.0 5.52013 674,533 58,179 732,713 233,546 499,167 3,900,034 4,399,201 6,797,732 11,196,933 28.6 15.9 9.02014 808,820 62,841 871,661 341,990 529,671 3,715,706 4,245,377 7,393,272 11,638,649 (3.5) 3.9 8.82015 895,417 67,463 962,879 408,164 554,715 4,189,828 4,744,543 8,474,537 13,219,080 11.8 13.6 14.62016 941,323 71,479 1,012,802 403,686 609,116 5,404,949 6,014,065 10,694,015 16,708,080 26.8 26.4 26.22017 980,336 77,158 1,057,495 449,593 607,901 5,066,108 5,674,010 11,669,029 17,343,039 (5.7) 3.8 9.12010March 439,156 42,396 481,552 140,011 341,541 1,843,725 2,185,266 5,926,626 8,111,892 (2.2) 13.0 19.8June 457,421 43,202 500,623 142,785 357,838 2,025,256 2,383,094 6,202,147 8,585,241 4.4 18.8 25.4September 500,551 44,623 545,174 137,836 407,338 1,928,744 2,336,082 6,325,057 8,661,139 6.1 19.6 25.5December 515,849 47,673 563,522 214,175 349,347 2,180,953 2,530,300 5,992,730 8,523,030 8.3 7.0 6.42011March 464,446 46,231 510,677 153,878 356,799 1,892,421 2,249,220 6,142,199 8,391,420 2.9 3.4 3.6June 448,121 46,235 494,356 139,639 354,717 2,064,170 2,418,887 6,211,474 8,630,361 1.5 0.5 (3.2)September 489,902 46,654 536,556 146,698 389,858 2,518,458 2,908,315 5,912,026 8,820,341 24.5 1.8 (6.5)December 491,392 49,506 540,898 183,886 357,012 2,510,681 2,867,693 5,910,715 8,778,409 13.3 3.0 (1.4)2012March 471,013 48,416 519,428 138,433 380,995 2,379,734 2,760,729 5,913,842 8,674,571 22.7 3.4 (3.7)June 488,748 48,747 537,494 151,078 386,416 2,511,091 2,897,507 5,964,710 8,862,217 19.8 2.7 (0.7)September 519,194 49,825 569,019 158,112 410,907 2,944,989 3,355,896 5,948,749 9,304,645 15.4 5.5 0.6December 590,211 52,570 642,781 233,438 409,343 3,012,281 3,421,624 6,236,214 9,657,838 19.3 10.0 5.52013March 557,618 51,485 609,104 166,981 442,123 3,117,731 3,559,854 6,585,998 10,145,851 28.9 17.0 11.4June 616,582 53,167 669,749 174,459 495,290 2,908,160 3,403,450 6,476,695 9,880,145 17.5 11.5 8.6September 661,079 55,611 716,690 200,705 515,985 3,307,988 3,823,973 6,850,480 10,674,453 13.9 14.7 15.2December 674,533 58,179 732,713 233,546 499,167 3,900,034 4,399,201 6,797,732 11,196,933 28.6 15.9 9.02014January 605,756 57,623 663,379 195,756 467,623 3,178,178 3,645,801 6,972,033 10,617,834 (5.5) 4.6 10.8February 647,356 56,794 704,149 195,271 508,878 3,117,740 3,626,618 7,076,544 10,703,162 (10.8) 0.4 7.3March 655,129 57,231 712,361 230,315 482,046 3,357,616 3,839,662 6,983,429 10,823,090 7.9 6.7 6.0April 638,969 58,157 697,127 218,906 478,221 3,533,493 4,011,714 6,888,221 10,899,935 15.5 8.6 4.9May 676,718 57,603 734,320 243,800 490,520 3,259,367 3,749,887 7,350,166 11,100,053 (2.0) 4.9 8.8June 659,126 58,370 717,496 245,068 472,428 3,453,478 3,925,906 7,424,123 11,350,030 15.4 14.9 14.6July 694,588 59,589 754,178 250,782 503,396 3,296,778 3,800,174 7,036,585 10,836,759 (7.2) (0.1) 4.3August 732,785 59,745 792,530 224,843 567,687 3,438,105 4,005,792 6,999,710 11,005,503 (6.9) (0.0) 4.4September 717,789 60,265 778,054 229,046 549,008 3,556,710 4,105,718 6,993,633 11,099,351 7.4 4.0 2.1October 738,758 60,747 799,505 240,159 559,346 3,278,860 3,838,206 7,435,061 11,273,266 (7.2) 2.6 8.6November 816,732 60,556 877,288 244,611 632,677 3,607,890 4,240,567 7,466,290 11,706,857 (13.5) 0.3 10.3December 808,820 62,841 871,661 341,990 529,671 3,715,706 4,245,377 7,393,272 11,638,649 (3.5) 3.9 8.82015January 686,481 61,643 748,124 222,434 525,690 3,568,489 4,094,179 7,417,185 11,511,364 12.3 8.4 6.4February 719,368 61,228 780,596 205,268 575,328 3,557,557 4,132,885 7,235,035 11,367,920 14.0 6.2 2.2March 749,251 61,665 810,916 305,949 504,967 3,608,807 4,113,774 6,899,131 11,012,905 7.1 1.8 (1.2)April 739,839 61,485 801,324 274,614 526,710 3,855,113 4,381,823 7,333,045 11,714,868 9.2 7.5 6.5May 730,118 62,104 792,222 249,465 542,757 3,693,988 4,236,745 7,217,284 11,454,029 13.0 3.2 (1.8)June 747,051 62,736 809,788 282,110 527,678 3,765,536 4,293,214 7,374,350 11,667,564 9.4 2.8 (0.7)July 757,159 62,941 820,100 249,571 570,529 3,618,587 4,189,116 7,566,356 11,755,472 10.2 2.6 7.5August 830,223 63,110 893,332 259,475 633,857 4,041,486 4,675,343 7,734,598 12,409,942 16.7 6.4 10.5September 801,402 63,877 865,279 279,213 586,066 4,000,063 4,586,129 8,498,464 13,084,593 11.7 11.3 21.5October 812,268 64,155 876,424 233,761 642,663 3,847,452 4,490,115 8,211,817 12,701,932 17.0 12.7 10.4November 905,382 64,352 969,734 299,018 670,715 3,861,805 4,532,521 8,188,807 12,721,327 6.9 8.7 9.7December 895,417 67,463 962,879 408,164 554,715 4,189,828 4,744,543 8,474,537 13,219,080 11.8 13.6 14.62016January 759,473 65,405 824,878 263,682 561,196 4,063,259 4,624,456 8,716,623 13,341,079 13.0 15.9 17.5February 797,257 65,796 863,053 298,540 564,513 3,840,639 4,405,152 8,574,144 12,979,296 6.6 14.2 18.5March 778,921 65,894 844,815 314,362 530,454 3,557,774 4,088,228 8,653,381 12,741,608 (0.6) 15.7 25.4April 783,968 65,913 849,881 287,492 562,389 3,943,957 4,506,346 8,895,767 13,402,113 2.8 14.4 21.3May 808,540 65,994 874,534 345,801 528,733 4,046,579 4,575,312 9,080,650 13,655,962 8.0 19.2 25.8June 766,146 66,263 832,409 326,473 505,936 3,670,406 4,176,342 9,413,020 13,589,362 (2.7) 16.5 27.6July 905,154 66,508 971,662 314,112 657,550 3,830,023 4,487,572 9,775,007 14,262,579 7.1 21.3 29.2August 920,001 65,867 985,869 405,719 580,149 4,298,156 4,878,305 10,190,796 15,069,101 4.3 21.4 31.8September 895,551 67,142 962,693 342,006 620,687 4,177,192 4,797,878 9,712,374 14,510,253 4.6 10.9 14.3October 918,772 67,577 986,349 293,242 693,107 4,267,160 4,960,267 9,827,984 14,788,251 10.5 16.4 19.7November 932,460 68,358 1,000,818 334,238 666,580 4,440,943 5,107,523 10,921,910 16,029,433 12.7 26.0 33.4December 941,323 71,479 1,012,802 403,686 609,116 5,404,949 6,014,065 10,694,015 16,708,080 26.8 26.4 26.22017January 805,178 69,946 875,125 301,566 573,559 4,454,891 5,028,450 10,107,318 15,135,768 8.7 13.5 16.0February 833,069 69,161 902,230 316,122 586,108 4,449,483 5,035,591 10,061,618 15,097,210 14.3 16.3 17.3March 820,316 69,132 889,449 294,928 594,520 4,125,647 4,720,167 9,650,061 14,370,228 15.5 12.8 11.5April 900,809 70,047 970,856 376,997 593,859 4,487,141 5,081,000 9,582,407 14,663,407 12.8 9.4 7.7May 890,431 70,783 961,214 403,428 557,786 4,564,818 5,122,603 10,291,483 15,414,086 12.0 12.9 13.3June 871,081 71,722 942,803 309,726 633,077 5,004,361 5,637,439 10,825,169 16,462,608 35.0 21.1 15.0July 958,255 72,635 1,030,889 362,512 668,377 4,665,514 5,333,891 11,173,388 16,507,279 18.9 15.7 14.3August 940,420 73,583 1,014,003 384,285 629,718 4,568,938 5,198,655 11,579,005 16,777,660 6.6 11.3 13.6September 947,815 74,159 1,021,974 323,892 698,082 4,901,685 5,599,767 11,531,617 17,131,384 16.7 18.1 18.7October 954,080 74,276 1,028,356 358,619 669,737 4,778,394 5,448,131 11,663,021 17,111,153 9.8 15.7 18.7November 1,002,525 74,048 1,076,573 306,590 769,983 4,904,106 5,674,089 12,233,820 17,907,909 11.1 11.7 12.0December 980,336 77,158 1,057,495 449,593 607,901 5,066,108 5,674,010 11,669,029 17,343,039 (5.7) 3.8 9.12018January 797,342 76,460 873,802 323,067 550,735 5,261,136 5,811,871 11,683,248 17,495,119 15.6 15.6 15.6February 818,839 75,390 894,229 329,056 565,173 5,161,904 5,727,077 11,688,721 17,415,798 13.7 15.4 16.2March 855,155 76,445 931,600 398,315 533,285 5,125,962 5,659,246 10,817,090 16,476,337 19.9 14.7 12.1Over 12 Months 34,839 7,312 42,151 103,387 (61,236) 1,000,315 939,079 1,167,030 2,106,109---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ------------------ ----------------- --------------------------------------- -------------------------------------From December 2003, Money Supply data has been revised to include the Swaziland Building Society (SBS)


Table S 3.1BANK LIQUIDITY REQUIREMENTS

(As percent of Deposits and other Liabilities)

Table S 3.1BANK LIQUIDITY REQUIREMENTS(As percent of Deposits and other Liabilities)

-------------------------- ------------------- ------------------- ------------------- ------------------- ------------------- ---------------------- Time Deposits------------------- ------------------- -------------------

Effective Demand Savings Short Long Medium Other DomesticDate Deposits Deposits Term Term Term Liabilities-------------------------- ------------------- ------------------- ------------------- ------------------- ------------------- ----------------------July 1,1973 30.0 20.0 30.0 20.0 5.0 10.0January 2,1974 25.0 15.0 25.0 15.0 5.0August 1,1975 21.0 12.0 21.0 12.0 5.0May 7,1976 25.0 12.0 14.5July 31,1981 10.0 10.0 10.0 10.0 10.0March 1,1983 15.0 10.0 15.0 15.0 15.0June 1,1987 25.0 10.0 25.0 10.0 25.0January 31,1989* 17.5 17.5 17.5 17.5 17.5February 1,1999* 15.0 15.0 15.0 15.0 15.0 15.0August 1,2003 13.0 13.0 13.0 13.0 13.0 13.0July 1, 2011 20.0 20.0 20.0 20.0 20.0 20.0July 1, 2016 25.0 25.0 25.0 25.0 25.0 25.0-------------------------- ------------------- ------------------- ------------------- ------------------- ------------------- ----------------------

Table S 3.2BANK RESERVE REQUIREMENTS(As percent of Deposits and other Liabilities)

-------------------------- ------------------- ------------------- ------------------- ------------------- ------------------- ---------------------- Minimum Proportion of Total

Effective Required Required Reserves to be held Date Percentage at C.B.S

-------------------------- ------------------- ------------------- ------------------- ------------------- ------------------- ----------------------January 1,1975 3.50% 50%June 1,1975 4.50% 50%September 1,1975 4.50% 50%December 1,1975 5.00% 50%March 1,1976 5.50% 50%July 1,1976 6.00% 50%December 1,1976 6.00% no requirementApril 1,1992 5.00% no requirementJanuary 1, 1994 6.00% no requirementFebruary 1, 1999 4.00% no requirementJuly 1, 2002 3.00% 75%August 1, 2003 2.50% 100%July 1, 2011 6.00% 100%----------------------------------------------------------------------------------------------------------------------------------------

Since 1 July 2011, banks are equired to hold 6% of total deposits and other liabilities

eligible asset for reserve requirement.

*Applies to all other commercial banks excluding Savings & Development Banks which is required to maintain minimum liquidity of not less

than 22 percent of Total Deposits. (See note on Table S 3.3)

* Since 1 July 2002, banks are required to hold a maximum of 2.5% of their reserves (3% of total deposits and other liabilities)

as vault cash and the balance as deposits at CBS. Effective August 1.2003 vault cash ceased to be an

*Applies to all other commercial banks excluding Savings & Development Banks which is required to maintain minimum liquidity

of not less than 22 percent of Total Deposits. (See note on Table S 3.3)

Table S 3.2BANK RESERVE REQUIREMENTS

(As percent of Deposits and other Liabilities)

Table S 3.1BANK LIQUIDITY REQUIREMENTS(As percent of Deposits and other Liabilities)

-------------------------- ------------------- ------------------- ------------------- ------------------- ------------------- ---------------------- Time Deposits------------------- ------------------- -------------------

Effective Demand Savings Short Long Medium Other DomesticDate Deposits Deposits Term Term Term Liabilities-------------------------- ------------------- ------------------- ------------------- ------------------- ------------------- ----------------------July 1,1973 30.0 20.0 30.0 20.0 5.0 10.0January 2,1974 25.0 15.0 25.0 15.0 5.0August 1,1975 21.0 12.0 21.0 12.0 5.0May 7,1976 25.0 12.0 14.5July 31,1981 10.0 10.0 10.0 10.0 10.0March 1,1983 15.0 10.0 15.0 15.0 15.0June 1,1987 25.0 10.0 25.0 10.0 25.0January 31,1989* 17.5 17.5 17.5 17.5 17.5February 1,1999* 15.0 15.0 15.0 15.0 15.0 15.0August 1,2003 13.0 13.0 13.0 13.0 13.0 13.0July 1, 2011 20.0 20.0 20.0 20.0 20.0 20.0July 1, 2016 25.0 25.0 25.0 25.0 25.0 25.0-------------------------- ------------------- ------------------- ------------------- ------------------- ------------------- ----------------------

Table S 3.2BANK RESERVE REQUIREMENTS(As percent of Deposits and other Liabilities)

-------------------------- ------------------- ------------------- ------------------- ------------------- ------------------- ---------------------- Minimum Proportion of Total

Effective Required Required Reserves to be held Date Percentage at C.B.S

-------------------------- ------------------- ------------------- ------------------- ------------------- ------------------- ----------------------January 1,1975 3.50% 50%June 1,1975 4.50% 50%September 1,1975 4.50% 50%December 1,1975 5.00% 50%March 1,1976 5.50% 50%July 1,1976 6.00% 50%December 1,1976 6.00% no requirementApril 1,1992 5.00% no requirementJanuary 1, 1994 6.00% no requirementFebruary 1, 1999 4.00% no requirementJuly 1, 2002 3.00% 75%August 1, 2003 2.50% 100%July 1, 2011 6.00% 100%----------------------------------------------------------------------------------------------------------------------------------------

Since 1 July 2011, banks are equired to hold 6% of total deposits and other liabilities

eligible asset for reserve requirement.

*Applies to all other commercial banks excluding Savings & Development Banks which is required to maintain minimum liquidity of not less

than 22 percent of Total Deposits. (See note on Table S 3.3)

* Since 1 July 2002, banks are required to hold a maximum of 2.5% of their reserves (3% of total deposits and other liabilities)

as vault cash and the balance as deposits at CBS. Effective August 1.2003 vault cash ceased to be an

* Since 1 July 2002, banks are required to hold a maximum of 2.5% of their reserves (3% of total deposits and other liabilities) as vault cash and the balance as deposits at CBS. Effective August 1.2003 vault cash ceased to be an eligible asset for reserve requirement.Since 1 July 2011, banks are equired to hold 6% of total deposits and other liabilities


Table S 3.3 BANK LIQUIDITY POSITION

(E’000)Table S 3.3 BANK LIQUIDITY POSITION

(E'000)------------------------- ------------------------- ------------------------- ------------------------- ------------------------- ------------------------- ------------------------- ------------------------- ------------------------- ------------------------- ------------------------- ------------------------- ------------------------- -------------------------

Domestic Liquid Assets Liquidity Surplus------------------------- ------------------------- ------------------------- ------------------------- ------------------------- ------------------------- ------------------------- ------------------------- or Deficiency (-)

Swazi Government Balances With ------------------------- ------------------------- -------------------------------------------------- ------------------------- ------------------------- ------------------------- Net Due

Total Emalangeni Rand Notes Central Other Other Total From BanksPeriod Covered Notes & Coin and Coins Treasury Eligible Bank of Banks Liquid Liquid Required OutsideEnded Liabilities in Tills in Tills Bills Stock Swaziland (Net) Assets Assets Liquidity Domestic Swaziland Total------------------------- ------------------------- ------------------------- ------------------------- ------------------------- ------------------------- ------------------------- ------------------------- ------------------------- ------------------------- ------------------------- ------------------------- ------------------------- -------------------------2005 3,555,705 99,134 28,777 267,706 41,663 111,414 0 0 548,694 446,329 102,365 290,782 393,1472006 4,182,775 122,533 31,025 331,957 31,001 224,549 0 0 741,065 529,267 211,798 714,998 926,7962007 4,815,093 151,735 28,534 308,173 29,921 282,430 0 56,009 856,802 608,822 247,980 663,091 911,0712008 5,543,244 125,939 51,564 289,423 30,491 320,858 0 144,417 962,692 694,576 268,116 1,216,856 1,484,9722009 7,075,861 167,193 37,953 332,058 28,858 437,259 0 291,355 1,294,676 892,346 402,330 2,142,004 2,544,3342010 7,506,168 201,834 27,574 296,680 250,666 394,901 0 522,480 1,694,135 942,692 751,443 2,001,331 2,752,7742011 7,616,967 169,099 41,244 608,350 324,390 809,053 0 21,667 1,973,803 1,488,872 484,931 597,481 1,082,4122012 8,364,314 209,004 32,679 870,413 316,953 766,229 0 0 2,195,278 1,637,883 557,395 1,447,460 2,004,8552013 9,362,074 204,464 46,575 1,228,780 240,698 815,031 0 0 2,535,548 1,833,982 701,566 789,276 1,490,8422014 10,064,454 303,810 54,368 1,115,425 345,749 953,221 0 0 2,772,573 1,971,729 800,844 655,683 1,456,5272015 12,103,101 368,635 60,768 1,173,436 424,175 1,195,984 0 0 3,222,998 2,381,711 841,287 1,509,980 2,351,2672016 14,612,819 354,239 75,802 1,334,320 725,495 1,638,546 60,499 0 4,188,900 3,606,916 581,984 2,343,966 2,925,9502017 15,608,699 385,313 55,065 1,583,692 766,849 1,501,431 0 0 4,292,350 3,850,172 442,178 2,000,615 2,442,7932010March 7,604,981 130,125 18,340 290,695 27,684 269,504 0 432,993 1,169,341 960,332 209,009 3,011,972 3,220,981June 7,749,147 130,000 16,886 355,011 28,230 302,692 0 447,868 1,280,687 977,889 302,798 2,666,449 2,969,247September 7,769,079 129,229 18,812 368,888 168,423 350,914 0 333,852 1,370,118 978,346 391,772 2,496,815 2,888,587December 7,506,168 201,834 27,574 296,680 250,666 394,901 0 522,480 1,694,135 942,692 751,443 2,001,331 2,752,7742011March 7,428,060 143,138 26,008 509,405 277,457 274,582 0 395,146 1,625,736 933,050 692,686 1,998,758 2,691,444June 7,665,786 128,650 20,729 586,489 281,264 674,846 0 44,661 1,736,639 962,408 774,231 1,431,801 2,206,032September 7,591,473 132,413 26,092 628,883 323,200 546,693 0 0 1,657,281 1,484,039 173,242 913,992 1,087,234December 7,616,967 169,099 41,244 608,350 324,390 809,053 0 21,667 1,973,803 1,488,872 484,931 597,481 1,082,4122012March 7,488,149 128,977 15,647 831,898 324,106 532,514 0 0 1,833,142 1,464,631 368,511 608,950 977,461June 8,041,331 136,248 15,943 993,935 336,312 627,132 0 0 2,109,570 1,574,239 535,331 1,344,715 1,880,046September 8,245,404 142,484 16,046 975,742 335,620 509,261 0 0 1,979,153 1,613,851 365,302 900,673 1,265,975December 8,364,314 209,004 32,679 870,413 316,953 766,229 0 0 2,195,278 1,637,883 557,395 1,447,460 2,004,8552013March 8,439,308 150,395 29,446 1,254,987 318,533 611,889 0 0 2,365,251 1,651,034 714,217 1,710,116 2,424,333June 8,044,249 156,108 32,345 1,342,638 322,234 773,986 0 0 2,627,311 1,572,258 1,055,053 609,863 1,664,916September 9,230,904 175,831 34,821 1,491,681 221,191 760,960 0 0 2,684,484 1,808,701 875,783 499,112 1,374,895December 9,362,074 204,464 46,575 1,228,780 240,698 815,031 0 0 2,535,548 1,833,982 701,566 789,276 1,490,8422014January 9,081,744 174,524 34,413 1,233,569 247,158 646,339 0 0 2,336,003 1,778,487 557,516 731,064 1,288,580February 8,871,833 171,602 31,104 1,192,658 246,826 751,363 0 0 2,393,553 1,737,598 655,955 825,820 1,481,775March 9,265,810 204,223 30,989 1,067,818 232,701 763,854 0 0 2,299,585 1,816,590 482,995 902,223 1,385,218April 9,264,902 194,451 37,477 1,019,322 233,231 740,788 0 0 2,225,269 1,815,023 410,246 1,186,352 1,596,598May 9,352,695 223,560 36,102 1,073,320 215,932 733,814 0 0 2,282,728 1,833,603 449,125 977,253 1,426,378June 9,784,339 226,748 34,999 1,005,655 215,571 783,442 0 0 2,266,415 1,920,227 346,188 1,293,302 1,639,490July 9,318,065 227,268 36,262 988,936 216,323 779,069 0 0 2,247,858 1,826,484 421,374 581,870 1,003,244August 9,362,952 204,193 33,613 843,178 215,918 821,593 0 0 2,118,495 1,835,158 283,337 643,752 927,089September 9,806,571 202,483 41,531 932,022 220,079 679,710 0 0 2,075,825 1,920,859 154,966 987,251 1,142,217October 9,862,376 215,711 36,917 1,046,107 296,551 686,081 0 0 2,281,367 1,932,399 348,968 1,064,233 1,413,201November 10,662,972 222,787 30,868 1,051,044 345,640 974,290 0 0 2,624,629 2,091,876 532,753 1,011,733 1,544,486December 10,064,454 303,810 54,368 1,115,425 345,749 953,221 0 0 2,772,573 1,971,729 800,844 655,683 1,456,5272015January 10,205,949 199,201 47,955 1,082,825 368,076 926,294 0 0 2,624,351 2,000,667 623,684 1,046,330 1,670,014February 9,938,466 179,611 34,831 1,089,609 367,862 760,622 0 0 2,432,535 1,947,849 484,686 811,248 1,295,934March 9,824,033 281,251 37,212 1,002,324 370,156 711,043 0 0 2,401,986 1,925,947 476,039 911,673 1,387,712April 10,287,422 243,148 34,330 1,004,392 366,574 756,397 0 0 2,404,841 2,017,956 386,885 1,580,863 1,967,748May 10,096,036 223,087 30,647 1,084,714 361,121 739,438 0 0 2,439,007 1,979,698 459,309 1,190,940 1,650,249June 10,133,503 256,852 33,145 1,036,649 406,203 774,940 0 0 2,507,789 1,986,708 521,081 678,866 1,199,947July 10,257,708 222,099 34,091 993,978 407,562 699,634 0 0 2,357,364 2,010,419 346,945 1,017,548 1,364,493August 10,923,569 238,346 35,425 909,910 416,207 759,451 0 0 2,359,339 2,143,333 216,006 1,710,506 1,926,512September 11,924,469 256,085 37,950 1,012,068 447,465 914,098 0 0 2,667,666 2,344,148 323,518 2,444,726 2,768,244October 11,212,789 216,341 41,710 1,077,953 479,406 918,682 0 0 2,734,092 2,203,465 530,627 1,454,990 1,985,617November 11,304,178 272,326 39,889 1,200,080 526,291 954,820 0 0 2,993,406 2,220,387 773,019 1,197,559 1,970,578December 12,103,101 368,635 60,768 1,173,436 424,175 1,195,984 0 0 3,222,998 2,381,711 841,287 1,509,980 2,351,2672016January 12,183,703 239,568 43,626 1,098,767 429,543 1,125,241 0 0 2,936,744 2,398,443 538,301 1,879,624 2,417,925February 11,935,620 274,114 37,611 1,060,240 498,797 849,462 0 0 2,720,224 2,349,095 371,129 1,545,854 1,916,983March 11,270,574 285,897 43,789 1,066,653 499,249 1,059,993 0 0 2,955,580 2,216,467 739,113 1,318,110 2,057,223April 12,153,052 261,456 43,299 1,124,456 496,264 1,373,683 0 0 3,299,158 2,393,089 906,069 1,411,334 2,317,402May 11,906,055 313,982 36,806 1,166,506 490,062 978,481 0 0 2,985,836 2,343,582 642,254 1,273,655 1,915,909June 11,851,891 293,876 86,332 1,297,490 515,248 966,813 0 0 3,159,759 2,333,011 826,748 944,000 1,770,748July 12,360,913 286,205 45,740 1,368,984 517,241 971,061 0 0 3,189,231 3,049,136 140,095 1,318,551 1,458,646August 13,340,736 369,696 41,437 1,602,541 560,212 1,024,897 0 0 3,598,784 3,293,537 305,247 2,081,692 2,386,939September 12,933,822 310,368 46,289 1,601,331 567,602 1,224,309 0 0 3,749,899 3,189,665 560,233 1,285,134 1,845,367October 12,849,152 262,976 44,475 1,487,513 585,700 1,205,160 60,178 0 3,646,001 3,164,491 481,510 996,897 1,478,407November 13,978,797 290,489 45,332 1,448,935 582,233 1,171,081 60,565 (0) 3,598,636 3,445,227 153,409 1,987,428 2,140,837December 14,612,819 354,239 75,802 1,334,320 725,495 1,638,546 60,499 0 4,188,900 3,606,916 581,984 2,343,966 2,925,9502017January 12,917,661 260,169 48,219 1,396,993 729,104 1,304,012 41,018 0 3,779,515 3,186,045 593,470 1,488,596 2,082,066February 12,930,049 271,301 36,833 1,404,136 733,988 968,330 41,474 0 3,456,062 3,187,888 268,174 1,810,592 2,078,766March 12,154,255 267,681 46,970 1,388,420 735,207 987,190 41,474 0 3,466,942 2,993,825 473,117 999,063 1,472,180April 13,106,805 337,816 57,578 1,377,001 734,897 1,439,686 22,023 0 3,969,001 3,231,313 737,689 1,096,703 1,834,392May 13,707,620 355,859 45,854 1,400,562 729,598 1,620,039 121,932 0 4,273,843 3,374,583 899,260 1,624,823 2,524,083June 14,301,014 271,826 38,385 1,329,615 723,692 1,241,425 52,497 0 3,657,439 3,522,704 134,736 2,535,959 2,670,695July 14,388,938 323,801 45,260 1,212,595 759,714 1,586,307 52,890 0 3,980,568 3,544,218 436,349 2,262,473 2,698,823August 15,183,564 345,140 46,106 1,628,547 762,310 1,710,538 53,834 0 4,546,476 3,743,920 802,555 2,607,642 3,410,197September 15,437,372 275,555 45,287 1,798,110 764,425 1,523,295 14,004 0 4,420,676 3,808,201 612,475 2,078,387 2,690,862October 15,182,286 301,895 52,975 1,880,153 770,597 1,370,321 0 0 4,375,941 3,742,502 633,438 2,166,976 2,800,414November 16,196,048 249,738 43,548 1,621,573 770,375 1,735,310 0 0 4,420,544 3,996,752 423,792 2,627,873 3,051,665December 15,608,699 385,313 55,065 1,583,692 766,849 1,501,431 0 0 4,292,350 3,850,172 442,178 2,000,615 2,442,7932018January 16,162,491 271,826 48,565 1,844,424 757,782 1,667,459 0 0 4,590,057 3,990,118 599,939 2,489,027 3,088,966February 15,933,871 286,271 43,712 1,767,457 769,601 1,580,664 0 0 4,447,705 3,931,673 516,032 2,355,998 2,872,030March 15,440,579 354,101 51,511 1,829,759 768,055 1,340,136 0 0 4,343,562 3,809,260 534,302 2,016,206 2,550,507ChangeOver 12 Months 3,286,324 86,420 4,541 441,339 32,848 352,946 (41,474) 0 876,620 815,435 61,185 1,017,143 1,078,327------------------------- ------------------------- ------------------------- ------------------------- ------------------------- ------------------------- ------------------------- ------------------------- ------------------------- ------------------------- ------------------------- ------------------------- ------------------------- -------------------------Total Covered Liabilities - include Domestic Liabilities less deposits pledged as security for loans. Effective November 1997, CBS broadened the liquid assets base to unclude rand currency held by banks.

Effective July 2016, the three banks were required to maintain liquid assets amounting to 25% of domestic liabilities to the public whilst the Swazi Bank maintains 22%

Prior to March 1999, the liability for which liquidity is required only constituted domestic deposits, however, effective March 1999, it was broadened to also included other domestic liabilities.Effective August 2003, the three banks were required to maintain liquid assets amounting to 13% of domestic liabilities to the public whilst the Swazi Bank maintains 10%Effective July 2011, the three banks were required to maintain liquid assets amounting to 20% of domestic liabilities to the public whilst the Swazi Bank maintains 17%


Table S 3.4RESERVE REQUIREMENT POSITION OF THE BANKS

(E’000)Table S 3.4RESERVE REQUIREMENT POSITION OF THE BANKS

(E'000)------------------- ----------------------- ----------------------- ----------------------- ----------------------- ----------------------- -----------------------

Actual Reserve Assets Total Domestic ----------------------- ----------------------- -----------------------

Period Liabilities Average Cash Deposits Total Required Surplus orEnded to Public Holdings at C.B.S. Reserves Reserves Deficiency (-)------------------- ----------------------- ----------------------- ----------------------- ----------------------- ----------------------- -----------------------2005 3,315,424 0 92,473 92,473 82,886 9,5872006 4,629,626 0 131,047 131,047 115,741 15,3062007 4,896,788 0 158,601 158,601 124,981 33,6202008 5,574,356 0 161,419 161,419 140,630 20,7892009 6,736,671 0 188,835 188,835 168,417 20,4182010 6,938,618 0 196,813 196,813 173,465 23,3482011 6,400,278 0 576,841 576,841 384,017 192,8242012 8,364,474 0 569,098 569,098 499,217 69,8812013 8,692,899 0 648,100 648,100 521,574 126,5262014 9,999,394 0 662,055 662,055 599,964 62,0912015 11,503,964 0 785,825 785,825 690,237 95,5882016 12,326,035 0 816,655 816,655 734,042 82,6132017 15,104,289 0 961,265 961,265 904,402 56,8632010March 6,104,915 0 192,322 192,322 152,623 39,699June 7,512,922 0 205,074 205,074 187,823 17,251September 7,102,552 0 203,262 203,262 177,564 25,698December 6,938,618 0 196,813 196,813 173,465 23,3482011March 6,527,847 0 173,950 173,950 163,196 10,754June 6,884,136 0 185,090 185,090 172,103 12,987September 7,369,907 0 475,028 475,028 442,194 32,834December 6,400,278 0 576,841 576,841 384,017 192,8242012March 7,552,749 0 477,201 477,201 453,165 24,036June 7,617,369 0 495,771 495,771 457,042 38,729September 7,626,529 0 495,190 495,190 457,592 37,597December 8,364,474 0 569,098 569,098 501,868 69,8812013March 8,537,596 0 574,766 574,766 512,256 62,510June 8,441,240 0 692,406 692,406 506,474 185,932September 9,484,929 0 733,392 733,392 569,096 164,296December 8,692,899 0 648,100 648,100 521,574 126,5262014January 8,469,486 0 578,723 578,723 508,169 70,554February 8,839,738 0 582,537 582,537 530,384 52,153March 8,883,940 0 591,874 591,874 533,036 58,838April 9,011,093 0 600,428 600,428 540,666 59,762May 9,120,832 0 594,495 594,495 547,250 47,245June 9,789,628 0 610,631 610,631 587,378 23,253July 9,165,390 0 612,787 612,787 549,923 62,864August 9,021,640 0 600,126 600,126 541,298 58,828September 9,257,855 0 625,087 625,087 555,471 69,616October 9,338,102 0 626,913 626,913 560,286 66,627November 9,502,497 0 588,334 588,334 570,150 18,184December 9,999,394 0 662,055 662,055 599,964 62,0912015January 9,745,606 0 635,765 635,765 584,736 51,029February 9,569,369 0 614,093 614,093 574,162 39,931March 9,705,661 0 626,142 626,142 582,340 43,802April 9,710,624 0 640,187 640,187 582,637 57,550May 10,030,548 0 634,909 634,909 601,833 33,076June 9,959,977 0 639,426 639,426 597,599 41,827July 10,068,723 0 639,830 639,830 604,123 35,707August 10,143,418 0 638,006 638,006 608,605 29,401September 10,958,719 0 695,261 695,261 657,523 37,738October 11,269,361 0 728,589 728,589 676,162 52,427November 11,054,340 0 740,485 740,485 663,260 77,225December 11,503,964 0 785,825 785,825 690,237 95,5882016

January 11,957,694 0 772,890 772,890 710,224 62,666February 11,877,275 0 800,578 800,578 751,789 48,789March 11,344,727 0 734,086 734,086 680,683 53,403April 11,513,117 0 771,423 771,423 685,345 86,078May 11,510,720 0 795,174 795,174 683,717 111,457June 11,365,773 0 763,975 763,975 687,750 76,225July 11,397,549 0 730,878 730,878 681,563 49,315August 11,674,413 0 748,216 748,216 697,115 51,101September 13,528,714 0 853,224 853,224 804,640 48,584October 11,945,245 0 763,868 763,868 713,143 50,725November 11,856,793 0 758,053 758,053 704,684 53,369December 12,326,035 0 816,655 816,655 734,042 82,6132017

January 12,993,128 0 880,504 880,504 779,588 100,916February 11,984,453 0 766,141 766,141 713,533 52,608March 12,093,872 0 760,268 760,268 721,332 38,936April 12,113,047 0 768,455 768,455 723,063 45,392May 12,511,605 0 799,519 799,519 744,902 54,617June 13,414,969 0 854,191 854,191 799,615 54,576July 13,463,154 0 879,660 879,660 802,795 76,865August 13,916,844 0 884,913 884,913 831,189 53,724September 14,021,079 0 879,301 879,301 837,330 41,971October 14,236,118 0 900,113 900,113 852,014 48,099November 14,863,941 0 980,642 980,642 889,382 91,260December 15,104,289 0 961,265 961,265 904,402 56,8632018

January 15,104,289 0 961,265 961,265 904,402 56,863February 14,624,126 0 928,029 928,029 875,586 52,443March 14,120,646 0 921,283 921,283 844,945 76,338ChangeOver 12 Months 2,026,774 0 161,015 161,015 123,613 37,402------------------- ----------------------- ----------------------- ----------------------- ----------------------- ----------------------- -----------------------Banks were required to hold reserves totalling 6% of their liabilities to the public. The requirement

Effective July 2011, the Reserve Requirement was revised up to 6%

requirement was revised down to 4% and further reduced to 3 % of total domestic liabilities on July 1,2002. In August 1, 2003, the reserve requirement was revised down to 2.5 % of total domestic liabilities and average cash holdings ceased to be an eligible asset for reserve requirement.

has since been changed to 5% beginning 1st of April 1992. The reserves consist of cash holdings plus deposits with the Central Bank of Swaziland at call on the reserve account. The requirement has been changed back to 6% effective 1st January 1994. Effective February 1,1999, the reserve


Table S 3.5ASSETS OF OTHER DEPOSITORY CORPORATIONS (BANKS AND BUILDING SOCIETY)

(E’000)Table S 3.5ASSETS OF OTHER DEPOSITORY CORPORATIONS (BANKS AND BUILDING SOCIETY)

(E'000)------------------------- ------------------------- ---------------------- ---------------------- ---------------------- ---------------------- ------------------- --------------------- ------------------- ------------------- ---------------------- ---------------------- ----------------------

Balance Held With---------------------- ---------------------- ----------------------

Central Other Banks Other FixedPeriod Notes & Bank of Banks in Outside Loans & Govt. Financial C.B.S. Bills Uncleared & Other TotalEnded Coins Swaziland Swaziland Swaziland Advances Securities Investment Bills* Receivable Effects Assets Assets------------------------- ------------------------- ---------------------- ---------------------- ---------------------- ---------------------- ------------------- --------------------- ------------------- ------------------- ---------------------- ---------------------- ----------------------2005 135,058 112,480 74,423 352,439 4,083,130 309,369 104,766 0 62 82,053 202,426 5,456,2062006 160,292 225,615 97,907 830,766 4,316,124 362,958 39,488 0 0 100,179 276,132 6,409,4612007 190,486 283,664 91,297 721,041 5,251,883 338,094 17,158 56,009 0 75,953 271,305 7,296,8902008 192,680 328,265 58,119 1,414,604 5,629,665 319,914 112,691 144,417 0 90,154 364,616 8,655,1252009 220,282 441,541 98,459 2,159,782 6,389,756 360,916 109,737 291,355 0 58,853 410,104 10,540,7852010 244,059 397,020 45,513 2,160,391 6,486,030 606,368 391,603 522,480 0 33,526 390,178 11,277,1682011 228,519 817,654 21,632 1,570,204 8,175,432 1,001,858 91,287 21,667 0 55,198 360,333 12,343,7842012 281,127 766,229 59,319 2,052,036 7,943,270 1,296,165 99,400 0 0 60,289 418,698 12,976,5332013 282,610 822,523 42,645 1,797,388 9,606,602 1,679,810 132,449 0 0 21,669 612,861 14,998,5572014 402,905 953,221 112,471 1,359,579 10,580,089 1,582,884 277,585 0 0 64,747 571,850 15,905,3312015 482,275 1,200,332 122,343 2,163,072 11,067,200 1,735,490 343,756 0 0 11,173 843,490 17,969,1312016 491,429 1,641,901 148,413 2,805,236 12,187,920 2,222,099 827,687 0 0 8,941 1,059,342 21,392,9662017 512,940 1,501,796 74,337 2,400,749 12,850,448 2,538,715 1,323,786 0 0 9,568 1,574,455 22,786,7932010March 160,311 272,627 74,897 3,136,791 5,998,946 318,379 131,931 432,993 0 45,623 434,232 11,006,730June 160,958 304,948 64,782 2,772,862 6,188,224 383,241 474,890 447,868 0 45,992 379,959 11,223,724September 158,511 359,164 83,334 2,684,598 6,311,149 537,311 524,912 333,852 0 35,231 372,109 11,400,171December 244,059 397,020 45,513 2,160,391 6,486,030 606,368 391,603 522,480 0 33,526 390,178 11,277,1682011March 181,848 280,548 50,403 2,107,557 6,454,927 850,414 460,929 395,146 0 45,119 385,708 11,212,599June 162,337 685,781 88,733 2,334,196 7,325,516 966,422 100,852 44,661 0 40,824 455,317 12,204,639September 175,437 548,421 19,880 1,682,898 8,132,817 1,021,201 77,067 0 0 46,684 336,849 12,041,254December 228,519 817,654 21,632 1,570,204 8,175,432 1,001,858 91,287 21,667 0 55,198 360,333 12,343,7842012March 166,371 536,963 28,576 1,412,256 8,124,892 1,225,122 92,178 0 0 142,339 407,009 12,135,706June 177,338 631,349 58,572 1,797,005 7,688,167 1,399,602 87,959 0 0 172,346 454,777 12,467,115September 185,070 513,733 47,224 1,407,109 8,178,252 1,420,091 144,230 0 0 260,816 528,133 12,684,658December 281,127 766,229 59,319 2,052,036 7,943,270 1,296,165 99,400 0 0 60,289 418,698 12,976,5332013March 199,429 618,380 45,574 2,091,038 7,942,909 1,730,005 182,859 0 0 81,114 532,069 13,423,377June 210,673 779,754 59,562 1,491,231 8,435,439 1,825,946 88,288 0 0 155,223 546,216 13,592,332September 238,836 767,369 48,228 1,228,519 8,926,042 1,891,097 379,460 0 0 118,890 569,632 14,168,073December 282,610 822,523 42,645 1,797,388 9,606,602 1,679,810 132,449 0 0 21,669 612,861 14,998,5572014January 233,770 651,628 30,717 1,399,119 9,485,290 1,697,578 130,793 0 0 37,904 604,354 14,271,153February 232,657 754,968 33,145 1,441,231 9,398,145 1,645,274 151,270 0 0 31,624 554,182 14,242,496March 265,612 763,898 49,258 1,323,693 9,625,573 1,495,827 141,778 0 0 53,065 562,011 14,280,715April 258,684 743,893 61,192 1,689,052 9,578,032 1,448,351 142,310 0 0 29,153 582,466 14,533,133May 283,943 737,462 47,135 1,459,757 9,908,981 1,462,066 198,070 0 0 94,470 594,657 14,786,541June 283,952 783,442 84,074 1,654,439 9,857,924 1,389,311 202,934 0 0 84,735 727,900 15,068,711July 292,531 791,438 41,756 1,196,125 10,270,954 1,373,347 175,475 0 0 22,328 784,680 14,948,634August 265,265 825,013 42,065 1,509,689 10,400,355 1,220,896 192,132 0 0 57,072 883,930 15,396,417September 278,129 681,179 77,335 1,884,204 10,407,311 1,299,124 172,970 0 0 32,154 853,268 15,685,674October 280,176 686,950 79,074 2,169,585 10,225,520 1,484,655 268,695 0 0 65,397 747,617 16,007,669November 279,509 974,290 106,303 1,685,809 10,444,164 1,503,604 274,736 0 0 281,524 785,961 16,335,900December 402,905 953,221 112,471 1,359,579 10,580,089 1,582,884 277,585 0 0 64,747 571,850 15,905,3312015January 278,377 934,079 81,698 1,565,200 10,469,902 1,581,171 293,619 0 0 76,321 603,665 15,884,032February 246,383 765,716 66,425 1,322,531 10,622,413 1,594,604 294,273 0 0 56,690 590,502 15,559,537March 353,121 717,996 149,274 1,237,968 10,444,998 1,504,499 254,827 0 0 79,272 571,066 15,313,021April 319,026 759,617 155,161 2,106,193 10,438,319 1,502,997 252,105 0 0 80,610 591,055 16,205,083May 287,889 743,262 135,364 1,788,464 10,629,420 1,577,878 258,157 0 0 118,297 628,843 16,167,574June 323,607 780,961 180,153 1,294,398 10,824,121 1,595,315 499,846 0 0 25,201 640,597 16,164,199July 292,347 700,374 139,579 1,770,449 10,747,359 1,553,964 585,666 0 0 58,060 606,648 16,454,446August 301,181 759,667 119,212 2,250,453 10,941,560 1,464,026 323,247 0 0 39,590 705,004 16,903,940September 325,965 915,997 118,972 2,592,356 10,963,210 1,597,454 226,259 0 0 88,542 810,234 17,638,989October 284,567 923,824 128,643 1,889,704 11,258,999 1,695,293 215,901 0 0 25,143 724,542 17,146,616November 342,852 959,028 135,396 1,746,992 11,087,836 1,864,244 352,834 0 0 (1,044) 802,332 17,290,470December 482,275 1,200,332 122,343 2,163,072 11,067,200 1,735,490 343,756 0 0 11,173 843,490 17,969,1312016January 316,784 1,127,460 126,778 2,223,400 11,110,391 1,642,966 463,764 0 0 10,766 790,411 17,812,719February 348,412 849,598 114,039 2,005,684 11,037,623 1,658,930 592,556 0 0 43,027 1,040,818 17,690,687March 366,210 1,064,609 56,838 2,338,668 10,995,884 1,665,801 643,901 0 0 10,216 700,381 17,842,507April 339,454 1,380,909 37,136 2,886,223 10,955,307 1,727,415 752,526 0 0 9,828 1,149,342 19,238,139May 397,661 979,899 45,918 2,159,513 11,188,607 1,792,530 796,509 0 0 0 1,162,581 18,523,218June 425,111 974,056 30,373 1,982,904 11,346,235 1,917,085 531,341 0 0 251 1,523,037 18,730,393July 372,109 972,412 69,773 1,986,417 11,819,545 1,993,507 580,185 0 0 32,081 1,151,656 18,977,683August 456,643 1,029,592 85,471 2,470,768 11,750,114 2,270,143 576,430 0 0 2,618 1,130,753 19,772,532September 394,641 1,227,863 70,733 1,686,176 11,845,773 2,276,325 563,906 0 0 251 1,309,268 19,374,935October 346,465 1,214,317 124,085 1,719,746 11,916,654 2,195,321 852,088 0 0 737 1,441,040 19,810,453November 390,039 1,176,167 132,768 2,419,634 12,362,643 2,143,453 845,189 0 0 2,019 1,250,901 20,722,812December 491,429 1,641,901 148,413 2,805,236 12,187,920 2,222,099 827,687 0 0 8,941 1,059,342 21,392,9662017January 357,205 1,304,012 99,450 2,067,716 11,888,772 2,288,384 591,733 0 0 10,619 1,210,396 19,818,287February 357,148 975,478 113,117 1,953,355 12,002,523 2,300,411 626,375 0 0 14,403 1,149,664 19,492,474March 348,427 993,617 107,750 1,239,339 11,874,596 2,285,914 625,977 0 0 19,463 1,262,080 18,757,163April 438,003 1,450,069 99,692 1,485,772 11,876,159 2,301,095 724,672 0 0 11,429 1,380,757 19,767,647May 452,267 1,626,660 253,431 2,082,726 12,041,271 2,319,893 713,607 0 0 59,642 1,278,167 20,827,664June 352,227 1,241,847 169,856 2,818,479 12,301,098 2,233,044 771,785 0 0 6,387 1,374,275 21,268,999July 417,279 1,602,164 165,595 2,691,445 12,459,607 2,152,046 689,972 0 0 244 1,230,627 21,408,979August 440,279 1,717,958 163,014 2,807,873 12,575,062 2,561,012 403,969 0 0 18,796 1,124,899 21,812,862September 377,520 1,527,781 85,880 2,120,939 13,299,742 2,737,130 433,974 0 0 126,385 1,308,780 22,018,131October 422,442 1,373,454 88,030 2,348,727 13,022,120 2,839,132 485,145 0 0 14,573 1,417,378 22,011,000November 361,705 1,742,640 76,926 2,807,051 13,257,744 2,580,121 576,826 0 0 178,703 1,577,458 23,159,173December 512,940 1,501,796 74,337 2,400,749 12,850,448 2,538,715 1,323,786 0 0 9,568 1,574,455 22,786,7932018January 380,784 1,667,566 52,336 2,853,212 13,434,360 2,790,379 566,225 0 0 105,498 1,422,582 23,272,941February 379,432 1,589,798 35,050 2,600,019 13,325,958 2,739,648 613,030 0 0 0 1,650,463 22,933,397March 458,220 1,346,318 28,483 2,261,847 13,174,961 2,800,404 641,392 0 0 151,906 1,593,397 22,456,927ChangeOver 12 Months 109,793 352,701 (79,267) 1,022,508 1,300,365 514,490 15,414 0 0 132,443 331,317 3,699,764------------------------- ------------------------- ---------------------- ---------------------- ---------------------- ---------------------- -------------------- --------------------- -------------------- -------------------- ---------------------- ---------------------- ----------------------ASSETS OF BANKS AND THE BUILDING SOCIETY(SBS) IN SWAZILAND:SBS DATA IS INCLUDED FROM DECEMBER 2003.NOTES AND COINS- Include emalangeni and rand cash holdings as well as other (foreign) currency.GOVERNMENT SECURITIES- Treasury bills, stocks and bonds issued by the Government of Swaziland.OTHER FINANCIAL INVESTMENT- Includes banks' financial investments in other securities and money market funds locally and abroad as they emerge from time to time. Includes shares, debentures, bonds, unit trusts, liquidity absorption certificates etc .BILLS RECEIVABLE- Include the aggregate of notes, acceptances and domestic or foreign bills of exchange purchased or discounted for customers.


Table S 3.6LIABILITIES OF OTHER DEPOSITORY CORPORATIONS (BANKS AND BUILDING SOCIETY)

(E’000)Table S 3.6

LIABILITIES OF OTHER DEPOSITORY CORPORATIONS (BANKS AND BUILDING SOCIETY)

(E'000)---------------------------- -------------------------------- -------------------------------- -------------------------------- -------------------------------- -------------------------------- -------------------------- -------------------------------- -------------------------------- -------------------------------- -------------------------------- -------------------------------- -------------------------------- --------------------------------

Balance due toResident Deposits Non- --------------------- -------------------------- -------------------------- Capital

Period -------------------------- -------------------------- -------------------------- -------------------------- Resident Banks in Foreign Bills and Other Total ContraEnded Demand Savings Time Total Deposits C.B.S# Swaziland Banks Payable Reserves Liabilities Liabilities Accounts----------------------- -------------------------- -------------------------- -------------------------- -------------------------- -------------------------- --------------------- -------------------------- -------------------------- -------------------------- -------------------------- -------------------------- -------------------------- --------------------------2005 1,051,614 962,439 1,718,350 3,732,403 8,987 0 29,533 61,657 15,256 1,209,652 398,718 5,456,206 805,5572006 1,107,350 1,013,246 2,031,392 4,151,988 8,421 20,000 100,856 115,768 28,642 1,386,823 596,963 6,409,461 775,2022007 1,426,353 1,033,766 2,737,004 5,197,123 10,077 0 95,803 57,950 20,146 1,562,933 352,858 7,296,890 1,056,8392008 1,718,456 1,166,246 3,314,549 6,199,251 27,864 0 61,366 197,748 13,559 1,705,373 449,964 8,655,125 2,257,1302009 2,009,977 1,226,354 4,639,330 7,875,661 26,850 0 102,191 17,778 15,572 1,852,151 650,582 10,540,785 1,513,6412010 2,182,511 1,292,201 5,006,500 8,481,212 27,003 0 49,658 159,060 16,546 1,911,486 632,203 11,277,168 2,168,2952011 2,629,031 1,309,909 4,566,983 8,505,923 20,252 0 30,828 972,723 13,079 2,058,560 742,419 12,343,784 2,679,3572012 3,014,463 1,381,173 4,860,413 9,256,049 25,129 1,417 51,075 604,576 9,527 2,167,280 847,495 12,962,548 2,840,7352013 3,903,033 1,560,284 5,194,149 10,657,466 34,211 0 20,769 1,008,112 8,798 2,454,557 780,278 14,964,191 3,621,9772014 3,718,486 1,642,804 6,044,209 11,405,499 34,577 0 127,191 703,896 7,400 2,866,480 760,288 15,905,331 3,317,7232015 4,223,591 1,646,382 7,260,352 13,130,325 36,340 0 129,654 653,092 4,828 3,155,614 859,278 17,969,131 4,228,0862016 5,472,842 1,829,318 8,894,413 16,196,572 36,018 0 53,354 461,270 5,338 3,732,724 907,691 21,392,966 3,098,3272017 5,079,193 1,704,293 10,075,346 16,858,832 37,711 0 82,479 400,134 8,506 4,063,164 1,335,967 22,786,793 3,244,7962010March 1,845,906 1,182,951 4,999,649 8,028,506 26,835 0 79,531 124,819 18,618 1,737,218 991,203 11,006,730 1,960,138June 2,026,055 1,234,880 5,247,877 8,508,812 27,845 0 67,452 106,413 23,342 1,789,266 700,594 11,223,724 2,029,216September 1,930,226 1,256,672 5,377,980 8,564,878 26,079 0 83,821 187,783 11,998 1,851,930 673,682 11,400,171 2,758,365December 2,182,511 1,292,201 5,006,500 8,481,212 27,003 0 49,658 159,060 16,546 1,911,486 632,203 11,277,168 2,168,2952011March 1,960,342 1,246,763 5,162,546 8,369,651 24,692 35,005 69,352 108,799 15,820 1,876,177 713,103 11,212,599 2,863,809June 2,149,271 1,274,592 5,055,202 8,479,065 24,223 0 58,503 902,395 15,187 1,956,069 769,197 12,204,639 2,988,723September 2,557,146 1,286,043 4,595,377 8,438,566 22,229 0 26,361 768,906 10,672 2,003,368 771,152 12,041,254 3,285,750December 2,629,031 1,309,909 4,566,983 8,505,923 20,252 0 30,828 972,723 13,079 2,058,560 742,419 12,343,784 2,679,3572012March 2,561,672 1,280,620 4,618,760 8,461,052 25,365 4,286 34,946 803,306 15,141 2,110,992 680,618 12,135,706 2,524,691June 2,799,632 1,348,723 4,614,481 8,762,836 25,139 0 64,709 452,290 8,778 2,181,029 972,334 12,467,115 3,092,701September 2,995,411 1,369,018 4,596,708 8,961,137 29,610 2,001 73,708 506,436 7,606 2,112,670 991,490 12,684,658 2,749,659December 3,014,463 1,381,173 4,860,413 9,256,049 25,129 1,417 65,060 604,576 9,527 2,167,280 847,495 12,976,533 2,840,7352013March 3,119,668 1,368,720 5,258,479 9,746,867 28,118 45,024 47,964 380,922 8,211 2,283,767 882,505 13,423,377 4,576,114June 2,913,550 1,451,883 5,013,666 9,379,099 29,451 8,133 63,945 881,368 8,987 2,293,101 928,248 13,592,332 5,485,852September 3,311,290 1,480,579 5,356,289 10,148,158 37,299 0 45,264 729,407 8,574 2,345,308 854,064 14,168,073 6,234,029December 3,903,033 1,560,284 5,194,149 10,657,466 34,211 0 55,135 1,008,112 8,798 2,454,557 780,278 14,998,557 3,621,9772014January 3,181,092 1,520,920 5,418,413 10,120,425 32,464 45,000 42,036 668,055 11,170 2,495,287 856,716 14,271,153 4,810,512February 3,122,391 1,502,442 5,564,540 10,189,373 33,511 0 37,392 615,411 9,106 2,530,845 826,858 14,242,496 4,731,776March 3,359,397 1,497,465 5,438,114 10,294,976 33,511 0 83,437 421,470 7,386 2,575,200 864,735 14,280,715 4,270,638April 3,536,276 1,558,442 5,271,182 10,365,900 70,198 10,001 66,909 502,700 9,293 2,614,586 893,546 14,533,133 3,927,569May 3,261,812 1,556,802 5,707,928 10,526,542 70,487 40,000 66,911 482,504 8,557 2,674,899 916,641 14,786,541 2,422,379June 3,454,194 1,548,101 5,991,365 10,993,660 71,098 74,827 91,518 361,137 6,974 2,681,330 788,167 15,068,711 3,771,521July 3,298,203 1,575,001 5,743,793 10,616,997 72,703 0 49,145 614,255 8,802 2,755,642 831,090 14,948,634 3,781,222August 3,440,019 1,594,849 5,743,238 10,778,106 70,032 0 26,304 865,937 5,760 2,910,923 739,355 15,396,417 3,606,659September 3,568,775 1,587,620 5,737,366 10,893,761 40,958 0 46,848 896,953 5,156 2,840,233 961,765 15,685,674 3,822,366October 3,283,125 1,614,524 6,100,132 10,997,781 41,475 30,000 46,099 1,105,352 6,205 2,795,032 985,725 16,007,669 2,626,186November 3,611,503 1,590,819 6,186,936 11,389,258 36,590 1,649 65,294 674,076 8,651 2,846,944 1,313,438 16,335,900 3,633,424December 3,718,486 1,642,804 6,044,209 11,405,499 34,577 0 127,191 703,896 7,400 2,866,480 760,288 15,905,331 3,317,7232015January 3,570,879 1,567,703 6,195,870 11,334,452 34,212 109,000 90,222 518,870 9,233 2,917,149 870,894 15,884,032 3,458,916February 3,561,192 1,585,348 5,955,409 11,101,949 33,066 0 74,044 511,283 15,732 2,959,364 864,099 15,559,537 2,697,939March 3,612,395 1,586,866 5,764,803 10,964,064 33,940 0 111,998 326,295 8,210 3,014,048 854,466 15,313,021 3,743,684April 3,892,638 1,641,552 6,152,306 11,686,496 32,162 0 141,928 525,330 13,846 3,054,754 750,567 16,205,083 3,460,485May 3,707,861 1,636,297 6,039,897 11,384,055 31,476 0 145,333 597,524 13,931 3,078,715 916,540 16,167,574 4,259,523June 3,768,250 1,628,316 6,209,675 11,606,241 34,508 0 136,848 615,532 10,841 3,044,735 715,494 16,164,199 4,210,153July 3,621,301 1,691,524 6,320,885 11,633,710 37,085 0 143,568 752,901 15,613 3,109,649 761,920 16,454,446 4,410,090August 4,044,200 1,638,119 6,579,117 12,261,436 34,896 0 96,408 539,947 16,982 3,159,759 794,512 16,903,940 4,454,413September 4,002,777 1,663,134 7,317,367 12,983,278 34,442 0 96,436 147,630 16,308 3,214,960 1,145,935 17,638,989 3,977,749October 3,850,166 1,657,546 7,037,819 12,545,531 34,232 0 132,607 434,714 13,211 3,204,230 782,091 17,146,616 4,080,914November 3,890,159 1,658,079 7,006,184 12,554,422 35,744 0 152,233 549,433 0 3,148,536 843,110 17,283,479 4,080,914December 4,223,591 1,646,382 7,260,352 13,130,325 36,340 0 129,654 653,092 4,828 3,155,614 859,278 17,969,131 4,228,0862016January 4,093,470 1,581,108 7,569,800 13,244,378 35,115 0 134,989 343,776 8,905 3,196,657 848,901 17,812,719 3,586,078February 3,867,423 1,591,779 7,385,461 12,844,664 34,921 0 140,175 459,829 10,368 3,268,569 932,161 17,690,687 4,053,452March 3,584,322 1,600,200 7,312,995 12,497,516 34,061 0 111,346 1,020,558 5,054 3,313,212 860,760 17,842,507 4,407,978April 3,974,120 1,634,917 7,377,226 12,986,262 38,166 0 45,387 1,474,889 5,723 3,357,484 1,330,228 19,238,139 3,973,379May 4,068,855 1,691,248 7,483,718 13,243,821 37,680 0 61,267 885,858 9,871 3,400,490 884,231 18,523,218 3,389,074June 3,701,928 1,724,042 7,761,654 13,187,624 28,727 0 35,556 1,038,904 6,784 3,446,110 986,688 18,730,393 3,562,466July 3,882,830 1,769,448 8,174,863 13,827,142 27,655 0 74,454 667,865 6,264 3,526,374 847,929 18,977,683 3,540,820August 4,332,376 1,812,409 8,535,814 14,680,599 28,794 0 94,328 389,076 4,229 3,580,381 995,124 19,772,532 3,888,157September 4,195,990 1,819,387 8,055,605 14,070,983 33,054 0 41,713 401,042 4,371 3,627,313 1,196,460 19,374,935 3,702,675October 4,335,010 1,820,578 8,024,566 14,180,154 30,203 35,011 73,546 722,849 6,669 3,680,579 1,081,442 19,810,453 2,984,461November 4,511,003 1,813,893 9,141,464 15,466,360 31,612 0 82,023 432,206 5,314 3,710,420 994,880 20,722,814 3,114,765December 5,472,842 1,829,318 8,894,413 16,196,572 36,018 0 53,354 461,270 5,338 3,732,724 907,691 21,392,966 3,098,3272017January 4,512,028 1,760,333 8,372,373 14,644,734 32,067 914 89,494 579,120 3,528 3,780,767 687,663 19,818,287 3,445,246February 4,453,824 1,743,565 8,374,253 14,571,642 30,786 0 73,347 142,763 6,663 3,748,587 918,686 19,492,474 3,285,955March 4,128,894 1,780,385 7,856,458 13,765,737 53,647 0 70,834 240,276 18,059 3,748,594 860,017 18,757,163 3,155,353April 4,549,681 1,748,285 7,947,012 14,244,978 32,054 0 83,317 389,069 10,606 3,714,583 1,293,040 19,767,647 3,347,037May 4,635,504 1,792,051 8,658,280 15,085,836 30,045 0 136,038 457,903 10,055 3,842,131 1,265,656 20,827,664 3,354,289June 5,015,763 1,754,104 9,195,105 15,964,971 33,351 45,013 129,174 282,520 8,910 3,741,001 1,064,058 21,268,999 3,239,561July 4,697,152 1,618,091 9,687,027 16,002,271 35,718 0 120,914 428,972 9,584 3,790,494 1,021,027 21,408,979 3,115,936August 4,593,398 1,594,938 10,145,389 16,333,725 35,408 0 79,103 200,231 9,785 3,843,929 1,310,679 21,812,862 3,211,111September 4,930,970 1,624,562 10,036,115 16,591,646 37,221 0 40,224 42,553 9,479 3,906,374 1,390,634 22,018,131 3,409,522October 4,797,930 1,639,262 10,160,933 16,598,125 37,109 0 46,784 181,751 9,502 3,961,709 1,176,021 22,011,000 2,856,190November 4,923,783 1,742,190 10,600,766 17,266,739 37,303 0 82,152 179,178 15,845 4,009,417 1,568,540 23,159,173 3,098,240December 5,079,193 1,704,293 10,075,346 16,858,832 37,711 0 82,479 400,134 8,506 4,063,164 1,335,967 22,786,793 3,244,7962018January 5,294,400 1,664,800 10,368,793 17,327,993 37,987 0 55,798 364,185 10,045 4,133,726 1,343,207 23,272,941 3,566,247February 5,175,855 1,660,384 10,160,105 16,996,344 38,715 0 46,924 244,021 8,812 4,153,951 1,444,631 22,933,397 3,670,972March 5,136,772 1,646,045 9,423,134 16,205,951 36,888 0 33,899 245,641 8,574 4,188,807 1,737,168 22,456,927 3,023,496ChangeOver 12 Months 1,007,878 (134,340) 1,566,676 2,440,215 (16,759) 0 (36,935) 5,365 (9,486) 440,213 877,151 3,699,764 (131,857)----------------------- -------------------------- -------------------------- -------------------------- -------------------------- -------------------------- ---------------------- -------------------------- -------------------------- -------------------------- -------------------------- -------------------------- -------------------------- --------------------------LIABILITIES OF BANKS AND THE BUILDING SOCIETY(SBS) IN SWAZILAND:SBS DATA IS INCLUDED FROM DECEMBER 2003.

RESIDENT DEPOSITS- Deposits by corporations including and indiduals who reside and whose centre of economic interest is within Swaziland.

Includes government, local governement, public enterprises, business and personal deposits and excludes interbank and Central Bank deposits.BILLS PAYABLE - These represent amounts due to creditors as evidenced by a paper issued by the bank but not yet presented.CONTRA ACCOUNTS - Includes customers liabilities in respect of acceptances, guarantees, documentary credit, etc.These contigent claims have an exact contra amount which

could be shown on the asset side.NON-RESIDENT DEPOSITS - Deposits by businesses and individuals whose centre of economic interest is outside Swaziland.

#BALANCES DUE TO CBS - Also includes bills rediscounted with the Central Bank whose contra is shown under fixed and other assets on Table 3.5


Table S 3.7TOTAL OTHER DEPOSITORY CORPORATIONS LOANS AND ADVANCES BY CATEGORY OF BORROWERS

(E’000)Table S 3.7TOTAL OTHER DEPOSITORY CORPORATIONS LOANS AND ADVANCES BY CATEGORY OF BORROWERS

(E'000)------------------- ----------------------- ----------------------- ----------------------- ----------------------- ----------------------- ----------------------- -----------------------

State and Public Private Other Other Period Central Local Enterprises Financial Non-Financial ResidentEnded Government Govt. (PNF&PF) Corporations Corporations Sectors Total------------------- ----------------------- ----------------------- ----------------------- ----------------------- ----------------------- ----------------------- -----------------------2005 0 5,582 81,884 11,175 2,562,536 1,421,953 4,083,1302006 0 6,397 60,742 16,324 2,490,402 1,742,259 4,316,1242007 800 4,770 51,844 17,001 2,967,153 2,210,315 5,251,8832008 765 10,419 68,293 32,476 3,053,353 2,464,359 5,629,6652009 0 14,385 186,338 114,016 3,359,426 2,715,591 6,389,7562010 1,439 13,153 161,337 114,973 3,249,811 2,945,317 6,486,0302011 5,421 22,205 194,380 134,117 4,443,276 3,376,033 8,175,4322012 48 21,512 141,073 97,337 4,280,303 3,402,997 7,943,2702013 3 51,142 210,920 104,101 5,124,180 4,116,256 9,606,6022014 8,129 24,924 273,240 132,190 5,784,250 4,357,356 10,580,0892015 10,852 69,337 276,924 144,138 5,412,632 5,153,317 11,067,2002016 3,224 75,710 319,087 2,462 5,868,783 5,918,654 12,187,9202017 3,043 81,112 527,290 12,900 6,273,571 5,952,531 12,850,4482010March 0 19,510 176,835 115,639 2,789,522 2,897,440 5,998,946June 0 18,821 177,451 113,521 3,069,761 2,808,670 6,188,224September 392 14,171 206,612 112,452 3,169,045 2,808,477 6,311,149December 1,439 13,153 161,337 114,973 3,249,811 2,945,317 6,486,0302011March 6,336 8,290 208,131 122,151 3,086,865 3,023,154 6,454,927June 3,918 21,409 152,532 123,903 3,821,152 3,202,602 7,325,516September 4,285 24,363 190,904 123,025 4,407,205 3,383,036 8,132,817December 5,421 22,205 194,380 134,117 4,443,276 3,376,033 8,175,4322012March 1,663 24,603 214,474 126,131 4,409,866 3,348,155 8,124,892June 352 15,472 212,868 120,194 3,982,094 3,357,187 7,688,167September 188 20,263 196,705 116,171 4,560,067 3,284,858 8,178,252December 48 21,512 141,073 97,337 4,280,303 3,402,997 7,943,2702013March 2 17,063 126,734 110,146 4,264,400 3,424,564 7,942,909June 0 17,024 150,995 105,849 4,507,437 3,654,134 8,435,439September 0 31,871 162,856 104,240 4,879,822 3,747,253 8,926,042December 3 51,142 210,920 104,101 5,310,149 3,930,287 9,606,6022014January 10,269 39,538 246,176 107,857 5,083,459 3,997,991 9,485,290February 2 25,445 232,289 106,175 5,013,530 4,020,704 9,398,145March 11,358 25,809 240,845 109,078 5,226,697 4,011,786 9,625,573April 102 25,751 240,653 111,551 5,166,117 4,033,858 9,578,032May 4,387 24,353 249,499 110,479 5,457,637 4,062,626 9,908,981June 60 22,696 233,484 106,109 5,362,343 4,133,232 9,857,924July 107 26,199 245,323 108,197 5,731,801 4,159,327 10,270,954August 98 24,325 251,392 110,874 5,816,665 4,197,001 10,400,355September 2,415 19,251 268,228 89,509 5,777,429 4,250,479 10,407,311

October 10,304 25,977 258,517 98,103 5,530,907 4,301,712 10,225,520

November 4,218 20,937 284,206 116,463 5,642,481 4,375,859 10,444,164

December 8,129 24,924 273,240 132,190 5,784,250 4,357,356 10,580,089

2015

January 13,995 22,989 287,048 126,000 5,640,207 4,379,663 10,469,902

February 41,939 24,039 291,820 129,086 5,663,342 4,472,187 10,622,413

March 63,293 20,277 249,894 137,695 5,438,047 4,535,792 10,444,998

April 63,293 19,447 254,633 153,764 5,379,792 4,567,390 10,438,319

May 646 17,723 255,307 151,794 5,571,298 4,632,652 10,629,420

June 12,667 17,735 320,908 151,784 5,652,676 4,668,351 10,824,121

July 12,667 18,457 259,140 151,067 5,582,047 4,723,981 10,747,359

August 13,205 19,275 276,014 152,768 5,754,834 4,725,464 10,941,560

September 13,189 17,357 241,063 151,386 5,605,192 4,935,023 10,963,210

October 4,719 18,056 296,311 145,772 5,857,376 4,936,765 11,258,999

November 17,617 52,583 294,673 144,795 5,632,346 4,945,822 11,087,836

December 10,852 69,337 276,924 144,138 5,412,632 5,153,317 11,067,200

2016

January 11,015 70,800 297,863 117,314 5,318,685 5,294,715 11,110,391

February 16,232 64,817 344,093 150,156 5,114,728 5,347,597 11,037,623

March 16,813 79,832 285,972 147,628 5,005,480 5,460,159 10,995,884

April 17,735 70,579 290,255 147,539 5,001,678 5,427,521 10,955,307

May 13,020 72,192 280,305 116,824 5,071,405 5,634,861 11,188,607

June 11,877 75,711 263,222 3,238 5,420,754 5,571,432 11,346,235

July 13,413 75,573 288,773 3,283 5,740,485 5,698,017 11,819,545

August 13,580 76,852 283,180 2,249 5,623,671 5,750,582 11,750,114

September 16,973 80,557 305,878 9,296 5,589,979 5,843,090 11,845,773

October 13,123 78,035 325,590 2,649 5,839,948 5,657,310 11,916,654

November 10,745 78,578 350,772 2,974 5,881,393 6,038,181 12,362,643

December 3,224 75,710 319,087 2,462 5,868,783 5,918,654 12,187,920

2017

January 65,231 77,832 343,894 5,590 5,643,840 5,752,385 11,888,772

February 69,750 79,728 366,211 2,699 5,730,516 5,753,619 12,002,523

March 70,654 67,135 307,273 3,350 5,716,412 5,709,771 11,874,596

April 4,825 77,533 376,475 2,767 5,674,835 5,739,724 11,876,159

May 4,651 58,469 374,437 2,541 5,750,626 5,850,547 12,041,271

June 3,391 82,740 457,686 10,070 5,869,331 5,877,880 12,301,098

July 2,809 82,863 431,935 3,980 5,921,972 6,016,048 12,459,607

August 3,090 78,478 445,291 4,556 6,130,140 5,913,506 12,575,062

September 3,421 81,210 490,478 10,929 6,533,804 6,179,901 13,299,742

October 3,298 78,735 483,879 9,815 6,385,367 6,061,026 13,022,120

November 2,744 78,533 510,142 9,603 6,549,589 6,107,133 13,257,744

December 3,043 81,112 527,290 12,900 6,273,571 5,952,531 12,850,448

2018

January 8,581 38,936 437,037 741,842 6,137,660 6,070,303 13,434,360

February 1,553 45,696 459,196 713,271 6,017,111 6,089,130 13,325,958

March 1,275 46,550 581,764 722,716 5,904,681 5,917,975 13,174,961

Change

Over 12

Months (69,379) (20,585) 274,491 719,366 188,269 208,204 1,300,365

------------------- ----------------------- ----------------------- ----------------------- ----------------------- ----------------------- ----------------------- -----------------------

SWAZILAND BUILDING SOCIETY DATA IS INCLUDED FROM DECEMBER 2003.

LOANS AND ADVANCES INCLUDE RESIDENTS AND NON-RESIDENTS.

CENTRAL GOVT.-Includes Central government and governmental public enterprises.

STATE AND LOCAL GOVT.-Includes municipal authorities such as city,town councils and town boards.

PUBLIC ENTERPRISES-Includes Public Nonfinancial and Public Financial enterprises.

PRIVATE FINANCIAL CORPORATIONS-Exludes depository corporations & public financial corporations.

OTHER NON-FINANCIAL CORPORATIONS-Includes private sector non-financial businesses.

OTHER RESIDENT SECTORS-Includes Households and Nonprofit Institutions Serving Households.


Table S 3.8TOTAL BANK LOANS AND ADVANCES BY TYPE OF INDUSTRY (OTHER NON-FINANCIAL CORPORATIONS)

(E’000)Table S 3.8TOTAL BANK LOANS AND ADVANCES BY TYPE OF INDUSTRY(OTHER NON-FINANCIAL CORPORATIONS)

(E'000)------------------ -------------------- -------------------- ------------------------ ----------------------- --------------------- ----------------------- --------------------------------------------- -------------------- --------------------

Agriculture Mining Community,Period and and Distribution Transport and Social andEnded Forestry Quarrying Manufacturing Construction and Tourism Communication Personal Servs Real Estate Other Total------------------ -------------------- -------------------- ------------------------ ----------------------- --------------------- ----------------------- --------------------------------------------- -------------------- --------------------2005 598,382 392 393,172 201,349 379,633 205,155 140,101 644,352 2,562,5362006 273,273 441 290,959 251,552 456,625 177,461 139,790 900,301 2,490,4022007 398,942 843 316,932 140,140 627,772 247,049 143,889 1,091,586 2,967,1532008 283,535 1,561 298,985 97,566 372,559 246,326 227,343 293,115 1,232,363 3,053,3532009 471,866 450 769,481 199,277 457,369 286,624 139,934 351,426 682,999 3,359,4262010 543,623 1,547 484,247 347,185 403,171 277,254 142,306 518,190 532,288 3,249,8112011 805,112 78,292 959,386 338,725 471,467 300,299 215,357 871,914 402,724 4,443,2762012 550,421 84,344 858,202 298,767 511,090 410,440 236,058 792,446 538,535 4,280,3032013 964,579 115,815 1,014,272 461,783 502,310 469,579 308,422 834,051 639,338 5,310,1492014 846,390 112,437 1,241,768 627,748 697,804 514,152 394,787 893,999 455,165 5,784,2502015 621,979 67,781 807,439 520,137 895,656 468,156 471,279 1,165,856 394,349 5,412,6322016 697,781 63,317 463,852 382,154 1,120,112 490,836 746,888 1,453,199 450,644 5,868,7832017 704,515 112,386 264,402 378,535 1,889,443 634,045 885,552 1,019,705 384,988 6,273,5712010March 492,237 359 354,884 179,246 376,655 274,404 124,922 374,010 612,805 2,789,522June 505,874 311 520,118 209,504 402,130 294,455 143,795 352,055 641,519 3,069,761September 450,533 1,477 520,346 285,796 490,806 270,732 196,056 456,778 496,521 3,169,045December 543,623 1,547 484,247 347,185 403,171 277,254 142,306 518,190 532,288 3,249,8112011March 574,939 77,535 335,338 409,008 499,133 295,195 218,428 353,953 323,336 3,086,865June 546,581 77,845 887,454 391,205 417,410 303,609 200,434 598,442 398,172 3,821,152September 844,981 78,189 1,025,201 368,242 468,120 313,026 243,063 641,207 425,176 4,407,205December 805,112 78,292 959,386 338,725 471,467 300,299 215,357 871,914 402,724 4,443,2762012March 674,398 81,938 929,575 305,846 495,157 240,288 285,206 1,012,090 385,368 4,409,866June 688,985 80,251 514,166 297,220 486,987 234,163 339,175 971,145 370,002 3,982,094September 741,607 94,649 918,421 311,812 622,326 394,243 183,471 744,157 549,381 4,560,067December 550,421 84,344 858,202 298,767 511,090 410,440 236,058 792,446 538,535 4,280,3032013March 627,769 90,361 520,766 335,554 581,461 431,285 278,393 790,257 608,554 4,264,400June 642,931 90,632 742,240 375,163 479,912 450,729 288,020 803,590 634,221 4,507,437September 791,683 84,634 932,294 404,763 464,606 428,171 264,882 816,014 692,775 4,879,822December 964,579 115,815 1,014,272 461,783 502,310 469,579 308,422 834,051 639,338 5,310,1492014January 823,226 107,999 785,444 448,220 635,682 441,687 315,257 828,656 697,288 5,083,459February 677,008 109,589 827,113 461,360 610,613 469,883 475,871 849,187 532,906 5,013,530March 670,765 121,561 827,151 465,445 669,058 451,723 519,404 843,529 658,061 5,226,697April 732,494 119,010 718,750 462,255 663,188 453,847 506,657 829,780 680,136 5,166,117May 924,288 131,504 760,389 476,387 606,084 456,565 489,714 846,570 766,136 5,457,637June 842,059 124,468 827,301 470,329 629,771 398,769 509,667 846,820 713,159 5,362,343July 1,106,323 135,108 872,752 500,782 684,051 455,104 515,826 851,837 610,018 5,731,801August 1,209,061 144,285 876,299 517,931 714,682 476,291 522,162 871,583 484,371 5,816,665September 1,107,309 110,560 1,028,740 501,742 687,763 455,189 502,470 845,850 537,806 5,777,429October 883,290 125,490 1,008,122 477,337 702,335 471,069 493,360 844,362 525,542 5,530,907November 856,862 133,885 1,092,220 486,102 726,210 529,205 498,983 837,689 481,325 5,642,481December 846,390 112,437 1,241,768 627,748 697,804 514,152 394,787 893,999 455,165 5,784,2502015January 910,355 124,735 890,854 571,038 767,180 581,247 389,358 957,303 448,137 5,640,207February 866,153 126,088 919,706 567,071 767,404 577,735 389,172 960,857 489,156 5,663,342March 899,518 121,469 723,325 561,854 768,543 563,460 380,493 975,386 443,999 5,438,047April 944,614 111,897 678,559 533,642 740,080 378,941 561,962 989,913 440,184 5,379,792May 885,973 113,359 895,393 556,055 723,441 504,047 467,697 977,096 448,237 5,571,298June 774,064 97,850 966,507 442,425 698,339 464,156 772,600 988,191 448,544 5,652,676July 771,783 97,606 889,608 431,840 753,010 456,099 761,245 987,823 433,033 5,582,047August 638,448 98,541 953,483 444,941 751,270 450,544 939,746 1,033,069 444,792 5,754,834September 675,269 98,427 899,974 463,717 871,741 472,960 679,803 1,037,759 405,542 5,605,192October 808,207 101,655 1,109,905 465,747 872,930 491,936 591,496 1,031,990 383,510 5,857,376November 675,971 61,590 867,381 496,083 944,972 469,658 459,721 1,279,276 377,692 5,632,346December 621,979 67,781 807,439 520,137 895,656 468,156 471,279 1,165,856 394,349 5,412,6322016January 626,959 66,566 737,815 524,951 904,371 470,777 484,356 1,174,352 328,538 5,318,685February 637,907 63,731 559,617 507,410 930,804 508,612 467,101 1,128,851 310,697 5,114,728March 648,250 63,859 531,831 370,874 837,206 464,716 516,213 1,210,449 362,082 5,005,480April 673,909 63,772 366,883 379,920 914,276 466,904 520,151 1,274,891 340,972 5,001,678May 669,776 67,664 379,451 385,114 931,884 480,038 556,972 1,218,024 382,481 5,071,405June 624,670 70,545 529,448 408,964 950,868 485,958 582,885 1,316,995 450,421 5,420,754July 689,314 71,499 375,334 392,681 1,387,999 482,510 566,824 1,339,025 435,299 5,740,485August 693,661 69,896 396,532 411,019 1,264,857 485,646 548,203 1,346,467 407,388 5,623,671September 678,768 72,353 410,283 404,190 1,065,703 507,114 744,280 1,246,569 460,719 5,589,979October 620,982 72,123 368,680 407,256 1,404,685 486,098 746,669 1,174,700 558,755 5,839,948November 651,450 72,532 358,997 403,608 1,342,727 472,595 738,623 1,303,727 537,135 5,881,393December 697,781 63,317 463,852 382,154 1,120,112 490,836 746,888 1,453,199 450,644 5,868,7832017January 761,799 62,283 301,764 391,725 1,086,844 484,622 738,789 1,336,758 479,256 5,643,840February 787,889 60,907 298,564 423,073 1,182,544 479,868 728,950 1,315,803 452,919 5,730,516March 809,339 61,767 297,071 420,088 1,204,063 484,614 635,117 1,317,090 487,262 5,716,412April 803,595 61,807 298,509 435,526 1,025,010 497,032 741,672 1,293,250 518,435 5,674,835May 818,713 62,018 297,507 401,745 1,050,498 488,248 723,943 1,335,252 572,703 5,750,626June 829,377 61,837 291,786 390,069 1,349,210 474,880 692,333 1,240,113 539,726 5,869,331July 790,426 52,601 366,517 371,509 1,487,886 488,201 572,720 1,165,521 626,592 5,921,972August 1,056,176 70,317 350,420 392,988 1,260,754 518,568 799,536 1,118,315 563,065 6,130,140September 1,211,144 120,620 379,472 424,974 1,642,216 537,469 778,004 1,094,144 345,761 6,533,804October 1,134,846 122,127 251,151 415,188 1,680,359 697,570 646,262 1,093,491 344,373 6,385,367November 1,131,277 119,326 273,867 389,451 1,751,622 604,824 654,411 1,129,312 495,498 6,549,589December 704,515 112,386 264,402 378,535 1,889,443 634,045 885,552 1,019,705 384,988 6,273,5712018January 712,246 123,625 284,642 332,159 1,697,871 632,815 767,550 1,157,990 428,762 6,137,660February 714,278 108,351 279,604 350,138 1,608,838 605,150 751,052 1,151,342 448,358 6,017,111March 760,674 102,603 265,415 357,383 1,681,721 626,072 671,407 1,031,090 408,315 5,904,681ChangeOver 12 Months (48,664) 40,836 (31,656) (62,706) 477,658 141,458 36,289 (286,000) (78,947) 188,269------------------ -------------------- -------------------- ------------------------ ----------------------- ---------------------- ------------------------ --------------------------------------------- -------------------- --------------------Swaziland Building Society (SBS) loans to Industry data is included from December 2003.


Table S 3.9OWNERSHIP OF OTHER DEPOSITORY CORPORATIONS DEPOSITS (DEPOSITS IN FOREIGN CURRENCY INCL)

(E’000)OWNERSHIP OF OTHER DEPOSITORY CORPORATIONS DEPOSITS (DEPOSITS IN FOREIGN CURRENCY INCL)

-------------------------- ---------------------------- ---------------------------- ---------------------------- ---------------------------- ---------------------------- ---------------------------- ---------------------------- ---------------------------- ---------------------------- ----------------------------Local Govt., Local Govt.,

Public Enterprs. Other Other Non- Public Enterprs. Other Other Non-Period Central and Private Resident Financial Central and Private Resident FinancialEnded Govt. Financial Corps Sectors Corporations Total Govt. Financial Corps Sectors Corporations Total-------------------------- ---------------------------- ---------------------------- ---------------------------- ---------------------------- ---------------------------- ---------------------------- ---------------------------- ---------------------------- ---------------------------- ----------------------------

-------------------------- ---------------------------- ---------------------------- ---------------------------- ---------------------------- ---------------------------- ---------------------------- ---------------------------- ---------------------------- ---------------------------- ----------------------------2005 5,585 63,298 235,344 750,787 1,055,014 218 24,367 897,413 44,084 966,0822006 1,337 36,873 171,888 899,882 1,109,980 254 8,969 740,515 267,033 1,016,7712007 9,024 57,175 264,725 1,098,841 1,429,765 579 28,825 811,015 197,334 1,037,7532008 27,749 112,991 351,379 1,234,897 1,727,016 478 41,390 1,038,119 99,491 1,179,4782009 2,224 217,478 387,215 1,407,755 2,014,672 13,584 39,974 1,073,101 113,351 1,240,0102010 1,558 144,597 401,785 1,640,353 2,188,293 14,609 42,452 1,150,420 96,288 1,303,7692011 118,350 150,985 382,351 1,982,482 2,634,168 15,002 33,610 1,143,505 123,559 1,315,6762012 2,182 152,334 458,851 2,408,352 3,021,719 16,320 37,710 1,185,384 147,798 1,387,2122013 2,999 130,398 568,288 3,209,577 3,911,262 17,260 46,318 1,357,275 148,835 1,569,6882014 2,780 172,950 561,590 2,988,325 3,725,645 18,229 49,697 1,413,046 169,183 1,650,1552015 33,763 278,137 721,251 3,199,207 4,232,358 19,396 38,638 1,405,911 194,031 1,657,9762016 67,893 225,663 666,822 4,523,834 5,484,212 21,108 49,064 1,596,940 172,414 1,839,5262017 13,085 214,005 1,011,608 3,851,688 5,090,387 23,625 51,575 1,317,886 319,037 1,712,1232010March 2,181 92,624 408,025 1,349,557 1,852,387 13,845 35,998 1,048,866 96,132 1,194,841June 799 126,421 449,092 1,456,381 2,032,693 14,115 36,060 1,085,417 111,131 1,246,723September 1,482 149,590 436,635 1,347,309 1,935,016 14,368 40,475 1,121,710 91,421 1,267,974December 1,558 144,597 401,785 1,640,353 2,188,293 14,609 42,452 1,150,420 96,288 1,303,7692011March 67,921 107,350 431,905 1,358,980 1,966,156 14,804 39,273 1,103,420 97,363 1,254,860June 85,101 127,289 416,108 1,528,508 2,157,006 15,013 37,764 1,121,062 107,046 1,280,885September 38,688 140,440 358,356 2,025,493 2,562,978 14,752 42,529 1,108,469 126,211 1,291,961December 118,350 150,985 382,351 1,982,482 2,634,168 15,002 33,610 1,143,505 123,559 1,315,6762012March 181,938 112,730 394,435 1,880,042 2,569,145 15,250 33,452 1,122,077 115,307 1,286,086June 288,541 98,458 394,710 2,024,588 2,806,297 15,499 37,945 1,148,887 152,729 1,355,060September 50,422 131,486 449,623 2,374,399 3,005,930 29,167 39,629 1,149,199 157,297 1,375,292December 2,182 152,334 458,851 2,408,352 3,021,719 16,320 37,710 1,185,384 147,798 1,387,2122013March 1,937 155,402 448,356 2,522,543 3,128,238 16,105 42,197 1,142,673 175,193 1,376,168June 5,390 166,254 508,753 2,240,947 2,921,344 16,776 46,073 1,243,656 153,720 1,460,225September 3,302 155,537 532,452 2,630,369 3,321,660 17,034 42,563 1,273,971 155,435 1,489,003December 2,999 130,398 568,288 3,209,577 3,911,262 17,260 46,318 1,357,275 148,835 1,569,6882014January 2,914 125,101 574,883 2,484,766 3,187,664 17,333 47,102 1,308,572 157,216 1,530,223February 4,651 142,416 573,262 2,410,072 3,130,401 17,394 46,761 1,304,614 142,731 1,511,500March 1,781 192,437 630,926 2,541,981 3,367,125 900 30,638 1,353,563 121,341 1,506,442April 2,783 200,276 799,081 2,543,502 3,545,642 926 33,460 1,400,070 133,029 1,567,485May 2,445 159,830 577,052 2,531,758 3,271,085 17,619 35,038 1,384,742 128,782 1,566,181June 716 189,086 587,152 2,687,162 3,464,116 17,680 39,277 1,369,945 131,001 1,557,903July 1,425 176,332 643,042 2,485,431 3,306,230 17,761 42,393 1,395,264 132,819 1,588,237August 1,914 228,423 619,294 2,597,436 3,447,067 17,813 39,570 1,401,664 145,540 1,604,587September 12,065 253,156 598,486 2,714,245 3,577,952 17,946 41,032 1,400,214 137,875 1,597,067October 4,265 180,017 587,766 2,520,119 3,292,167 18,037 43,435 1,415,872 147,008 1,624,352November 3,613 213,323 590,418 2,813,120 3,620,474 18,124 36,291 1,407,165 136,821 1,598,401

December 2,780 172,950 561,590 2,988,325 3,725,645 18,229 49,697 1,413,046 169,183 1,650,155

2015

January 2,390 174,494 564,483 2,836,329 3,577,696 18,315 54,352 1,326,623 175,743 1,575,033

February 3,635 177,353 611,950 2,776,645 3,569,583 18,375 51,984 1,374,014 147,505 1,591,878

March 3,588 186,633 481,215 2,949,804 3,621,240 18,468 52,771 1,377,644 144,877 1,593,760

April 37,525 221,441 638,534 3,004,402 3,901,902 18,557 52,499 1,438,321 140,337 1,649,714

May 13,873 229,753 591,754 2,880,732 3,716,112 18,680 56,815 1,424,383 144,814 1,644,692

June 2,714 230,185 688,484 2,856,850 3,778,233 18,778 56,058 1,419,298 143,759 1,637,893

July 2,714 200,133 626,961 2,802,280 3,632,088 18,880 60,872 1,472,588 150,254 1,702,594

August 2,714 237,803 694,412 3,118,581 4,053,510 18,987 42,647 1,440,088 146,658 1,648,380

September 2,714 228,051 721,751 3,070,966 4,023,482 19,089 47,848 1,452,598 150,531 1,670,066

October 2,714 259,439 680,978 2,915,046 3,858,177 19,169 45,182 1,433,297 167,171 1,664,819

November 28,354 272,071 633,935 2,964,527 3,898,887 19,272 40,057 1,412,466 194,889 1,666,684

December 33,763 278,137 721,251 3,199,207 4,232,358 19,396 38,638 1,405,911 194,031 1,657,976

2016

January 30,211 262,238 666,159 3,142,916 4,101,523 19,511 39,220 1,342,143 191,262 1,592,136

February 26,785 276,317 639,221 2,936,201 3,878,523 19,688 37,931 1,350,530 193,166 1,601,315

March 26,548 261,172 613,955 2,693,841 3,595,516 19,805 37,413 1,399,321 152,741 1,609,281

April 30,163 336,848 762,057 2,855,332 3,984,401 19,944 38,751 1,447,038 140,228 1,645,961

May 22,276 448,128 712,688 2,896,636 4,079,728 20,584 44,573 1,484,340 150,445 1,699,943

June 31,522 266,771 616,336 2,795,608 3,710,238 20,209 48,000 1,494,896 167,014 1,730,119

July 52,808 263,208 668,987 2,904,795 3,889,797 20,349 47,625 1,530,010 177,861 1,775,845

August 34,220 259,999 607,121 3,438,691 4,340,032 20,493 52,760 1,581,386 164,534 1,819,173

September 18,799 247,997 807,455 3,130,937 4,205,187 20,639 51,044 1,587,271 168,528 1,827,482

October 67,850 260,234 678,659 3,337,240 4,343,984 20,786 48,301 1,588,756 171,267 1,829,109

November 70,060 264,004 790,472 3,396,008 4,520,544 20,932 42,770 1,582,122 177,213 1,823,037

December 67,893 225,663 666,822 4,523,834 5,484,212 21,108 49,064 1,596,940 172,414 1,839,526

2017

January 57,137 234,554 755,033 3,475,571 4,522,295 21,252 50,397 1,513,651 182,392 1,767,692

February 4,341 256,538 760,606 3,441,514 4,463,000 21,413 51,331 1,488,333 189,622 1,750,699

March 3,247 215,994 986,518 2,940,009 4,145,768 21,580 44,264 1,514,857 211,182 1,791,884

April 62,540 261,165 808,297 3,426,213 4,558,215 21,749 51,932 1,498,058 185,211 1,756,950

May 70,686 199,013 750,868 3,622,012 4,642,579 21,921 45,609 1,474,870 257,510 1,799,910

June 11,402 249,392 732,415 4,031,218 5,024,427 22,128 48,445 1,435,317 257,598 1,763,487

July 31,638 249,015 755,916 3,669,704 4,706,274 22,309 48,765 1,279,522 276,977 1,627,573

August 24,460 207,612 809,109 3,561,308 4,602,489 22,445 49,881 1,261,587 270,041 1,603,953

September 29,285 226,192 588,456 4,096,545 4,940,478 22,618 52,768 1,300,731 258,459 1,634,576

October 19,536 206,757 899,205 3,682,484 4,807,982 22,774 51,372 1,281,655 292,596 1,648,397

November 19,677 225,404 981,725 3,707,854 4,934,660 23,132 51,249 1,411,246 265,028 1,750,654

December 13,085 214,005 1,011,608 3,851,688 5,090,387 23,625 51,575 1,317,886 319,037 1,712,123

2018

January 33,264 261,226 961,649 4,049,324 5,305,464 23,427 51,638 1,324,252 273,370 1,672,687

February 13,950 258,008 1,022,545 3,892,420 5,186,923 23,551 49,231 1,316,215 279,520 1,668,518

March 10,810 262,435 895,492 3,978,012 5,146,749 23,792 48,491 1,345,433 236,583 1,654,299

Change

Over 12

Months 7,564 46,440 (91,026) 1,038,003 1,000,981 2,212 4,227 (169,425) 25,401 (137,585)-------------------------- ---------------------------- ---------------------------- ---------------------------- ---------------------------- ---------------------------- ---------------------------- ---------------------------- ---------------------------- ---------------------------- ----------------------------SWAZILAND BUILDING SOCIETY DATA IS INCLUDED FROM DECEMBER 2003.DEPOSITS INCLUDE RESIDENTS AND NON-RESIDENTS

CENTRAL GOVT.DEPOSITS-Includes Central government and governmental public enterprises.

PUBLIC ENTERPRISE DEPOSITS-Includes Public Nonfinancial and Public Financial enterprises.

OTHER RESIDENT SECTORS-Includes Households and Nonprofit Institutions Serving Households.

OTHER NON-FINANCIAL CORPORATIONS-Includes private sector non-financial businesses.

TRANSFERABLE/DEMAND DEPOSITS SAVINGS DEPOSITS


Table S 3.9 (Cont)OWNERSHIP OF OTHER DEPOSITORY CORPORATIONS DEPOSITS (DEPOSITS IN FOREIGN CURRENCY INCL)

(E’000)Table S 3.9 (Cont)OWNERSHIP OF OTHER DEPOSITORY CORPORATIONS DEPOSITS (DEPOSITS IN FOREIGN CURRENCY INCL)

(E'000)----------------------- ------------------------- ------------------------- ------------------------- ------------------------- ------------------------- ------------------------- ------------------------- ------------------------- ------------------------- -------------------------

Local Govt., Local Govt.,Period Public Enterprs. Other Other Non- Public Enterprs. Other Other Non-Ended Central and Private Resident Financial Total Central and Private Resident Financial Total

Govt. Financial Corps Sectors Corporations Govt. Financial Corps Sectors Corporations----------------------- ------------------------- ------------------------- ------------------------- ------------------------- ------------------------- ------------------------- ------------------------- ------------------------- ------------------------- -------------------------

TIME DEPOSITS TOTAL DEPOSITS----------------------- ------------------------- ------------------------- ------------------------- ------------------------- ------------------------- ------------------------- ------------------------- ------------------------- ------------------------- -------------------------2005 12,040 371,735 424,827 911,692 1,720,294 17,843 459,400 1,557,584 1,706,563 3,741,3902006 62,225 227,794 371,301 1,372,338 2,033,658 63,816 273,636 1,283,704 2,539,253 4,160,4092007 114,394 331,425 478,397 1,815,416 2,739,632 123,997 417,475 1,554,137 3,111,591 5,207,2002008 167,504 586,869 593,968 1,972,280 3,320,621 195,731 741,250 1,983,466 3,306,668 6,227,1152009 222,344 1,587,938 706,382 2,131,165 4,647,829 238,152 1,845,390 2,166,698 3,652,271 7,902,5112010 300,105 1,319,678 748,320 2,447,754 4,815,857 316,272 1,707,023 2,300,525 4,184,395 8,508,2152011 322,978 1,256,503 694,972 2,301,878 4,576,331 456,330 1,441,098 2,220,828 4,407,919 8,526,1752012 363,531 1,244,003 726,985 2,088,862 4,423,381 382,033 1,882,913 2,371,220 4,645,012 9,281,1782013 311,626 1,754,953 888,262 2,255,886 4,590,037 331,885 1,931,669 2,813,825 5,614,298 10,691,6772014 293,482 1,856,067 1,193,429 2,721,298 6,064,276 314,491 2,078,714 3,168,065 5,878,806 11,440,0762015 425,370 2,339,652 1,353,284 3,158,025 7,276,331 478,529 2,656,427 3,480,446 6,551,263 13,166,6652016 375,604 2,853,023 1,996,823 3,683,402 8,908,853 464,605 3,127,751 4,260,585 8,379,650 16,232,5902017 373,983 2,733,089 2,034,568 4,952,394 10,094,034 410,693 2,998,669 4,364,062 9,123,120 16,896,5432010March 251,711 2,127,860 711,768 1,916,774 5,008,113 267,737 2,256,482 2,168,659 3,362,463 8,055,341June 276,917 2,265,342 705,986 2,008,996 5,257,241 291,831 2,427,823 2,240,495 3,576,508 8,536,657September 303,531 2,060,643 720,221 2,303,572 5,387,967 319,381 2,250,708 2,278,566 3,742,302 8,590,957December 300,105 1,319,678 748,320 2,447,754 4,815,857 316,272 1,707,023 2,300,525 4,184,395 8,508,2152011March 260,717 1,428,503 687,484 2,796,623 5,173,327 343,442 1,575,126 2,222,809 4,252,966 8,394,343June 262,386 1,397,186 673,394 2,527,171 4,860,137 362,500 1,767,499 2,210,564 4,162,725 8,503,288September 325,052 1,477,073 797,952 2,005,779 4,605,856 378,493 1,660,042 2,264,777 4,157,483 8,460,795December 322,978 1,256,503 694,972 2,301,878 4,576,331 456,330 1,441,098 2,220,828 4,407,919 8,526,1752012March 340,087 1,223,814 643,215 2,424,070 4,631,186 537,275 1,369,996 2,159,727 4,419,419 8,486,417June 354,256 1,411,406 705,589 2,155,367 4,626,618 658,296 1,547,809 2,249,186 4,332,684 8,787,975September 358,869 1,410,829 693,483 2,146,344 4,184,435 438,458 1,581,944 2,292,305 4,678,040 8,990,747December 363,531 1,692,869 726,985 2,088,862 4,423,381 382,033 1,882,913 2,371,220 4,645,012 9,281,1782013March 395,896 2,064,362 793,481 2,016,840 5,270,579 413,938 2,261,961 2,384,510 4,714,576 9,774,985June 344,134 1,728,797 842,180 2,111,870 5,026,981 366,300 1,941,124 2,594,589 4,506,537 9,408,550September 339,903 1,783,864 880,990 2,370,037 5,374,793 360,239 1,981,964 2,687,413 5,155,841 10,185,456December 311,626 1,754,953 888,262 2,255,886 5,210,727 331,885 1,931,669 2,813,825 5,614,298 10,691,6772014January 317,595 1,638,496 1,050,501 2,428,410 5,435,002 337,842 1,810,699 2,933,956 5,070,392 10,152,889February 342,731 1,773,888 1,054,747 2,409,617 5,580,983 364,776 1,963,065 2,932,623 4,962,420 10,222,884March 324,050 1,950,032 1,035,038 2,145,800 5,454,920 326,731 2,173,107 3,019,527 4,809,122 10,328,487April 315,498 1,760,617 978,231 2,268,625 5,322,971 319,207 1,994,353 3,177,382 4,945,156 10,436,098May 274,305 1,963,799 1,011,208 2,510,451 5,759,763 294,369 2,158,667 2,973,002 5,170,991 10,597,029June 319,383 1,838,159 1,079,837 2,805,360 6,042,739 337,779 2,066,522 3,036,934 5,623,523 11,064,758July 279,738 1,848,672 1,135,279 2,531,544 5,795,233 298,924 2,067,397 3,173,585 5,149,794 10,689,700August 336,221 1,803,794 1,181,249 2,475,220 5,796,484 355,948 2,071,787 3,202,207 5,218,196 10,848,138September 328,769 1,750,523 1,201,210 2,479,198 5,759,700 358,780 2,044,711 3,199,910 5,331,318 10,934,719October 277,175 1,862,830 1,231,409 2,751,323 6,122,737 299,477 2,086,282 3,235,047 5,418,450 11,039,256November 309,136 1,840,831 1,169,536 2,887,470 6,206,973 330,873 2,090,445 3,167,119 5,837,411 11,425,848December 293,482 1,856,067 1,193,429 2,721,298 6,064,276 314,491 2,078,714 3,168,065 5,878,806 11,440,0762015January 344,090 1,909,704 1,155,930 2,806,211 6,215,935 364,795 2,138,550 3,047,036 5,818,283 11,368,664February 303,314 1,848,463 1,137,916 2,683,861 5,973,554 325,324 2,077,800 3,123,880 5,608,011 11,135,015March 449,814 1,816,164 1,158,377 2,358,649 5,783,004 471,870 2,055,568 3,017,236 5,453,330 10,998,004April 453,336 1,921,295 1,266,231 2,526,180 6,167,042 509,418 2,195,235 3,343,086 5,670,919 11,718,658May 451,485 1,895,267 1,225,834 2,482,141 6,054,727 484,038 2,181,835 3,241,971 5,507,687 11,415,531June 456,181 1,967,536 1,198,471 2,602,435 6,224,623 477,673 2,253,779 3,306,253 5,603,044 11,640,749July 438,612 1,834,500 1,253,906 2,809,095 6,336,113 460,206 2,095,505 3,353,455 5,761,629 11,670,795August 474,980 1,823,673 1,238,891 3,056,898 6,594,442 496,681 2,104,123 3,373,391 6,322,137 12,296,332September 474,941 1,852,564 1,291,752 3,704,915 7,324,172 496,744 2,128,463 3,466,101 6,926,412 13,017,720October 476,424 1,812,847 1,317,287 3,450,209 7,056,767 498,307 2,117,468 3,431,562 6,532,426 12,579,763November 473,853 1,786,963 1,323,187 3,440,592 7,024,595 521,479 2,099,091 3,369,588 6,600,008 12,590,166December 425,370 2,339,652 1,353,284 3,158,025 7,276,331 478,529 2,656,427 3,480,446 6,551,263 13,166,6652016January 426,536 2,058,003 1,381,672 3,719,623 7,585,834 476,257 2,359,461 3,389,974 7,053,800 13,279,493February 395,232 2,131,879 1,303,829 3,568,807 7,399,747 441,705 2,446,126 3,293,580 6,698,174 12,879,585March 403,001 2,045,451 1,390,528 3,487,801 7,326,781 449,353 2,344,037 3,403,804 6,334,384 12,531,577April 360,435 2,175,022 1,341,329 3,517,281 7,394,067 410,542 2,550,620 3,550,425 6,512,841 13,024,428May 339,909 2,165,054 1,442,358 3,554,509 7,501,831 382,769 2,657,756 3,639,387 6,601,590 13,281,501June 317,097 2,185,047 1,891,655 3,382,195 7,775,994 368,828 2,499,818 4,002,887 6,344,817 13,216,351July 413,101 2,387,543 1,893,002 3,495,509 8,189,155 486,257 2,698,376 4,092,000 6,578,164 13,854,798August 403,333 2,068,153 1,701,263 4,377,439 8,550,189 458,046 2,380,912 3,889,770 7,980,665 14,709,394September 406,753 2,601,359 1,716,437 3,346,818 8,071,367 446,190 2,900,400 4,111,162 6,646,284 14,104,036October 361,317 2,565,999 1,838,617 3,271,331 8,037,264 449,954 2,874,534 4,106,032 6,779,838 14,210,357November 380,175 2,544,976 2,083,766 4,145,473 9,154,390 471,167 2,851,750 4,456,360 7,718,694 15,497,971December 375,604 2,853,023 1,996,823 3,683,402 8,908,853 464,605 3,127,751 4,260,585 8,379,650 16,232,5902017January 369,707 2,705,167 1,985,007 3,326,933 8,386,814 448,096 2,990,118 4,253,691 6,984,896 14,676,801February 399,297 2,774,787 2,041,903 3,172,743 8,388,730 425,051 3,082,657 4,290,841 6,803,879 14,602,428March 353,336 2,447,430 2,401,304 2,679,661 7,881,731 378,162 2,707,689 4,902,679 5,830,853 13,819,383April 376,601 2,250,675 1,937,296 3,397,298 7,961,870 460,890 2,563,773 4,243,651 7,008,722 14,277,035May 425,627 2,585,365 2,070,967 3,591,433 8,673,393 518,235 2,829,987 4,296,704 7,470,954 15,115,881June 387,938 2,460,739 2,167,489 4,194,242 9,210,408 421,468 2,758,575 4,335,221 8,483,058 15,998,322July 395,540 3,004,733 2,320,217 3,983,653 9,704,142 449,487 3,302,513 4,355,655 7,930,334 16,037,989August 426,999 2,294,616 2,233,046 5,208,031 10,162,691 473,904 2,552,109 4,303,741 9,039,379 16,369,134September 393,117 2,641,398 2,043,668 4,975,631 10,053,813 445,020 2,920,358 3,932,854 9,330,635 16,628,867October 400,768 2,649,562 1,943,109 5,185,416 10,178,855 443,078 2,907,691 4,123,969 9,160,496 16,635,235November 367,150 2,633,707 1,977,628 5,640,243 10,618,728 409,959 2,910,360 4,370,598 9,613,125 17,304,043December 373,983 2,733,089 2,034,568 4,952,394 10,094,034 410,693 2,998,669 4,364,062 9,123,120 16,896,5432018January 613,707 2,610,155 2,165,291 4,998,676 10,387,829 670,398 2,923,019 4,451,192 9,321,371 17,365,980February 396,940 2,697,242 2,270,264 4,815,172 10,179,617 434,441 3,004,481 4,609,024 8,987,112 17,035,058March 363,105 2,527,941 2,348,339 4,202,406 9,441,791 397,708 2,838,867 4,589,263 8,417,001 16,242,839ChangeOver 12Months 9,770 80,511 (52,965) 1,522,745 1,560,060 19,545 131,178 (313,416) 2,586,148 2,423,456----------------------- ------------------------- ------------------------- ------------------------- ------------------------- ------------------------- ------------------------- ------------------------- ------------------------- ------------------------- -------------------------


Table S 3.10CLASSIFICATION OF SELECTED OTHER DEPOSITORY CORPORATIONS DEPOSITS

(E’000)(E'000)

---------------------- ------------------------- ------------------------- ------------------------- ------------------------- ------------------------- ------------------------- ------------------------- -------------------------Non-Government Deposits Analysis

------------------------- ------------------------- ------------------------- ------------------------- ------------------------- Total Deposits Time

------------------------- ------------------------- ------------------------- ------------------------- ------------------------- -------------------------Period Other Sectors TranferableEnded Total Government ( Private) (Demand) Savings Short-Term Medium-Term Long-Term---------------------- ------------------------- ------------------------- ------------------------- ------------------------- ------------------------- ------------------------- ------------------------- -------------------------2005 3,741,390 17,843 3,723,547 1,049,429 965,864 1,329,853 75,166 303,2352006 4,160,409 63,816 4,096,593 1,108,643 1,016,517 1,522,820 95,587 353,0262007 5,257,816 174,613 5,083,203 1,420,791 1,037,174 1,963,035 217,442 444,7612008 6,227,115 195,731 6,031,384 1,699,267 1,179,000 2,324,157 386,398 442,5622009 7,902,511 238,152 7,664,359 2,012,448 1,226,426 3,037,124 400,893 987,4682010 8,508,215 316,272 8,191,943 2,186,735 1,289,160 3,256,061 157,669 1,302,3182011 8,526,175 456,330 8,069,845 2,515,818 1,300,674 3,384,096 137,972 731,2852012 9,281,178 382,033 8,899,145 3,019,537 1,370,892 3,261,992 418,749 827,9752013 10,691,677 331,885 10,359,792 3,908,263 1,552,428 3,595,785 443,579 859,7372014 11,440,076 314,491 11,125,585 3,722,865 1,631,926 4,448,749 360,167 961,8782015 13,166,665 478,529 12,688,136 4,198,595 1,638,580 5,279,047 374,426 1,197,4882016 16,232,590 464,605 15,767,985 5,416,319 1,818,418 6,068,299 409,585 2,055,3642017 16,896,543 410,693 16,485,850 5,077,302 1,688,498 7,144,276 381,903 2,193,8722010March 8,055,341 267,737 7,787,604 1,850,206 1,180,996 2,897,067 171,408 1,687,927June 8,536,657 291,831 8,244,826 2,031,894 1,232,608 3,153,961 150,514 1,675,849September 8,590,957 319,381 8,271,576 1,933,534 1,253,606 3,457,788 161,250 1,465,398December 8,508,215 316,272 8,191,943 2,186,735 1,289,160 3,256,061 157,669 1,302,3182011March 8,394,343 343,442 8,050,901 1,898,235 1,240,056 3,836,028 356,193 720,389June 8,503,288 362,500 8,140,788 2,071,905 1,265,872 3,938,280 157,737 706,994September 8,460,795 378,493 8,082,302 2,524,290 1,277,209 3,337,175 149,792 793,837December 8,526,175 456,330 8,069,845 2,515,818 1,300,674 3,384,096 137,972 731,2852012March 8,486,417 537,275 7,949,142 2,387,207 1,270,836 3,059,184 412,635 819,280June 8,787,975 658,296 8,129,679 2,517,756 1,339,561 3,075,479 401,884 794,999September 8,990,747 438,458 8,552,289 2,955,508 1,346,125 2,983,103 425,879 841,674December 9,281,178 382,033 8,899,145 3,019,537 1,370,892 3,261,992 418,749 827,9752013March 9,774,985 413,938 9,361,047 3,126,301 1,360,063 3,476,081 450,305 948,297June 9,408,550 366,300 9,042,250 2,915,954 1,443,449 3,150,096 582,186 950,565September 10,185,456 360,239 9,825,217 3,318,358 1,471,969 3,541,340 553,569 939,981December 10,691,677 331,885 10,359,792 3,908,263 1,552,428 3,595,785 443,579 859,7372014January 10,152,889 337,842 9,815,047 3,184,750 1,512,890 3,758,849 498,995 859,563February 10,222,884 364,776 9,858,108 3,125,750 1,494,106 3,883,662 499,652 854,938March 10,328,487 326,731 10,001,756 3,365,344 1,505,542 3,730,800 484,575 915,495April 10,436,098 319,207 10,116,891 3,542,859 1,566,559 3,656,642 462,485 888,346May 10,597,029 294,369 10,302,660 3,268,640 1,548,562 4,070,874 483,125 931,459June 11,064,758 337,779 10,726,979 3,463,400 1,540,223 4,287,032 486,711 949,613July 10,689,700 298,924 10,390,776 3,304,805 1,570,476 4,092,474 489,348 933,673August 10,848,138 355,948 10,492,190 3,445,153 1,586,774 3,949,927 569,371 940,965September 10,934,719 358,780 10,575,939 3,565,887 1,579,121 3,843,274 648,705 938,952October 11,039,256 299,477 10,739,779 3,287,902 1,606,315 4,263,225 650,924 931,413November 11,425,848 330,873 11,094,975 3,616,861 1,580,277 4,437,586 535,031 925,220December 11,440,076 314,491 11,125,585 3,722,865 1,631,926 4,448,749 360,167 961,8782015January 11,368,664 364,795 11,003,869 3,575,306 1,556,718 4,405,523 552,011 914,311February 11,135,015 325,324 10,809,691 3,565,948 1,573,503 4,193,858 547,286 929,096March 10,998,004 471,870 10,526,134 3,617,652 1,575,292 3,803,843 443,532 1,085,815April 11,718,658 509,418 11,209,240 3,864,377 1,631,157 4,131,902 558,894 1,022,910May 11,415,531 484,038 10,931,493 3,702,239 1,626,012 4,015,725 528,322 1,059,195June 11,640,749 477,673 11,163,076 3,775,519 1,619,115 4,164,978 508,258 1,095,206July 11,670,795 460,206 11,210,589 3,629,374 1,683,714 4,289,280 515,386 1,092,835August 13,016,269 496,681 12,519,588 4,050,796 1,629,393 5,255,793 409,181 1,174,425September 13,017,720 496,744 12,520,976 4,020,768 1,650,977 5,255,793 409,181 1,184,257October 12,579,763 498,307 12,081,456 3,855,463 1,645,650 5,002,218 390,950 1,187,175November 12,590,166 521,479 12,068,687 3,870,533 1,647,412 4,975,544 451,808 1,123,390December 13,166,665 478,529 12,688,136 4,198,595 1,638,580 5,279,047 374,426 1,197,4882016January 13,279,493 476,257 12,803,236 4,071,312 1,572,625 5,644,402 322,976 1,191,921February 12,879,585 441,705 12,437,880 3,851,739 1,581,627 5,603,671 270,040 1,130,803March 12,531,577 449,353 12,082,224 3,568,968 1,589,476 5,469,251 233,889 1,220,641April 13,024,428 410,542 12,613,886 3,954,238 1,626,017 5,532,840 241,408 1,259,384May 13,281,501 382,769 12,898,732 4,057,452 1,679,359 5,234,266 509,988 1,417,667June 13,216,351 368,828 12,847,523 3,678,716 1,709,910 4,795,324 927,043 1,736,530July 13,854,798 486,257 13,368,540 3,836,990 1,755,496 5,135,247 953,093 1,687,714August 14,709,394 458,046 14,251,347 4,305,812 1,798,680 5,595,866 889,382 1,661,607September 14,104,036 446,190 13,657,846 4,186,389 1,806,843 5,398,083 684,592 1,581,939October 14,210,357 449,954 13,760,403 4,276,133 1,808,323 5,188,525 643,588 1,843,834November 15,497,971 471,167 15,026,804 4,450,484 1,802,105 6,337,452 376,101 2,060,663December 16,232,590 464,605 15,767,985 5,416,319 1,818,418 6,068,299 409,585 2,055,3642017January 14,676,801 448,096 14,228,705 4,465,158 1,746,440 5,570,393 404,457 2,042,257February 14,602,428 425,051 14,177,377 4,458,659 1,729,286 5,522,716 438,856 2,027,861March 13,819,383 378,162 13,441,221 4,142,521 1,770,304 4,995,274 471,172 2,061,949April 14,277,035 460,890 13,816,145 4,495,675 1,735,201 5,375,576 402,201 1,807,492May 15,115,881 518,235 14,597,646 4,571,892 1,777,989 6,125,949 388,391 1,733,425June 15,998,322 421,468 15,576,854 5,013,025 1,741,359 6,342,361 599,862 1,880,246July 16,037,989 449,487 15,588,502 4,674,636 1,605,264 6,638,519 608,627 2,061,456August 16,369,134 473,904 15,895,229 4,578,029 1,581,508 6,712,566 825,634 2,197,491September 16,628,867 445,020 16,183,847 4,911,193 1,611,958 6,678,934 737,333 2,244,430October 16,635,235 443,078 16,192,157 4,788,446 1,625,623 7,025,781 595,135 2,157,171November 17,304,043 409,959 16,894,084 4,914,983 1,727,522 7,549,751 595,870 2,105,957December 16,896,543 410,693 16,485,850 5,077,302 1,688,498 7,144,276 381,903 2,193,8722018January 17,365,980 670,398 16,695,582 5,272,200 1,649,260 6,670,419 1,039,700 2,064,004February 17,035,058 434,441 16,600,617 5,172,972 1,644,967 6,947,625 607,454 2,227,599March 16,242,839 397,708 15,845,132 5,135,939 1,630,507 6,409,055 469,551 2,200,080ChangeOver 12Months 2,423,456 19,545 2,403,911 993,417 (139,797) 1,413,781 (1,622) 138,132---------------------- ------------------------- ------------------------- ------------------------- ------------------------- ------------------------- ------------------------- ------------------------- -------------------------SWAZILAND BUILDING SOCIETY DATA IS INCLUDED FROM DECEMBER 2003.Time deposits are classified into Short-term (1-90 days maturity), medium-term(91-365 days maturity) and Long-term(over 365 days maturity).

Table S 3.10CLASSIFICATION OF SELECTED OTHER DEPOSITORY CORPORATIONS DEPOSITS


Table S 4.1INTEREST RATES PAID ON DEPOSITS IN SWAZILAND (%) Table S.4.1

INTEREST RATES PAID ON DEPOSITS IN SWAZILAND(%)--------------------- ----------------------- ----------------------- ----------------------- ----------------------- ----------------------- ----------------------- -----------------------Period Banker's Three SixEnded Call Call Savings 31 Days Months Months One Year--------------------- ----------------------- ----------------------- ----------------------- ----------------------- ----------------------- ----------------------- -----------------------2005 4.14 2.75 - 3.85 0.00 - 6.50 3.00 - 3.75 3.25 - 4.50 3.00 - 4.50 3.00 - 4.002006 5.82 4.25 - 7.75 0.00 - 6.88 4.75 - 6.75 5.00 - 8.50 7.75 - 8.00 8.25 - 8.802007 7.30 6.50 - 9.50 0.00 - 9.91 6.50 - 8.10 6.50 - 9.50 9.00 - 10.00 9.10 -10.402008 8.25 6.25 - 9.75 0.00 - 9.20 6.50 - 8.10 6.50 - 9.50 9.25 - 10.25 9.00 -10.302009 4.29 1.20 - 4.00 0.00 - 4.00 2.50 - 4.50 3.45 - 5.00 3.50 - 4.50 3.50 - 4.502010 3.03 0.20 - 3.00 0.00 - 2.50 1.50 - 2.95 2.45 - 3.25 2.50 - 3.25 2.80 - 4.002011 4.09 0.20 - 3.00 0.00 - 5.00 1.50 - 2.95 2.45 - 3.25 2.50 - 3.25 2.50 - 4.002012 3.82 0.10 - 2.70 0.00 - 2.70 0.95 - 2.25 0.95 - 3.20 2.50 - 3.00 2.30 - 3.552013 3.08 0.10 - 2.70 0.00 - 2.70 0.95 - 2.25 0.95 - 3.20 2.50 - 3.00 2.30 - 3.552014 3.27 0.10 - 3.00 0.00 - 2.70 1.00 - 3.50 1.05 - 3.35 2.70 - 3.35 3.00 - 3.902015 3.52 0.10 - 3.85 0.00 - 3.45 1.00 - 3.25 1.05 - 3.60 2.70 - 3.80 3.00 - 4.752016 6.75 0.10 - 6.00 0.00 - 4.95 1.00 - 4.75 1.05 - 5.15 2.70 -5.60 3.00 - 5.802017 6.70 0.10 - 6.10 0.00 - 5.06 1.00 - 4.95 1.05 - 5.35 2.70 -5.80 3.00 - 6.052010March 4.30 1.20 - 4.00 0.0 - 4.00 2.50 - 4.50 3.45 - 5.00 3.50 - 4.50 3.50 - 4.50June 4.10 1.20 - 4.00 0.0 - 4.00 2.50 - 4.50 3.45 - 5.00 3.50 - 4.50 3.50 - 4.50September 3.80 0.70 - 3.50 0.0 - 2.50 2.00 - 4.00 2.95 - 3.75 3.00 - 3.75 3.00 - 4.50December 3.03 0.20 - 3.00 0.0 - 5.00 1.50 - 2.95 2.45 - 3.25 2.50 - 3.25 2.50 - 4.002011March 3.22 0.20 - 3.00 0.0 - 5.00 1.50 - 2.95 2.45 - 3.25 2.50 - 3.25 2.50 - 4.00June 3.37 0.20 - 3.00 0.0 - 5.00 1.50 - 2.95 2.45 - 3.25 2.50 - 3.25 2.50 - 4.00September 3.76 0.20 - 3.00 0.0 - 5.00 1.50 - 2.95 2.45 - 3.25 2.50 - 3.25 2.50 - 4.00December 4.09 0.20 - 3.00 0.0 - 5.00 1.50 - 2.95 2.45 - 3.25 2.50 - 3.25 2.50 - 4.002012March 4.29 0.20 - 3.00 0.00 - 5.00 1.50 - 2.95 2.45 - 3.25 2.50 - 3.25 2.50 - 4.00June 4.28 0.20 - 3.00 0.00 - 5.00 1.50 - 2.95 2.45 - 3.25 2.50 - 3.25 2.50 - 4.00September 3.88 0.10 - 2.70 0.00 - 2.70 0.95 - 2.25 0.95 - 3.20 2.50 - 3.00 2.30 - 3.55December 3.82 0.10 - 2.70 0.00 - 2.70 0.95 - 2.25 0.95 - 3.20 2.50 - 3.00 2.30 - 3.552013March 3.24 0.10 - 2.70 0.00 - 2.70 0.95 - 2.25 0.95 - 3.20 2.50 - 3.00 2.30 - 3.55June 3.28 0.10 - 2.70 0.00 - 2.70 0.95 - 2.25 0.95 - 3.20 2.50 - 3.00 2.30 - 3.55September 3.23 0.10 - 2.70 0.00 - 2.70 0.95 - 2.25 0.95 - 3.20 2.50 - 3.00 2.30 - 3.55December 3.08 0.10 - 2.70 0.00 - 2.70 0.95 - 2.25 0.95 - 3.20 2.50 - 3.00 2.30 - 3.552014January 3.06 0.10 - 2.70 0.00 - 2.70 0.95 - 2.25 0.95 - 3.20 2.50 - 3.00 2.30 - 3.55February 3.05 0.10 - 2.70 0.00 - 2.70 0.95 - 2.25 0.95 - 3.20 2.50 - 3.00 2.30 - 3.55March 2.95 0.10 - 2.70 0.00 - 2.70 0.95 - 2.25 0.95 - 3.20 2.50 - 3.00 2.30 - 3.55April 2.95 0.10 - 2.70 0.00 - 2.70 0.95 - 2.25 0.95 - 3.20 2.50 - 3.00 2.30 - 3.55May 2.93 0.10 - 2.70 0.00 - 2.70 0.95 - 2.25 0.95 - 3.20 2.50 - 3.00 2.30 - 3.55June 2.93 0.10 - 2.70 0.00 - 2.70 0.95 - 2.25 0.95 - 3.20 2.50 - 3.00 2.30 - 3.55July 3.30 0.10 - 3.00 0.00 - 2.70 1.00 - 2.50 1.05 - 3.35 2.25 - 3.35 3.00 - 3.90August 3.25 0.10 - 3.00 0.00 - 2.70 1.00 - 2.50 1.05 - 3.35 2.25 - 3.35 3.00 - 3.90September 3.26 0.10 - 3.00 0.00 - 2.70 1.00 - 2.50 1.05 - 3.35 2.25 - 3.35 3.00 - 3.90October 3.24 0.10 - 3.00 0.00 - 2.70 1.00 - 2.50 1.05 - 3.35 2.70 - 3.35 3.00 - 3.90November 3.24 0.10 - 3.00 0.00 - 2.70 1.00 - 2.50 1.05 - 3.35 2.70 - 3.35 3.00 - 3.90December 3.27 0.10 - 3.00 0.00 - 2.70 1.00 - 2.50 1.05 - 3.35 2.70 - 3.35 3.00 - 3.902015January 3.27 0.10 - 3.00 0.00 - 2.70 1.00 - 2.50 1.05 - 3.35 2.70 - 3.35 3.00 - 3.90February 3.27 0.10 - 3.00 0.00 - 2.70 1.00 - 2.50 1.05 - 3.35 2.70 - 3.35 3.00 - 3.90March 3.30 0.10 - 3.00 0.00 - 2.70 1.00 - 2.50 1.05 - 3.35 2.70 - 3.35 3.00 - 3.90April 3.30 0.10 - 3.00 0.00 - 2.70 1.00 - 2.50 1.05 - 3.35 2.70 - 3.35 3.00 - 3.90May 3.31 0.10 - 3.60 0.00 - 3.45 1.00 - 2.75 1.05 - 3.40 2.70 - 3.55 3.00 - 4.00June 3.47 0.10 - 3.60 0.00 - 3.45 1.00 - 2.75 1.05 - 3.40 2.70 - 3.55 3.00 - 4.00July 3.46 0.10 - 3.85 0.00 - 3.45 1.00 - 3.25 1.05 - 3.60 2.70 - 3.80 3.00 - 4.75August 3.47 0.10 - 3.85 0.00 - 3.45 1.00 - 3.25 1.05 - 3.60 2.70 - 3.80 3.00 - 4.75September 3.50 0.10 - 3.85 0.00 - 3.45 1.00 - 3.25 1.05 - 3.60 2.70 - 3.80 3.00 - 4.75October 3.52 0.10 - 3.85 0.00 - 3.45 1.00 - 3.25 1.05 - 3.60 2.70 - 3.80 3.00 - 4.75November 3.55 0.10 - 3.85 0.00 - 3.45 1.00 - 3.25 1.05 - 3.60 2.70 - 3.80 3.00 - 4.75December 3.52 0.10 - 3.85 0.00 - 3.45 1.00 - 3.25 1.05 - 3.60 2.70 - 3.80 3.00 - 4.752016January 3.52 0.10 - 3.85 0.00 - 3.45 1.00 - 3.25 1.05 - 3.60 2.70 - 3.80 3.00 - 4.75February 3.67 0.35 - 4.20 0.00 - 4.20 1.00 - 3.35 1.05 - 3.85 2.70 - 4.50 3.00 - 5.20March 3.64 0.20 - 5.80 0.00 - 4.45 1.00 - 4.25 1.05 - 4.65 2.70 -5.10 3.00 - 5.40April 3.68 0.20 - 5.80 0.00 - 4.45 1.00 - 4.25 1.05 - 4.65 2.70 -5.10 3.00 - 5.40May 3.90 0.10 - 6.00 0.00 - 4.95 1.00 - 4.75 1.05 - 5.15 2.70 -5.60 3.00 - 5.80June 3.91 0.10 - 6.00 0.00 - 4.95 1.00 - 4.75 1.05 - 5.15 2.70 -5.60 3.00 - 5.80July 4.12 0.10 - 6.00 0.00 - 4.95 1.00 - 4.75 1.05 - 5.15 2.70 -5.60 3.00 - 5.80August 6.75 0.10 - 6.00 0.00 - 4.95 1.00 - 4.75 1.05 - 5.15 2.70 -5.60 3.00 - 5.80September 6.75 0.10 - 6.00 0.00 - 4.95 1.00 - 4.75 1.05 - 5.15 2.70 -5.60 3.00 - 5.80October 6.75 0.10 - 6.00 0.00 - 4.95 1.00 - 4.75 1.05 - 5.15 2.70 -5.60 3.00 - 5.80November 6.75 0.10 - 6.00 0.00 - 4.95 1.00 - 4.75 1.05 - 5.15 2.70 -5.60 3.00 - 5.80December 6.75 0.10 - 6.00 0.00 - 4.95 1.00 - 4.75 1.05 - 5.15 2.70 -5.60 3.00 - 5.802017January 6.90 0.10 - 6.10 0.00 - 5.06 1.00 - 4.95 1.05 - 5.35 2.70 -5.80 3.00 - 6.05February 6.90 0.10 - 6.10 0.00 - 5.06 1.00 - 4.95 1.05 - 5.35 2.70 -5.80 3.00 - 6.05March 6.90 0.10 - 6.10 0.00 - 5.06 1.00 - 4.95 1.05 - 5.35 2.70 -5.80 3.00 - 6.05April 6.90 0.10 - 6.10 0.00 - 5.06 1.00 - 4.95 1.05 - 5.35 2.70 -5.80 3.00 - 6.05May 6.90 0.10 - 6.10 0.00 - 5.06 1.00 - 4.95 1.05 - 5.35 2.70 -5.80 3.00 - 6.05June 6.90 0.10 - 6.10 0.00 - 5.06 1.00 - 4.95 1.05 - 5.35 2.70 -5.80 3.00 - 6.05July 6.70 0.10 - 6.10 0.00 - 5.06 1.00 - 4.95 1.05 - 5.35 2.70 -5.80 3.00 - 6.05August 6.70 0.10 - 6.10 0.00 - 5.06 1.00 - 4.95 1.05 - 5.35 2.70 -5.80 3.00 - 6.05September 6.70 0.10 - 6.10 0.00 - 5.06 1.00 - 4.95 1.05 - 5.35 2.70 -5.80 3.00 - 6.05October 6.70 0.10 - 6.10 0.00 - 5.06 1.00 - 4.95 1.05 - 5.35 2.70 -5.80 3.00 - 6.05November 6.70 0.10 - 6.10 0.00 - 5.06 1.00 - 4.95 1.05 - 5.35 2.70 -5.80 3.00 - 6.05December 6.70 0.10 - 6.10 0.00 - 5.06 1.00 - 4.95 1.05 - 5.35 2.70 -5.80 3.00 - 6.052018January 6.70 0.00 - 6.10 0.00 - 6.28 0.00 - 3.40 2.57 - 5.25 2.98 -6.75 3.10 - 6.05February 6.70 0.00 - 6.10 0.00 - 6.28 0.00 - 3.40 2.57 - 5.25 2.98 -6.75 3.10 - 6.05March 6.45 0.00 - 6.10 0.00 - 6.28 0.00 - 3.40 2.57 - 5.25 2.98 -6.75 3.10 - 6.05--------------------- ----------------------- ----------------------- ----------------------- ----------------------- ----------------------- ----------------------- -----------------------The rates thus shown are ranges of the min and max deposit rates individually quoted by the banks in Swaziland Bankers' Call - Effective 1st May 1996 the Central Bank stopped payment of interest on commercial banks'deposits and resumed temporarily in November 1996 until April 1998 and again in August 2003.


Table S 4.2COMPARATIVE INTEREST RATES: SWAZILAND AND SOUTH AFRICA

TABLE S 4.2COMPARATIVE INTEREST RATES: SWAZILAND AND SOUTH AFRICA(%)

----------------------- ------------------- ------------------- -------------------- ------------------- ------------------- ------------------- ------------------- ------------------- ------------------- ------------------- ------------------- Bank Deposits

------------------- ------------------- ------------------- ------------------- 31 days 12 months

----------------------- ------------------- ------------------- ------------------- ------------------- ------------------- ------------------- ------------------- ------------------- ------------------- ------------------- ------------------- Central * S.A. S.A.R.B.

Period Bank of Reserve Marginal Lending South South South SouthEnded Swaziland Bank Facility Swaziland Africa Swaziland Africa Swaziland Africa Swaziland Africa----------------------- ------------------- ------------------- ------------------- ------------------- ------------------- ------------------- ------------------- ------------------- ------------------- ------------------- -------------------2005 7.00 7.00 12.00 6.88 6.78 10.50 10.50 3.41 6.82 3.46 7.282006 9.00 9.00 14.00 8.49 8.49 12.50 12.50 5.41 8.94 8.51 9.552007 11.00 11.00 16.00 9.96 10.00 14.50 14.50 7.30 10.94 10.00 11.812008 11.00 11.50 16.00 10.95 10.79 14.50 15.00 7.30 11.37 9.81 9.902009 6.50 7.00 11.50 6.98 7.14 10.00 10.50 3.71 6.85 4.02 7.772010 5.50 5.50 10.50 5.73 5.60 9.00 9.00 2.43 5.42 3.18 5.732011 5.50 5.50 10.50 6.79 5.52 9.00 9.00 2.43 5.78 3.18 6.072012 5.00 5.00 10.00 6.52 5.07 8.50 8.50 1.81 4.98 2.97 5.392013 5.00 5.00 10.00 5.95 5.29 8.50 8.50 1.81 5.11 2.97 5.922014 5.25 5.75 10.75 6.57 5.83 8.75 9.25 1.94 5.85 3.24 6.692015 5.75 6.25 11.25 6.44 6.85 9.25 9.75 3.00 6.53 3.78 8.142016 7.00 7.00 12.00 7.97 7.66 10.50 10.50 3.45 7.22 4.89 8.432017 7.25 6.75 11.75 7.86 7.47 10.75 10.25 3.44 6.95 5.03 7.652010March 6.50 6.50 11.50 6.98 6.59 10.00 10.00 3.71 6.47 4.02 7.09June 6.50 6.50 11.50 6.80 6.54 10.00 10.00 3.71 6.39 4.02 7.13September 6.00 6.00 11.00 6.80 6.03 9.50 9.50 3.10 5.94 3.76 6.36December 5.50 5.50 10.50 5.72 5.60 9.00 9.00 2.43 5.42 3.18 5.732011March 5.50 5.50 10.50 5.91 5.54 9.00 9.00 2.43 5.39 3.18 5.88June 5.50 5.50 10.50 6.28 5.55 9.00 9.00 2.43 5.28 3.18 6.03September 5.50 5.50 10.50 6.42 5.41 9.00 9.00 2.43 5.51 3.18 5.72December 5.50 5.50 10.50 6.79 5.52 9.00 9.00 2.43 5.78 3.18 6.072012March 5.50 5.50 10.50 6.99 5.47 9.00 9.00 2.43 5.40 3.18 6.23June 5.50 5.50 10.50 7.49 5.50 9.00 9.00 2.43 5.44 3.18 5.85September 5.00 5.00 10.00 7.21 4.92 8.50 8.50 1.81 4.91 2.97 5.30December 5.00 5.00 10.00 6.52 5.07 8.50 8.50 1.81 4.98 2.97 5.392013March 5.00 5.00 10.00 6.80 5.08 8.50 8.50 1.81 4.97 2.97 5.42June 5.00 5.00 10.00 6.41 5.15 8.50 8.50 1.81 5.08 2.97 5.70September 5.00 5.00 10.00 6.40 5.13 8.50 8.50 1.81 5.11 2.97 5.97December 5.00 5.00 10.00 6.29 5.29 8.50 8.50 1.81 5.11 2.97 5.922014January 5.00 5.50 10.00 6.34 5.66 8.50 9.00 1.81 5.47 2.97 7.15February 5.00 5.50 10.50 6.18 5.97 8.50 9.00 1.81 5.49 2.97 7.05March 5.00 5.50 10.50 6.41 5.69 8.50 9.00 1.81 5.54 2.97 6.90April 5.00 5.50 10.50 6.86 5.76 8.50 9.00 1.81 5.58 2.97 6.95May 5.00 5.50 10.50 6.37 5.71 8.50 9.00 1.81 5.70 2.97 6.83June 5.00 5.50 10.50 7.00 5.81 8.50 9.00 1.81 5.72 2.97 6.97July 5.25 5.75 10.75 6.20 5.87 8.75 9.25 1.94 5.79 3.24 6.96August 5.25 5.75 10.75 6.34 5.95 8.75 9.25 1.94 5.84 3.24 7.03September 5.25 5.75 10.75 6.27 6.00 8.75 9.25 1.94 5.97 3.24 7.18October 5.25 5.75 10.75 6.56 5.84 8.75 9.25 1.94 5.96 3.24 7.05November 5.25 5.75 10.75 6.57 5.92 8.75 9.25 1.94 5.83 3.24 6.91December 5.25 5.75 10.75 6.57 5.83 8.75 9.25 1.94 5.85 3.24 6.692015January 5.25 5.75 10.75 6.38 5.83 8.75 9.25 1.94 5.85 3.24 6.69February 5.25 5.75 10.75 6.38 5.85 8.75 9.25 1.94 5.90 3.24 6.92March 5.25 5.75 10.75 6.39 5.78 8.75 9.25 1.94 5.94 3.24 7.14April 5.25 5.75 10.75 6.36 5.81 8.75 9.25 1.94 5.96 3.24 7.22May 5.50 5.75 10.75 6.39 5.79 9.00 9.25 2.30 6.00 3.41 7.26June 5.50 5.75 10.75 6.44 6.09 9.00 9.25 2.30 6.08 3.41 7.34July 5.75 6.00 11.00 6.48 6.20 9.25 9.50 3.00 6.23 3.78 7.29August 5.75 6.00 11.00 6.51 6.25 9.25 9.50 3.00 6.21 3.78 7.43September 5.75 6.00 11.00 6.51 6.19 9.25 9.50 3.00 6.22 3.78 7.30October 5.75 6.00 11.00 6.50 6.31 9.25 9.50 3.00 6.22 3.78 7.33November 5.75 6.25 11.25 6.49 6.61 9.25 9.75 3.00 6.27 3.78 7.58December 5.75 6.25 11.25 6.44 6.85 9.25 9.75 3.00 6.53 3.78 8.142016January 5.75 6.75 11.75 6.49 6.91 9.25 10.25 2.31 6.92 3.78 8.32February 6.25 6.75 11.75 7.01 7.01 9.75 10.25 2.69 6.98 4.29 8.65March 6.50 7.00 12.00 6.65 7.14 10.00 10.50 3.06 7.30 4.48 8.62April 6.50 7.00 12.00 6.85 7.31 10.00 10.50 3.06 7.32 4.48 8.63May 7.00 7.00 12.00 7.00 7.19 10.50 10.50 3.45 7.29 4.89 8.64June 7.00 7.00 12.00 7.17 7.22 10.50 10.50 3.45 7.36 4.89 8.66July 7.00 7.00 12.00 7.19 7.20 10.50 10.50 3.45 7.30 4.89 8.55August 7.00 7.00 12.00 7.22 7.32 10.50 10.50 3.45 7.28 4.89 8.55September 7.00 7.00 12.00 7.35 7.32 10.50 10.50 3.45 7.16 4.89 8.44October 7.00 7.00 12.00 7.68 7.31 10.50 10.50 3.45 7.31 4.89 8.51November 7.00 7.00 12.00 7.84 7.53 10.50 10.50 3.45 7.36 4.89 8.54December 7.00 7.00 12.00 7.97 7.66 10.50 10.50 3.45 7.22 4.89 8.432017January 7.25 7.00 12.00 8.05 7.36 10.75 10.50 3.44 7.00 5.03 8.37February 7.25 7.00 12.00 8.11 7.23 10.75 10.50 3.44 7.00 5.03 8.18March 7.25 7.00 12.00 8.19 7.17 10.75 10.50 3.44 6.98 5.03 8.06April 7.25 7.00 12.00 8.31 7.28 10.75 10.50 3.44 7.09 5.03 8.00May 7.25 7.00 12.00 8.36 7.21 10.75 10.50 3.44 7.17 5.03 7.90June 7.25 7.00 12.00 8.26 7.17 10.75 10.50 3.44 7.15 5.03 7.91July 7.25 6.75 11.75 8.15 6.98 10.75 10.25 3.44 6.97 5.03 7.55August 7.25 6.75 11.75 8.08 6.94 10.75 10.25 3.44 6.88 5.03 7.38September 7.25 6.75 11.75 7.96 6.96 10.75 10.25 3.44 6.96 5.03 7.59October 7.25 6.75 11.75 7.86 7.27 10.75 10.25 3.44 6.99 5.03 7.85November 7.25 6.75 11.75 7.81 7.37 10.75 10.25 3.44 6.94 5.03 8.04December 7.25 6.75 11.75 7.86 7.47 10.75 10.25 3.44 6.95 5.03 7.652018January 7.00 6.75 11.75 7.88 7.22 10.50 10.25 2.53 6.79 4.92 7.69February 7.00 6.75 11.75 7.82 7.01 10.50 10.25 2.53 6.90 4.92 7.72March 6.75 6.50 11.50 7.79 6.90 10.50 10.00 2.53 6.85 4.92 7.66----------------------- ------------------- ------------------- --------------------- --------------------------------------- ------------------- --------------------------------------- ------------------- ------------------- -------------------

*Effective 9th March 1998, the South African Reserve Bank introduced a new accomodation policy for banks on the basis of repurchase agreements (repos) replacing the

discount rate facility. There is also the marginal lending facility which is currently higher than the repo rate.

Rates on large-scale interbank deposits as well as other money rates often diverge widely from the deposit rates offered to the general public. Since July, 1985 deposit rates

Discount Rate Treasury Bills Prime Lending

are average based on rates quoted by the banks to the public in Swaziland. The latest South African prime lending and bank deposit rates are obtained from the weekly

publications, the FINANCE WEEK and the FINANCIAL MAIL. The quartely Bulletin of the South African Reserve Bank is source for other South African rates .


Tabl

e S

5.1

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8.25

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of S

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(the

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Table S 5.2 OWNERSHIP OF SWAZILAND GOVERNMENT STOCKS AND BILLS

NOMINAL VALUE (E’000)

AmountIssued Central Non-Bank

Period During Total Bank of Financial AmountEnded Period Outstanding Swaziland Banks Institutions Other Redeemed

2012 4,202,820 2,014,819 60,592 1,316,633 460,217 177,377 3,853,7602013 5,129,319 2,919,348 60,165 1,745,129 920,546 193,508 3,998,4102014 5,122,200 2,950,390 2,890 1,598,764 985,252 363,484 4,792,2692015 4,636,845 3,123,220 1,200 1,555,599 1,334,136 232,285 4,484,9802016 5,604,440 4,413,927 3,885 2,259,746 1,927,956 222,340 4,683,4652017 7,195,037 5,771,384 4,020 2,413,998 3,105,254 248,112 5,588,100

2012January 270,630 1,674,389 57,759 1,051,703 498,497 66,430 279,870February 302,670 1,801,039 58,179 1,135,703 541,497 65,660 176,020March 404,410 1,921,279 58,169 1,298,853 496,497 67,760 281,480April 236,940 1,867,599 57,929 1,218,353 412,517 178,800 275,620May 405,280 1,993,029 58,169 1,312,213 443,887 178,760 279,670June 507,390 2,096,009 58,579 1,403,063 454,887 179,480 404,410July 269,040 2,128,099 60,842 1,428,633 459,887 178,737 236,950August 465,320 2,095,319 60,332 1,395,683 462,517 176,787 498,100September 394,890 2,112,819 60,412 1,421,593 446,137 184,677 377,390October 239,560 2,083,339 60,312 1,390,953 454,297 177,777 269,040November 416,690 2,119,709 60,392 1,437,993 446,967 174,357 380,320December 290,000 2,014,819 60,592 1,316,633 460,217 177,377 394,890

2013January 296,090 2,097,349 58,522 1,397,583 475,397 165,847 213,560February 425,010 2,120,669 58,232 1,444,573 435,607 182,257 401,690March 775,160 2,460,829 58,492 1,754,613 462,927 184,797 435,000April 536,640 2,690,379 58,322 1,955,803 475,927 200,327 307,090May 318,180 2,643,599 58,252 1,936,413 466,427 182,507 364,960June 223,120 2,610,239 58,442 1,884,133 466,427 201,237 280,100July 360,900 2,689,499 58,142 1,881,168 629,140 121,049 281,640August 551,540 2,672,759 58,392 1,874,155 653,250 86,962 318,280September 282,010 2,653,019 58,615 1,908,255 576,490 109,659 301,750October 405,520 2,697,639 62,375 1,814,984 642,267 178,013 360,900November 581,110 2,872,319 58,535 1,720,216 902,450 191,118 406,430December 374,039 2,919,348 60,165 1,745,129 920,546 193,508 327,010

2014January 537,680 3,030,339 59,335 1,680,953 960,250 329,801 426,690February 314,850 2,936,489 58,875 1,652,749 911,924 312,941 408,700March 406,880 2,810,930 1,020 1,524,929 953,047 331,934 363,439April 339,790 2,782,270 1,260 1,473,621 969,185 338,204 368,450May 517,440 2,832,950 1,360 1,525,690 950,597 355,303 466,760June 529,970 2,783,030 1,740 1,496,437 987,599 297,254 450,000July 315,740 2,713,350 1,220 1,394,687 943,739 373,704 385,420August 337,820 2,611,470 1,170 1,250,477 987,109 372,714 439,700September 395,110 2,722,460 1,100 1,301,234 1,046,742 373,384 284,120October 613,810 2,926,450 1,780 1,450,496 1,011,880 462,294 409,820November 371,010 2,905,830 1,950 1,518,421 1,005,155 380,304 391,630December 442,100 2,950,390 2,890 1,598,764 985,252 363,484 397,540

2015January 430,470 2,991,980 2,980 1,596,793 1,014,903 377,304 412,320February 386,320 3,105,930 2,400 1,608,683 1,102,103 392,744 272,370March 316,070 3,050,210 2,610 1,580,223 1,061,709 405,668 371,790April 410,750 3,059,770 3,080 1,625,502 1,030,470 400,718 441,190May 416,200 3,104,480 3,720 1,687,332 1,005,964 407,464 331,490June 319,370 3,163,990 4,930 1,642,202 1,107,964 408,894 259,860July 324,750 3,128,290 3,660 1,605,708 1,064,278 454,644 365,450August 282,800 3,059,880 2,900 1,566,058 1,059,598 431,324 346,210September 417,925 3,238,625 2,570 1,599,567 1,401,832 234,656 239,180October 511,540 3,362,927 2,360 1,726,490 1,384,761 249,316 387,240November 484,430 3,257,030 2,330 1,640,630 1,307,501 306,569 601,970December 336,220 3,123,220 1,200 1,555,599 1,334,136 232,285 455,910



2018January 448,250 5,746,840 3,420 2,452,020 3,048,500 242,900 356,460February 436,270 5,781,920 3,600 2,382,080 3,137,510 258,730 416,190March 514,810 6,059,900 3,320 2,430,860 3,314,980 310,740 417,230


Table S 5.2

OWNERSHIP OF SWAZILAND GOVERNMENT STOCKS AND BILLSNOMINAL VALUE (E'000)


Table S 5.3MATURITY DISTRIBUTION OF SWAZILAND GOVERNMENT SECURITIES

NOMINAL VALUE (E’000)Table S 5.3

MATURITY DISTRIBUTION OF SWAZILAND GOVERNMENT SECURITIES NOMINAL VALUE (E'000)

Period Total Treasury Over 1 to Over 5 toEnded Outstanding Bills Other 5 years 10 years2012 2,014,819 1,101,250 0 767,239 146,3302013 2,919,348 1,905,779 0 813,569 200,0002014 2,950,390 1,752,410 746,879 451,1012015 3,123,220 1,649,439 0 749,240 724,5412016 4,413,897 1,674,990 0 2,069,131 669,7762017 5,771,384 2,154,590 0 2,038,171 1,578,623

2012January 1,674,389 710,820 0 817,239 146,330February 1,801,039 837,470 0 817,239 146,330March 1,921,279 1,007,710 0 767,239 146,330April 1,867,599 954,030 0 767,239 146,330May 1,993,029 1,079,460 0 767,239 146,330June 2,096,009 1,182,440 0 767,239 146,330July 2,128,099 1,214,530 0 767,239 146,330August 2,095,319 1,181,750 0 767,239 146,330September 2,112,819 1,199,250 0 767,239 146,330October 2,083,339 1,169,770 0 767,239 146,330November 2,119,709 1,206,140 0 767,239 146,330December 2,014,819 1,101,250 0 767,239 146,330

2013January 2,097,349 1,183,780 913,569 0February 2,120,669 1,207,100 913,569 0March 2,460,829 1,547,260 913,569 0April 2,690,379 1,776,810 913,569 0May 2,643,599 1,730,030 913,569 0June 2,610,239 1,696,670 913,569 0July 2,689,499 1,775,930 913,569 0August 2,672,759 1,859,190 813,569 0September 2,653,019 1,839,450 813,569 0October 2,697,639 1,784,070 813,569 100,000November 2,872,319 1,858,750 813,569 200,000December 2,919,348 1,905,779 813,569 200,000

2014January 3,030,339 1,916,769 813,569 300,001February 2,936,489 1,822,919 813,569 300,001March 2,810,930 1,766,360 644,569 400,001April 2,832,950 1,788,380 644,569 400,001May 2,782,270 1,737,700 644,569 400,001June 2,783,030 1,668,350 714,679 400,001July 2,713,350 1,598,670 714,679 400,001August 2,611,470 1,496,790 714,679 400,001September 2,722,460 1,607,780 714,679 400,001October 2,926,450 1,729,570 796,879 400,001November 2,905,830 1,707,850 746,879 451,101December 2,950,390 1,752,410 746,879 451,101

2015January 2,991,980 1,770,560 746,879 474,541February 3,105,930 1,884,510 746,879 474,541March 3,050,210 1,828,790 746,879 474,541April 3,059,770 1,838,350 746,879 474,541May 3,104,480 1,883,060 746,879 474,541June 3,163,990 1,816,860 872,589 474,541July 3,128,290 1,781,160 872,589 474,541August 3,059,880 1,712,750 872,589 474,541September 3,241,199 1,798,034 872,589 570,576October 3,362,925 1,919,760 749,240 693,925November 3,257,031 1,783,250 749,240 724,541December 3,123,220 1,649,439 749,240 724,541

2016January 3,106,621 1,556,450 1,230,695 319,476February 3,140,151 1,589,980 1,230,695 319,476March 3,240,311 1,690,140 1,230,695 319,476April 3,125,101 1,574,930 1,230,695 319,476May 3,313,062 1,562,890 1,430,696 319,476June 3,473,445 1,624,079 1,529,890 319,476July 3,615,987 1,766,620 1,529,891 319,476August 3,945,427 1,917,410 1,708,541 319,476September 4,024,417 1,996,400 1,529,891 498,126October 4,151,877 1,952,210 1,529,891 669,776November 4,123,407 1,923,740 1,529,891 669,776December 4,413,897 1,674,990 2,069,131 669,776

2017January 4,549,927 1,691,020 2,189,131 669,776February 4,751,586 1,658,420 2,423,390 669,776March 4,790,487 1,657,320 2,463,391 669,776April 4,764,117 1,630,950 2,463,391 669,776May 4,779,837 1,646,670 2,463,391 669,776June 4,817,252 1,619,700 2,393,281 804,271July 4,932,302 1,692,431 2,038,170 1,201,701August 5,161,792 1,821,421 2,038,170 1,302,201September 5,277,292 1,936,920 2,038,171 1,302,201October 5,591,612 2,029,220 2,038,171 1,524,221November 5,646,102 2,083,710 2,038,171 1,524,221December 5,771,384 2,154,590 2,038,171 1,578,623

2018January 5,746,840 2,246,380 1,918,170 1,582,290February 5,781,920 2,266,460 1,933,170 1,582,290March 6,059,090 2,364,040 1,983,170 1,712,690


Within One Year


Table S 5.4GOVERNMENT OF SWAZILAND TREASURY BILLS

NOMINAL VALUE (E’000)Table S 5.4

GOVERNMENT OF SWAZILAND TREASURY BILLS NOMINAL VALUE (E'000)

Amount Held at end of Period byPeriod Amount Amount Monthly Average Outstanding at Central Non-BankEnded Issued Redeemed Discount Rate (%) End of Period Bank of Banks Financial Other

Swaziland Institutions2012January 270,630 279,870 6.98 710,820 130 596,410 77,360 36,920February 302,670 176,020 6.87 837,470 550 680,410 120,360 36,150March 404,410 281,480 6.97 1,007,710 540 843,560 125,360 38,250April 236,940 275,620 7.00 954,030 300 822,290 91,380 40,060May 405,280 279,670 7.49 1,079,460 540 916,150 122,750 40,020June 507,390 404,410 7.49 1,182,440 950 1,007,000 133,750 40,740July 269,040 236,950 7.49 1,214,530 970 1,032,570 138,750 42,240August 465,320 498,100 7.20 1,181,750 460 999,620 141,380 40,290September 394,890 377,390 7.21 1,199,250 540 1,025,530 125,000 48,180October 239,560 269,040 6.58 1,169,770 440 994,890 133,160 41,280November 416,690 380,320 7.02 1,206,140 520 1,041,930 125,830 37,860December 290,000 394,890 6.52 1,101,250 720 920,570 139,080 40,880

2013January 296,090 213,560 7.00 1,183,780 830 1,001,520 154,260 27,170February 425,010 401,690 7.30 1,207,100 540 1,048,510 114,470 43,580March 775,160 435,000 6.80 1,547,260 800 1,358,550 141,790 46,120April 536,640 307,090 6.43 1,776,810 830 1,559,740 154,790 61,450May 318,180 364,960 6.44 1,730,030 760 1,540,350 145,290 43,630June 223,120 280,100 6.41 1,696,670 950 1,488,070 145,290 62,360July 360,900 281,640 6.40 1,775,930 650 1,508,040 218,190 49,050August 401,540 318,280 6.18 1,859,190 900 1,593,090 240,340 24,860September 282,010 301,750 6.40 1,839,450 1,160 1,635,190 151,580 51,520October 305,520 360,900 6.36 1,784,070 4,920 1,531,720 201,760 45,670November 481,110 406,430 6.33 1,858,750 1,080 1,427,100 382,240 48,330December 374,039 327,010 6.29 1,905,779 2,710 1,452,013 400,336 50,720

2014January 537,680 426,690 6.34 1,916,769 1,880 1,382,131 427,758 105,000February 314,850 408,700 6.18 1,822,919 1,420 1,353,927 379,432 88,140March 529,970 450,000 6.41 1,766,360 1,020 1,251,107 449,103 65,130April 323,120 430,000 6.86 1,788,380 1,360 1,251,868 446,653 88,499May 424,850 600,000 6.37 1,737,700 1,260 1,199,799 465,241 71,400June 329,970 480,000 7.00 1,668,350 1,740 1,187,615 468,655 10,340July 315,740 385,420 6.20 1,598,670 1,220 1,085,865 424,795 86,790August 337,820 439,700 6.34 1,496,790 1,170 941,655 468,165 85,800September 395,110 284,120 6.27 1,607,780 1,100 992,412 527,798 86,470October 531,610 409,820 6.56 1,729,570 1,780 1,066,674 485,936 175,180November 319,910 341,630 6.57 1,707,850 1,950 1,084,599 529,211 92,090December 442,100 397,540 6.57 1,752,410 2,890 1,164,942 509,308 75,270

2015January 407,030 412,320 6.38 1,770,560 2,980 1,142,971 538,959 85,650February 362,880 272,370 6.38 1,884,510 2,400 1,154,861 626,159 101,090March 292,630 371,790 6.39 1,828,790 2,610 1,126,401 585,765 114,014April 410,750 441,190 6.36 1,838,350 3,080 1,171,680 554,526 109,064May 416,200 331,490 6.39 1,883,060 3,720 1,233,510 530,020 115,810June 193,660 259,860 6.44 1,816,860 4,930 1,143,380 582,020 86,530July 324,750 365,450 6.75 1,781,160 3,660 1,106,886 538,334 132,280August 282,800 346,210 6.51 1,712,750 2,900 1,067,236 533,654 108,960September 417,925 239,180 6.74 1,798,034 2,570 1,103,799 573,715 117,950October 511,540 387,240 6.52 1,919,760 2,360 1,230,808 568,840 117,752November 484,430 601,970 6.74 1,783,250 2,330 1,188,569 431,831 160,520December 336,220 455,910 6.44 1,649,439 1,200 1,103,538 435,801 108,900

2016January 404,510 412,760 6.49 1,556,450 0 1,026,289 376,801 153,360February 339,340 305,810 7.01 1,589,980 1,650 1,052,399 362,707 173,224March 365,700 265,540 6.65 1,690,140 3,050 1,058,140 520,820 108,130April 385,690 500,900 6.85 1,574,930 2,720 1,024,440 460,500 87,270May 358,850 370,890 7.00 1,562,890 2,570 1,021,988 454,082 84,250June 446,820 464,485 7.17 1,624,080 2,680 1,126,558 411,962 82,880July 564,930 422,390 7.19 1,766,620 1,850 1,312,828 366,712 85,230August 417,900 267,110 7.22 1,917,410 3,280 1,536,068 296,562 81,500September 552,870 473,880 7.35 1,996,400 3,280 1,565,898 345,572 81,650October 310,590 354,780 7.68 1,952,210 1,810 1,475,338 389,272 85,790November 334,440 362,900 7.84 1,923,740 2,770 1,427,058 408,512 85,400December 233,260 482,010 7.97 1,675,050 3,180 1,262,900 325,400 83,570

2017January 393,560 377,530 8.05 1,691,020 2,590 1,312,488 276,902 99,040February 328,420 361,020 8.11 1,658,420 2,310 1,323,728 239,002 93,380March 332,230 333,330 8.19 1,657,320 2,220 1,316,048 241,052 98,000April 336,010 362,380 8.31 1,630,950 2,030 1,279,888 251,052 97,980May 412,530 396,810 8.36 1,646,670 2,340 1,305,775 240,965 97,590June 375,890 402,860 8.26 1,619,701 2,720 1,262,865 269,626 84,490July 397,530 324,800 8.15 1,692,431 1,670 1,245,015 342,726 103,020August 440,000 311,010 8.08 1,821,421 1,790 1,372,290 343,571 103,770September 500,680 385,180 7.96 1,936,920 1,950 1,539,110 290,270 105,590October 440,000 347,700 7.86 2,029,220 2,060 1,611,500 310,150 105,510November 435,960 381,470 7.81 2,083,710 2,560 1,565,630 408,510 107,010December 414,900 344,020 7.86 2,154,590 3,120 1,547,170 500,150 104,150

2018January 448,250 356,460 7.88 2,246,380 2,530 1,595,260 550,170 98,420February 436,270 416,190 7.82 2,266,460 2,710 1,525,280 624,180 114,290March 514,810 417,230 7.79 2,364,040 2,400 1,574,060 671,650 115,930



Tabl

e S

6.1

SUM

MAR

Y O

F G

OVE

RNM

ENT

OPE

RATI

ON

S(E

’000

)

TA

BLE

S 6.

1

SU

MM

ARY

OF

GO

VERN

MEN

T O

PERA

TIO

NS

(E

'000

)

2011

/12

2012

/13

2013

/14

2014

/15

2015

/16

2016

/17

2017

/18*

2018

/19*

*

Reve

nue

and

Gra

nts.

....

....

....

....

....

....

....

....

....

....7

,184

,154

12,0

34,6

9913

,106

,182

14,7

31,1

2514

,452

,318

14,2

88,4

7216

,845

,775

17,2

65,4

90

Rev

enue

....

....

....

....

....

....

....

....

....

....

....

....

....

....

7,14

9,69

011

,991

,963

12,9

10,0

6913

,952

,966

14,1

22,9

1013

,788

,472

16,4

20,2

0316

,739

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G

rant

s fr

om a

broa

d...

....

....

....

....

....

....

....

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42,7

3619

6,11

377

8,15

932

9,40

850

0,00

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5,57

252

5,95

7

Tota

l Exp

endi

ture

and

Net

Len

ding

....

....

....

....

....

.9,1

32,3

3410

,567

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12,8

89,8

1815

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16,9

98,6

4518

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21,7

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....

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Sal

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439

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Cap

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....

....

....

....

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....

....

....

....

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018,

582

1,42

6,76

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433,

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3,61

0,42

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278

3,89

7,33

75,

579,

444

5,61

6,24

4

Ove

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surp

lus/

(def

icit

)...

....

....

....

....

....

....

....

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(1,9

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1,46

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(4,9

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78)

(4,3

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Surp

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(def

icit

) as

a %

of

GD

P……

……

……

……

……

……

……

……

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……

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3.

7

0.5

(1

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(4

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)

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Fina

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....

....

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948,

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546,

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For

eign

....

....

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(135

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8,44

2

Amor

tisa

tion

....

....

....

....

....

....

....

....

....

....

...

(197

,190

)(2

01,7

98)

(191

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)(3

82,9

33)

(337

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)(3

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44)

(501

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)(1

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Dom

esti

c...

....

....

....

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....

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2,08

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540,

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621,

543

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1,16

12,

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Sour

ce:-

Min

istr

y of

Fin

ance

* Es

tim

ated

Out

turn

** B

udge

t


Tabl

e S

6.2

GO

VERN

MEN

T CU

RREN

T RE

VEN

UE

(E

’000

)

TABL

E S

6.2

GO

VERN

MEN

T CU

RREN

T RE

VEN

UE

(E'

000)

ITEM

2014

/15

2015

/16

2016

/17

2017

/18*

2018

/19*

*%

Sha

re

Taxe

s on

Net

Inco

me

and

Prof

it3,

550,

614

3,82

5,20

14,

509,

810

4,66

1,42

95,

468,

605

31.7

TAX

ES O

N N

ET IN

COM

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tax

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are

levi

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n al

l in

com

e de

rive

d fr

om a

Com

pany

Tax

1,48

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wit

hin

Swaz

ilan

d ir

resp

ecti

ve o

f

Ind

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uals

1,88

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of

the

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Pro

pert

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TY

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sfer

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s on

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ds &

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vice

s10

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9,81

9,23

38,

473,

757

11,1

94,7

1110

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60.7

duty

and

min

eral

tax

.

CUST

OM

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from

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the

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l Tax

572,

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666,

808

753,

746

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2,83

61,

098,

310

6.4

FUEL

TAX

- i

s an

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es13

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o fi

nal

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enue

291,

222

448,

375

511,

831

568,

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TAX

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incl

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tle

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rt t

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le s

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nal

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fees

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l Rev

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13,9

52,9

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itie

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her

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nts

778,

159

329,

408

813,

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425,

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fees

, br

oadc

asti

ng a

nd a

dver

tisi

ng f

ees.

TOTA

L RE

VEN

UE

& G

RAN

TS14

,731

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14,4

52,3

1814

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16,8

93,9

4617

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0

Sour

ce:-

Min

istr

y of

Fin

ance

*

Esti

mat

ed O

uttu

rn

** B

udge

t


Tabl

e S

7.1

SWAZ

ILAN

D’S

BAL

ANCE

OF

PAYM

ENTS

Tabl

e S

7.1

SWA

ZILA

ND

'S B

ALA

NCE

OF

PAYM

ENTS

2015

2016

2016

Q1

2016

Q2

2016

Q3

2016

Q4

2017

Q1

2017

Q2

2017

Q3

2017

Q4

13,3

79.8

9,44

2.6

3,23

1.4

1,75

9.3

1,61

0.6

2,84

1.3

3,26

2.1

1,59

4.3

1,88

7.0

1,30

5.5

7,35

1.5

5,87

4.0

1,63

1.4

364.

31,

327.

72,

550.

71,

327.

148

8.1

1,46

7.5

1,68

3.0

Expo

rts

f.o.

b.23

,121

.824

,378

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668.

95,

061.

96,

296.

17,

351.

85,

645.

55,

076.

56,

321.

87,

084.

1Im

port

s f.

o.b.

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70.3

18,5

04.7

4,03

7.6

4,69

7.6

4,96

8.4

4,80

1.1

4,31

8.4

4,58

8.4

4,85

4.3

5,40

1.1

Serv

ices

(2,4

81.7

)(3

,060

.6)

(652

.0)

(636

.2)

(1,1

06.0

)(6

66.5

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.4)

(1,0

60.5

)Ex

port

s1,

524.

21,

450.

743

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938

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31,

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1,95

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348

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550

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6,78

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1,99

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1,58

3.9

1,62

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1,57

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6.9

82.3

144.

575

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108.

812

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129.

414

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)(3

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7Cr

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0D

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25.9

28.0

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11.8

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948.

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)Li

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ties

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0.0

0.0

0.0

0.0

0.0

0.0

Fin

anci

al d

eriv

ativ

es

343.

121

7.6

62.4

56.7

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44.5

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(192

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Liab

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4(1

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M

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gold

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0.0

0.0

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l dra

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g ri

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0.0

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0.0

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e po

siti

on in

the

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0.0

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and

depo

sits

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6)5.

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S

ecur

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O

ther

cla

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Net

Err

ors

and

Om

issi

ons

(2,4

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Not

e: A

ll th

e fi

gure

s ar

e pr

elim

inar

y.

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tal A

ccou

nt

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mill

ions

of

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ange

ni,

flow

sta

tist

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Curr

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ds

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me

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e

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ount

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inve

stm

ent

Port

foli

o in

vest

men

t

Oth

er i

nves

tmen

t

Rese

rve

asse

ts


Tabl

e S

7.2

BALA

NCE

OF

PAYM

ENTS

- F

INAN

CIAL

ACC

OU

NT

TABL

E S7

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LAN

CE O

F PA

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TS -

FIN

AN

CIA

L A

CCO

UN

T

(In

mill

ions

of

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ange

ni,

flow

sta

tist

ics)

2015

2016

2016

Q1

2016

Q2

2016

Q3

2016

Q4

2017

Q1

2017

Q2

2017

Q3

2017

Q4

Net

lend

ing

(+)/

net

borr

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g (-

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e. B

alan

ce f

rom

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anci

al A

ccou

nt10

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080

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3,42

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1,43

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2,01

6.7

Dir

ect

inve

stm

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(538

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293.

733

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sets

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road

) (1

1.2)

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7)(2

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3)55

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men

t31

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ts31

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9)12

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and

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89.8

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ts

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T

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from

fin

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7

T

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254.

8(3

20.7

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4.9

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nce

from

fin

anci

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nt10

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504.

93,

035.

080

1.1

1,23

9.4

3,42

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1,43

8.2

2,01

6.7

Not

e: A

ll th

e fi

gure

s ar

e pr

elim

inar

y.


Tabl

e S

7.3

INTE

RNAT

ION

AL IN

VEST

MEN

T PO

SITI

ON

(IIP

)TA

BLE

S7.3

INTE

RNA

TIO

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L IN

VEST

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T PO

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ON

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)

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mill

ions

of

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ni,

stoc

k st

atis

tics

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1520

1620

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120

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220

16Q

320

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P19

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men

t (7

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9,36

6.6

11,0

65.1

11,6

00.0

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9,64

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Port

folio

inve

stm

ent

16,3

01.5

17,1

23.7

17,2

46.9

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61,

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Curr

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chem

es0.

00.

00.

00.

00.

00.

00.

00.

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0

Trad

e cr

edit

and

adv

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s64

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550.

02,

201.

82,

606.

62,

262.

61,

487.

11,

234.

52,

204.

01,

534.

7

Oth

er a

ccou

nts

rece

ivab

le/p

ayab

le0.

035

.70.

012

.321

.035

.755

.159

.973

.391

.8Li

abili

ties

7,15

1.9

8,67

3.2

8,63

5.2

9,78

4.6

9,24

3.2

8,67

3.2

8,88

4.4

9,00

7.0

9,30

9.6

9,77

8.0

O

ther

equ

ity

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Cu

rren

cy a

nd d

epos

its

1,56

5.1

2,25

7.1

2,69

6.7

3,11

2.6

2,64

2.7

2,25

7.1

1,86

9.3

1,77

0.3

1,54

6.0

1,94

1.1

Lo

ans

4,40

5.9

5,02

6.0

4,79

0.0

5,41

8.8

5,22

6.9

5,02

6.0

5,22

6.0

5,38

8.1

5,83

5.9

5,80

4.7

In

sura

nce,

pen

sion

, an

d st

anda

rdiz

ed g

uara

ntee

sch

emes

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Tr

ade

cred

it a

nd a

dvan

ces

436.

254

4.9

403.

847

5.0

561.

954

4.9

906.

496

6.9

1,00

8.5

1,11

3.0

O

ther

acc

ount

s re

ceiv

able

/pay

able

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Rese

rve

asse

ts

8,46

9.3

7,74

7.1

8,52

5.7

8,35

6.0

7,50

3.6

7,74

7.1

7,41

6.2

6,90

0.5

7,21

2.5

7,15

4.3

M

onet

ary

gold

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Sp

ecia

l dra

win

g ri

ghts

963.

889

6.6

1,01

1.6

1,03

3.7

957.

289

6.6

854.

088

0.3

930.

193

0.1

Re

serv

e po

siti

on in

the

IMF

141.

312

0.7

136.

213

9.1

128.

812

0.7

114.

911

8.5

125.

212

5.2

C

urre

ncy

and

depo

sits

144.

213

6.8

127.

169

.939

.413

6.8

96.9

102.

265

.610

6.5

S

ecur

itie

s7,

220.

16,

592.

97,

250.

97,

113.

26,

378.

26,

592.

96,

350.

35,

799.

56,

091.

75,

992.

6

O

ther

cla

ims

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

T

otal

Ass

ets

34,5

73.5

37,1

08.8

35,1

38.5

38,9

11.2

36,7

84.0

37,1

08.8

34,9

12.7

34,9

22.9

35,4

65.7

34,7

50.4

T

otal

Lia

bilit

ies

15,2

49.7

20,3

81.5

16,5

38.3

19,1

79.7

20,4

06.8

20,3

81.5

18,3

72.5

18,7

80.0

19,8

78.7

21,1

62.8

Net

IIP

19,3

23.7

16,7

27.3

18,6

00.2

19,7

31.6

16,3

77.2

16,7

27.3

16,5

40.2

16,1

42.9

15,5

87.1

13,5

87.6

Not

e: A

ll th

e fig

ures

are

pre

limin

ary.


Tabl

e S

7.4

EXPO

RT O

F G

OO

DS

BY C

OM

MO

DIT

Y SE

CTIO

NTA

BLE

S 7.

4EX

PORT

S O

F G

OO

DS

BY C

OM

MO

DIT

Y SE

CTIO

N

2015

Q2

2015

Q3

2015

Q4

2016

Q1

2016

Q2

2016

Q3

2016

Q4

2017

Q1

2017

Q2

2017

Q3

2017

Q4

1 L

ive

anim

als;

ani

mal

pro

duct

s47

.635

.634

.342

.236

.435

.120

.825

.017

.529

.321

.22

Veg

etab

le p

rodu

cts

38.2

72.4

32.8

29.1

56.5

68.7

23.8

25.0

48.7

80.1

36.6

3 E

dibl

e oi

ls1.9

0.0

0.2

0.1

0.2

0.9

0.2

0.1

0.3

0.1

0.1

4 P

repa

red

Food

stuf

fs;

Beve

rage

s; T

obac

co1,09

3.6

1,56

0.6

1,47

0.1

1,49

6.6

1,24

7.6

1,77

9.2

1,72

3.2

1,56

0.6

1,28

5.3

1,67

0.2

1,41

6.4

5 M

iner

al p

rodu

cts

52.0

42.7

43.5

48.6

43.7

51.5

61.7

88.4

64.2

69.7

62.7

6 P

rodu

cts

of c

hem

ical

or

allie

d in

dust

ries

2,32

3.1

2,72

8.1

3,65

4.8

2,70

1.8

2,32

5.3

2,66

6.1

3,71

3.9

2,71

1.0

2,45

5.2

3,00

3.1

4,03

1.4

7 P

last

ics,

rub

ber

and

arti

cles

the

reof

20.2

25.6

28.2

24.3

20.8

29.1

27.0

21.6

20.4

24.3

30.6

8 L

eath

er a

nd t

heir

art

icle

s3.1

2.9

1.6

2.4

3.1

2.0

1.3

3.0

2.4

2.6

1.1

9 W

ood

and

arti

cles

of

woo

d21

9.3

249.0

253.0

271.7

335.6

343.4

323.0

314.8

323.7

369.6

322.5

10 P

aper

and

the

ir a

rtic

les

240.6

218.6

156.0

141.0

19.8

47.9

116.5

65.8

11.2

39.2

78.4

11 T

exti

les

and

text

ile a

rtic

les

511.0

665.6

650.6

541.3

575.8

736.9

762.1

670.4

674.2

816.6

843.7

12 F

ootw

ear

0.2

0.5

0.4

0.1

0.2

0.2

0.3

1.0

1.2

0.2

0.5

13 A

rtic

l. o

f st

one,

cer

amic

and

gla

ss13

.810

.99.8

7.9

8.9

10.7

8.9

7.3

9.3

11.4

9.8

14 P

earl

s, p

reci

ous

ston

es,

met

als

etc.

0.4

0.4

0.3

0.3

0.3

0.5

1.3

0.2

0.1

0.6

0.2

15 B

ase

met

als

and

arti

cles

of

base

met

al17

.214

.89.4

11.5

11.3

14.2

13.9

18.0

20.1

18.7

29.7

16 M

achi

nery

, ap

pl.

and

elec

tric

al m

ater

ials

81.6

63.9

81.0

52.3

47.9

45.1

78.2

63.6

61.6

90.4

84.1

17 V

ehic

les

and

othe

r tr

ansp

ort

mea

ns14

.815

.118

.49.7

13.3

12.3

14.4

12.3

21.5

26.0

17.0

18 O

ptic

al,

phot

o, m

usic

al in

stru

men

ts0.6

2.7

3.3

0.5

0.7

0.5

0.4

1.0

0.6

1.5

4.5

19 A

rms

and

amm

unit

ion

0.0

0.0

0.0

0.0

0.0

0.0

0.1

0.0

0.0

0.0

0.0

20 M

isce

llane

ous

man

ufac

ture

d ar

ticl

es26

.628

.024

.632

.337

.834

.329

.936

.032

.243

.037

.821

Wor

ks o

f ar

t, a

ntiq

ues

and

othe

r1.5

3.8

1.8

1.9

2.5

3.9

1.7

1.6

1.4

2.9

1.1

4,70

7.6

5,74

1.1

6,47

4.0

5,41

5.5

4,78

7.6

5,88

2.5

6,92

2.5

5,62

6.6

5,05

0.9

6,29

9.6

7,02

9.2

Sour

ce: S

waz

iland

Rev

enue

Aut

hori

ty

In M

illio

ns o

f Em

alan

geni

CN c

ode

and

Des

crip

tion

s

Tota

l Exp

orts

F.O

.B

Not

e: S

um o

f tra

de fi

gure

s w

ill n

ot ta

lly w

ith th

ose

repo

rted

in B

OP

due

to re

clas

sific

atio

ns a

nd d

iffer

ence

s in

trea

tmen

t


Tabl

e S

7.5

IMPO

RT O

F G

OO

DS

BY C

OM

MO

DIT

Y SE

CTIO

NTA

BLE

S7.5

IMPO

RTS

OF

GO

OD

S BY

CO

MM

OD

ITY

SECT

ION

2015

Q2

2015

Q3

2015

Q4

2016

Q1

2016

Q2

2016

Q3

2016

Q4

2017

Q1

2017

Q2

2017

Q3

2017

Q4

1 L

ive

anim

als;

ani

mal

pro

duct

s13

5.2

142.8

170.2

134.1

133.4

139.7

161.5

150.8

152.2

159.4

184.7

2 V

eget

able

pro

duct

s27

0.3

298.1

345.5

367.4

376.5

421.7

447.2

340.8

322.9

359.0

378.7

3 E

dibl

e oi

ls27

.133

.342

.123

.738

.261

.943

.741

.632

.233

.646

.94

Prep

ared

Foo

dstu

ffs;

Bev

erag

es;

Toba

cco

333.5

361.6

460.2

379.7

403.7

431.5

510.4

424.8

445.9

488.4

540.1

5 M

iner

al p

rodu

cts

663.4

720.4

692.4

548.1

639.2

718.0

705.0

639.6

677.8

729.9

775.6

6 P

rodu

cts

of c

hem

ical

or

allie

d in

dust

ries

642.2

755.4

803.0

595.0

793.6

755.9

803.2

703.7

596.6

743.7

878.2

7 P

last

ics,

rub

ber

and

arti

cles

the

reof

222.0

282.4

255.8

268.9

274.1

328.5

302.4

250.2

276.4

330.7

327.1

8 L

eath

er a

nd t

heir

art

icle

s9.1

7.9

14.0

9.2

8.6

10.9

14.6

12.0

9.2

11.5

15.0

9 W

ood

and

arti

cles

of

woo

d43

.269

.563

.359

.413

5.2

104.9

62.0

53.5

68.8

70.2

69.2

10 P

aper

and

the

ir a

rtic

les

144.5

158.0

230.0

155.6

122.3

137.8

206.0

180.7

121.5

161.1

228.2

11 T

exti

les

and

text

ile a

rtic

les

372.8

396.2

386.4

384.5

487.5

434.1

411.8

444.8

568.8

529.8

536.4

12 F

ootw

ear

46.4

50.1

71.4

53.6

58.3

90.5

87.7

59.8

75.7

68.7

92.8

13 A

rtic

l. o

f st

one,

cer

amic

and

gla

ss44

.655

.853

.565

.665

.974

.067

.151

.949

.659

.965

.114

Pea

rls,

pre

ciou

s st

ones

, m

etal

s et

c.1.9

2.7

6.5

6.9

3.1

8.8

10.7

4.2

4.9

2.6

5.8

15 B

ase

met

als

and

arti

cles

of

base

met

al22

4.3

200.9

222.3

335.1

344.5

380.2

320.2

311.7

325.1

359.1

406.7

16 M

achi

nery

, ap

pl.

and

elec

tric

al m

ater

ials

498.0

423.6

532.4

576.0

553.9

601.7

568.6

502.9

674.8

584.4

699.8

17 V

ehic

les

and

othe

r tr

ansp

ort

mea

ns33

2.7

377.4

281.7

338.9

464.1

523.2

332.8

363.7

356.3

387.6

420.0

18 O

ptic

al,

phot

o, m

usic

al in

stru

men

ts38

.633

.943

.558

.881

.776

.290

.173

.210

1.5

53.2

63.4

19 A

rms

and

amm

unit

ion

0.3

1.3

0.9

0.5

0.3

1.0

1.6

0.5

0.4

0.3

0.5

20 M

isce

llane

ous

man

ufac

ture

d ar

ticl

es93

.510

1.6

142.5

101.1

224.1

195.2

152.6

126.4

162.4

163.4

180.7

21W

orks

of

art,

ant

ique

s an

d ot

her

46.6

50.8

55.9

49.3

40.5

55.8

65.1

88.2

103.6

127.4

120.0

4,19

0.1

4,52

3.8

4,87

3.6

4,51

1.2

5,24

8.7

5,55

1.3

5,36

4.3

4,82

5.0

5,12

6.7

5,42

3.8

6,03

4.8

Sour

ce:

Swaz

iland

Rev

enue

Aut

hori

ty

(In

Mill

ions

of

Emal

ange

ni)

CN c

ode

and

Des

crip

tion

s

Tota

l Im

port

s c

.i.f

Not

e: S

um o

f tr

ade

figu

res

wil

l no

t ta

lly

wit

h th

ose

repo

rted

in

BOP

due

to r

ecla

ssif

icat

ions

and

dif

fere

nces

in

trea

tmen

t


Tabl

e S

7.6

TOTA

L PU

BLIC

EXT

ERN

AL D

EBT*

(E’0

00)

TABL

E S

7.6

(E

'000

)

2014

2015

2016

2017

2018

Q1

Q2

Q3

Q4

Q1

TOTA

L PU

BLIC

EXT

ERN

AL

DEB

T3,

567,

847

4,42

7,05

04,

919,

379

5,21

6,10

05,

380,

001

5,57

5,07

95,

453,

621

5,15

3,16

8

of w

hich

: C

entr

al G

over

nmen

t3,

412,

927

4,23

5,82

14,

756,

534

5,05

5,56

65,

222,

970

5,40

1,90

35,

293,

039

4,97

0,53

6

Par

asta

tal/

Gua

rant

eed*

*15

4,92

019

1,23

016

2,84

516

0,53

415

7,03

217

3,17

616

0,58

218

2,63

7

Mul

tila

tera

l O

rg.

2,19

4,50

22,

722,

712

2,97

6,30

33,

271,

386

3,31

3,85

13,

452,

205

3,39

5,37

63,

169,

018

Bila

tera

l92

1,03

898

1,54

395

5,73

296

6,22

81,

104,

952

1,13

2,80

61,

043,

196

1,00

2,43

8

P

riva

te C

redi

tors

452,

308

722,

796

987,

344

978,

485

961,

198

990,

068

1,01

5,04

998

1,71

2

TOTA

L D

EBT

SERV

ICE

322,

238

383,

174

526,

245

86,0

4011

2,87

574

,186

61,6

1582

,204

Pri

ncip

al18

9,22

624

8,95

339

3,79

667

,921

71,7

2650

,443

48,7

1147

,772

Inte

rest

13

3,01

213

3,25

613

0,69

717

,982

37,4

9223

,340

12,9

0434

,405

Com

mit

men

t fe

es0

965

1,75

213

73,

658

403

027

DIS

BURS

EMEN

TS24

9,84

821

3,46

51,

623,

254

468,

897

282,

426

55,5

9622

2,29

2N

/A

DEB

T RA

TIO

S:

Pub

lic D

ebt

serv

ice:

as

a %

of

GD

P0.

660.

730.

960.

590.

770.

510.

420.

56

a

s a

% o

f ex

port

s of

goo

ds

an

d se

rvic

es1.

351.

502.

111.

241.

871.

231.

021.

36

Tot

al d

ebt:

as

a %

of

GD

P7.

328.

428.

978.

939.

219.

5437

.35

35.2

9

a

s a

% o

f ex

port

s of

goo

ds

an

d se

rvic

es14

.97

18.5

820

.65

21.8

922

.58

23.4

022

.89

21.6

3

E/U

S$ (

end

of p

erio

d)11

.589

0

11

.589

0

13

.625

0

13

.351

3

13

.085

013

.526

312

.393

811

.788

5

Sour

ce :

Ce

ntra

l Ban

k of

Sw

azil

and

and

Min

istr

y of

Fin

ance

Not

es :

D

ata

is o

n ca

lend

ar y

ear

basi

s

:

*

Dat

a is

sub

ject

to

revi

sion

s

:

** P

aras

tata

l re

fers

to

Publ

ic E

nter

pris

es

:

n/a

Dat

a no

t ye

t av

aila

ble


Table S 7.7SWAZILAND’S OFFICIAL RESERVES

(E’000) Table S 7.7SWAZILAND'S OFFICIAL RESERVES

('000)-------------------------- ----------------------------- ----------------------------- ----------------------------- ----------------------------- ----------------------------- ----------------------------- -----------------------------

OFFICIAL RESERVES----------------------------- ----------------------------- ----------------------------- ----------------------------- ----------------------------- ----------------------------- -----------------------------

Central GROSS LESS Official NET TOTALPeriod Bank of ----------------------------- ----------------------------- Liabilities ----------------------------- ----------------------------Ended Government Swaziland E SDR to Fund E SDR-------------------------- ----------------------------- ----------------------------- ----------------------------- ----------------------------- ----------------------------- ----------------------------- -----------------------------2005 476 1,537,750 1,538,226 170,479 1,536 1,536,690 170,3092006 35,433 2,569,125 2,604,558 247,184 1,536 2,603,022 247,0382007 1,279,613 3,885,935 5,165,548 478,045 1,536 5,164,012 477,9032008 26,191 7,038,511 7,064,702 488,883 639,363 6,425,339 444,6392009 35,345 6,444,030 6,479,374 561,169 1,115,935 5,363,440 464,5202010 39,401 4,457,197 4,496,597 434,361 1,062,705 3,433,892 334,6382011 51,552 4,179,404 4,230,956 335,711 1,071,962 3,158,994 253,7472012 58,577 5,579,673 5,638,250 426,225 1,162,134 4,476,116 341,9262013 68,378 7,911,012 7,979,390 486,646 1,384,268 6,595,122 405,6992014 77,627 7,916,084 7,993,711 472,531 1,529,855 6,463,855 385,8442015 37,411 8,484,845 8,522,256 393,726 1,779,952 6,742,304 312,8662016 27,461 7,723,035 7,750,497 418,287 2,337,114 5,413,382 293,1942017 26,243 6,932,595 6,958,838 393,788 2,161,474 4,797,364 272,5022010March 36,286 6,028,503 6,064,789 540,736 1,048,629 5,016,160 449,932June 38,234 4,977,121 5,015,355 439,504 1,036,471 3,978,884 351,355September 39,893 4,855,649 4,895,542 447,480 1,090,717 3,804,826 350,640December 39,401 4,457,197 4,496,597 434,361 1,062,705 3,433,892 334,6382011

March 40,876 4,002,549 4,043,426 373,602 1,007,409 3,036,017 283,385

June 41,497 3,738,491 3,779,988 344,231 995,138 2,784,850 256,422

September 48,565 3,957,649 4,006,213 312,769 1,081,482 2,924,731 231,138

December 51,552 4,179,404 4,230,956 335,711 1,071,962 3,158,994 253,747

2012

March 65,270 3,771,982 3,837,252 317,796 1,097,227 2,740,025 230,852

June 55,390 4,342,852 4,398,242 347,915 1,132,704 3,265,538 261,609

September 57,280 4,842,100 4,899,380 378,976 1,146,855 3,752,525 293,698

December 58,577 5,579,673 5,638,250 426,225 1,162,134 4,476,116 341,926

2013

March 60,149 6,196,262 6,256,411 447,513 1,279,904 4,976,507 359,418

June 62,387 7,016,895 7,079,281 466,741 1,325,099 5,754,183 382,750

September 65,352 7,135,296 7,200,649 462,065 1,344,778 5,855,871 379,212

December 68,378 7,911,012 7,979,390 486,646 1,384,268 6,595,122 405,699

2014January 70,247 9,179,693 9,249,940 530,214 1,435,118 7,814,822 451,379February 70,438 8,671,425 8,741,862 524,552 1,397,432 7,344,430 444,280March 70,665 8,062,100 8,132,766 493,983 1,509,067 6,623,699 405,849April 72,952 8,710,411 8,783,363 532,366 1,511,138 7,272,226 444,466May 72,895 7,912,607 7,985,503 488,445 1,503,068 6,482,435 400,160June 73,879 7,472,947 7,546,827 455,551 1,513,003 6,033,824 367,822July 75,009 8,461,901 8,536,910 515,646 1,513,347 7,023,563 427,997August 75,025 7,619,157 7,694,181 472,342 1,499,888 6,194,293 384,009September 75,931 7,183,054 7,258,985 427,471 1,532,232 5,726,753 340,805October 76,362 8,334,266 8,410,628 514,235 1,503,453 6,907,175 426,182November 76,175 8,025,389 8,101,564 497,560 1,499,738 6,601,826 409,301December 77,627 7,916,084 7,993,711 472,531 1,529,855 6,463,855 385,8442015January 80,066 8,739,641 8,819,707 535,153 1,509,418 7,310,289 447,630February 81,521 8,455,327 8,536,848 516,510 1,511,334 7,025,514 429,167March 82,570 8,109,783 8,192,352 482,682 1,553,054 6,639,299 395,161April 84,991 8,617,731 8,702,723 515,967 1,548,287 7,154,436 428,355May 85,687 8,079,788 8,165,475 478,086 1,555,440 6,610,036 391,119June 86,938 7,825,495 7,912,433 457,001 1,566,221 6,346,212 370,612July 88,425 8,554,759 8,643,184 484,552 1,591,880 7,051,304 399,394August 89,765 8,194,862 8,284,627 439,134 1,640,474 6,644,153 356,037September 88,576 8,014,433 8,103,009 411,753 1,679,237 6,423,772 330,030October 34,396 8,959,948 8,994,345 464,304 1,671,197 7,323,148 379,485November 35,074 8,852,537 8,887,610 448,321 1,692,843 7,194,767 364,366December 37,411 8,484,845 8,522,256 393,726 1,779,952 6,742,304 312,8662016January 37,191 9,674,796 9,711,987 437,127 1,808,084 7,903,903 357,114February 35,915 8,758,924 8,794,839 397,093 2,270,081 6,524,758 295,805March 34,265 8,488,976 8,523,241 409,755 2,490,858 6,032,383 291,178April 33,657 9,151,270 9,184,928 455,015 2,176,138 7,008,789 348,488May 37,426 8,516,181 8,553,607 385,001 2,513,662 6,039,945 273,055June 31,954 8,285,322 8,317,276 403,888 2,436,117 5,881,159 286,691July 29,985 8,416,752 8,446,738 431,447 2,387,557 6,059,180 310,597August 31,146 7,870,955 7,902,101 385,257 2,432,085 5,470,016 267,739September 31,146 7,455,239 7,486,385 386,346 2,377,350 5,109,035 264,761October 26,745 8,165,597 8,192,343 438,546 2,344,656 5,847,686 314,059November 28,326 7,721,490 7,749,816 407,262 2,361,063 5,388,752 284,224December 27,461 7,723,035 7,750,497 418,287 2,337,114 5,413,382 293,1942017January 27,577 8,246,298 8,273,875 451,219 2,328,042 5,945,834 325,343February 26,243 7,528,714 7,554,956 427,617 2,295,720 5,259,237 298,715March 26,243 7,325,225 7,351,468 404,351 2,320,335 5,031,132 277,718April 26,243 8,184,876 8,211,119 449,494 2,190,647 6,020,472 330,726May 26,243 7,422,628 7,448,871 407,752 2,190,391 5,258,479 288,867June 26,243 6,885,093 6,911,335 377,038 2,193,153 4,718,182 258,375July 26,243 8,189,310 8,215,553 440,954 2,208,160 6,007,393 323,469August 26,243 7,336,534 7,362,777 399,174 2,198,865 5,163,912 280,963September 26,243 7,183,709 7,209,952 377,329 2,230,685 4,979,267 261,539October 26,243 8,476,361 8,502,604 427,294 2,269,264 6,233,340 314,223November 26,243 7,879,569 7,905,812 408,086 2,243,736 5,662,075 293,241December 26,243 6,932,595 6,958,838 393,788 2,161,474 4,797,364 272,5022018January 26,243 7,605,277 7,631,520 439,739 2,146,472 5,485,048 317,146February 26,243 7,060,360 7,086,602 415,633 2,131,601 4,955,002 291,694March 26,243 6,600,764 6,627,007 381,902 2,131,639 4,495,369 260,090Over 12 Months (0) (724,460) (724,460) (22,449) (188,697) (535,764) (17,628)-------------------------- ----------------------------- ----------------------------- ----------------------------- ----------------------------- ----------------------------- ----------------------------- -----------------------------Valuation of emalangeni is based on the month-end foreign exchange rates against the SDR and any currency concerned.OFFICIAL RESERVES- These include external deposit investments in foreign currencies, including rand assets and the IMF gold tranche and SDR holdings.


Table S 7.8SWAZILAND’S FOREIGN ASSETS

(E’000)

------------------------- ------------------------- --------------------------- ------------------------- ------------------------- ------------------------- ------------------------- ------------------------- -------------------------Other Depository Corporations' Holdings Net Foreign Assets

Gross Reserves Less CBS NET ------------------------- ------------------------- ------------------------- ------------------------- -------------------------Period Less Liabilities Liabilities (other OFFICIAL Ended to IMF than IMF) ASSETS Assets Liabilities Net E SDR------------------------- ------------------------- --------------------------- ------------------------- ------------------------- ------------------------- ------------------------- ------------------------- -------------------------2005 1,536,690 16,231 1,520,459 443,975 70,644 373,331 1,893,790 329,5712006 2,603,022 70,862 2,532,160 886,728 124,189 762,539 3,294,699 329,5712007 5,164,012 104,411 5,059,601 765,570 68,027 697,543 5,757,144 532,7942008 6,425,339 82,405 6,977,955 1,503,745 325,612 1,178,133 8,156,088 564,4082009 5,363,440 44,965 5,828,103 2,229,321 294,628 1,934,693 7,762,796 672,3252010 3,433,892 46,749 3,840,067 2,196,715 406,896 1,789,819 5,629,886 548,6422011 3,158,994 53,778 3,654,710 1,620,393 1,172,142 448,251 4,102,961 329,5712012 4,476,116 71,491 4,982,433 2,101,930 767,206 1,334,724 6,317,157 482,5612013 6,595,122 101,427 7,211,213 1,847,232 1,138,156 709,076 7,920,289 487,2172014 6,463,855 106,937 7,096,344 1,427,911 792,640 635,271 7,731,615 461,5202015 6,742,304 121,704 7,571,782 2,239,692 701,932 1,537,760 9,109,542 422,7152016 5,413,382 307,501 6,434,112 2,893,587 497,288 2,396,298 8,830,410 478,2632017 4,797,364 181,190 5,882,638 2,464,704 437,845 2,026,859 7,909,497 449,2782010March 5,016,160 37,802 5,470,441 3,162,571 393,321 2,769,250 8,239,691 742,107June 3,978,884 87,765 4,390,958 2,794,992 375,925 2,419,067 6,810,025 610,425September 3,804,826 37,414 4,246,360 2,707,460 447,195 2,260,265 6,506,625 593,838December 3,433,892 46,749 3,840,067 2,196,715 406,896 1,789,819 5,629,886 548,6422011March 3,036,017 53,061 3,455,826 2,137,976 345,991 1,791,985 5,247,811 493,679June 2,784,850 54,228 3,210,472 2,361,685 1,126,618 1,235,067 4,445,539 412,181September 2,924,731 47,488 3,435,750 1,713,409 982,802 730,607 4,166,357 336,667December 3,158,994 53,778 3,654,710 1,620,393 1,172,142 448,251 4,102,961 329,5712012March 2,740,025 30,434 3,233,476 1,453,780 999,505 454,275 3,687,751 307,167June 3,265,538 65,215 3,751,278 1,828,100 635,763 1,192,337 4,943,615 396,044September 3,752,525 43,321 4,273,149 1,435,072 686,047 749,025 5,022,174 393,070December 4,476,116 71,491 4,982,433 2,101,930 767,206 1,334,724 6,317,157 482,5612013March 4,976,507 53,136 5,534,508 2,126,507 538,207 1,588,300 7,122,808 514,431June 5,754,183 75,803 6,341,944 1,530,183 1,027,486 502,697 6,844,641 455,284September 5,855,871 69,046 6,468,416 1,267,461 875,039 392,422 6,860,838 444,292December 6,595,122 101,427 7,211,213 1,847,232 1,138,156 709,076 7,920,289 487,2172014January 7,814,822 112,158 8,466,837 1,437,911 796,352 641,559 9,108,396 526,095February 7,344,430 80,796 7,993,287 1,479,389 736,422 742,967 8,736,254 528,474March 6,623,699 68,624 7,275,436 1,359,791 542,481 817,310 8,092,746 495,075April 7,272,226 63,220 7,931,181 1,729,598 660,398 1,069,200 9,000,381 550,088May 6,482,435 59,546 7,137,909 1,500,659 640,491 860,168 7,998,077 493,721June 6,033,824 107,434 6,650,441 1,694,075 507,235 1,186,840 7,837,281 477,761July 7,023,563 107,917 7,639,967 1,238,603 761,958 476,645 8,116,612 494,605August 6,194,293 83,373 6,822,896 1,550,836 1,002,636 548,200 7,371,096 456,964September 5,726,753 92,551 6,375,882 1,934,009 1,004,578 929,431 7,305,313 434,747October 6,907,175 85,312 7,537,215 2,210,324 1,213,494 996,830 8,534,045 526,562November 6,601,826 81,993 7,231,760 1,721,420 777,333 944,087 8,175,847 506,888December 6,463,855 106,937 7,096,344 1,427,911 792,640 635,271 7,731,615 461,5202015January 7,310,289 117,581 7,913,533 1,631,971 607,249 1,024,722 8,938,255 547,315February 7,025,514 92,944 7,655,116 1,376,782 590,183 786,599 8,441,715 515,679March 6,639,299 88,274 7,292,613 1,292,811 406,069 886,742 8,179,355 486,823April 7,154,436 85,957 7,805,679 2,161,529 603,325 1,558,204 9,363,883 560,641May 6,610,036 90,415 7,265,569 1,838,522 674,833 1,163,689 8,429,258 498,764June 6,346,212 100,580 7,001,436 1,342,832 683,373 659,459 7,660,895 447,388July 7,051,304 103,957 7,726,607 1,822,796 823,319 999,477 8,726,084 494,256August 6,644,153 105,689 7,362,144 2,302,517 599,843 1,702,674 9,064,818 485,752September 6,423,772 89,716 7,193,170 2,648,430 207,072 2,441,358 9,634,528 494,987October 7,323,148 81,784 8,093,129 1,947,838 493,946 1,453,892 9,547,021 494,723November 7,194,767 88,241 7,978,078 1,796,994 592,168 1,204,826 9,182,904 465,051December 6,742,304 121,704 7,571,782 2,239,692 701,932 1,537,760 9,109,542 422,7152016January 7,903,903 349,974 8,530,826 2,283,857 391,391 1,892,466 10,423,293 470,945February 6,524,758 121,708 7,989,833 2,065,001 507,250 1,557,750 9,547,584 432,848March 6,032,383 137,279 7,385,462 2,400,980 1,067,119 1,333,861 8,719,323 420,874April 7,008,789 520,887 7,934,723 2,948,340 1,525,555 1,422,785 9,357,508 465,270May 6,039,945 526,730 7,104,480 2,211,980 936,038 1,275,943 8,380,423 378,864June 5,881,159 584,646 6,772,245 2,082,150 1,067,630 1,014,519 7,786,765 379,585July 6,059,180 521,325 6,941,240 2,045,021 695,521 1,349,500 8,290,741 424,987August 5,470,016 544,617 6,395,124 2,522,300 417,870 2,104,430 8,499,554 416,025September 5,109,035 751,327 5,745,885 1,739,418 434,095 1,305,322 7,051,208 365,408October 5,847,686 518,276 6,668,878 1,773,578 753,052 1,020,525 7,689,404 412,971November 5,388,752 510,166 6,242,498 2,476,044 463,816 2,012,227 8,254,726 435,387December 5,413,382 307,501 6,434,112 2,893,587 497,288 2,396,298 8,830,410 478,2632017January 5,945,834 327,803 6,932,744 2,123,963 611,187 1,512,776 8,445,520 462,120February 5,259,237 264,948 6,260,846 1,994,989 173,549 1,821,440 8,082,286 459,059March 5,031,132 260,286 6,074,078 1,293,446 293,923 999,523 7,073,602 390,462April 6,020,472 237,632 7,092,769 1,547,386 421,122 1,126,263 8,219,033 451,370May 5,258,479 245,952 6,322,075 2,132,173 487,949 1,644,224 7,966,300 437,617June 4,718,182 131,229 5,900,616 2,861,589 315,871 2,545,718 8,446,334 462,534July 6,007,393 408,406 6,935,008 2,746,820 464,691 2,282,129 9,217,137 496,297August 5,163,912 137,135 6,348,950 2,864,474 235,639 2,628,835 8,977,785 488,473September 4,979,267 143,071 6,205,777 2,175,175 81,644 2,093,531 8,299,308 435,927October 6,233,340 172,986 7,487,413 2,413,158 218,860 2,194,298 9,681,711 488,056November 5,662,075 120,366 6,930,735 2,862,774 216,481 2,646,293 9,577,028 495,998December 4,797,364 181,190 5,882,638 2,464,704 437,845 2,026,859 7,909,497 449,2782018January 5,485,048 103,918 6,625,301 2,911,537 402,171 2,509,365 9,134,666 528,168February 4,955,002 112,648 6,064,368 2,651,003 282,736 2,368,267 8,432,635 496,417March 4,495,369 130,863 5,607,878 2,330,563 282,529 2,048,034 7,655,912 442,950ChangeOver 12 Months (535,764) (129,423) (466,200) 1,037,117 (11,393) 1,048,510 582,310 52,489------------------------- ------------------------- --------------------------- ------------------------- ------------------------- ------------------------- ------------------------- ------------------------- -------------------------

From December 2003, below the line, net foreign assets have been revised to include the Building Society (SBS).

Valuation of emalangeni is based on the month-end foreign exchange rates against the SDR and any other currency concerned.OFFICIAL RESERVES - (See Table 6.5)Other Depository Corporations' Holdings - Assets include balances maintained outside Swaziland by commercial banks and the Building Society and uncleared effects.Liabilities comprise balances owed by local banks to non-residents including deposits in foreign currency held with depository corporations.

Table S 7.8SWAZILAND'S FOREIGN ASSETS

('000)


Tabl

e S

7.9

SELE

CTED

FO

REIG

N E

XCH

ANG

E RA

TES*

TA

BLE

S 7.

9SE

LECT

ED F

ORE

IGN

EXC

HA

NG

E RA

TES*

PE

RIO

D

E/$

E/G

BP

E/E

URO

E/SD

R

E/

BWP

CH

F/E

YEN

/E

CA

D/E

EPA

PEP

AP

EPA

PEP

AP

EPA

PEP

AP

EPA

PEP

AP

EPA

PEP

AP

EPA

P20

118.

1546

7.26

0712

.572

011

.627

510

.556

59.

9806

12.5

150

11.4

550

1.08

501.

0558

0.11

530.

1229

9.51

2211

.080

10.

1251

0.13

6610

3.47

0499

.917

910

2.29

0699

.515

620

128.

4914

8.23

6213

.692

413

.011

011

.252

810

.552

513

.073

112

.570

31.

0916

1.07

680.

1074

0.11

4510

.176

89.

7424

0.11

710.

1220

104.

9802

103.

4568

100.

8072

99.8

722

2013

10.4

598

9.65

1717

.247

215

.108

114

.427

212

.826

816

.126

714

.672

41.

1982

1.14

810.

0849

0.09

6410

.032

210

.126

50.

1017

0.10

7011

1.60

2610

8.46

3310

7.69

1410

4.28

8220

1411

.589

010

.849

918

.028

417

.854

114

.087

014

.410

816

.780

716

.490

81.

2192

1.20

830.

0854

0.14

6410

.324

19.

7524

0.10

020.

0936

112.

9647

112.

5842

108.

0301

108.

4875

2015

15.5

383

12.7

463

23.0

393

19.4

923

16.9

825

14.1

464

21.5

575

17.8

354

1.38

291.

2569

0.06

370.

0734

7.75

039.

5473

0.08

930.

1006

120.

6548

113.

9663

115.

5284

109.

8696

2016

13.6

250

14.7

225

16.7

254

20.0

144

14.3

465

16.2

994

18.3

053

20.4

706

1.27

871.

3491

0.07

490.

0671

8.57

007.

3836

0.09

890.

0902

107.

3872

111.

3179

103.

2333

107.

0968

2017

12.3

938

13.3

294

16.6

882

17.1

784

14.8

136

15.0

537

17.6

280

18.4

835

1.25

611.

2876

0.07

900.

0741

9.09

628.

5534

0.10

140.

0972

107.

9887

107.

5807

105.

3369

103.

8513

2017

Firs

t Q

uart

er13

.351

313

.233

416

.632

416

.393

714

.264

514

.099

718

.114

517

.910

01.

2724

1.26

460.

0750

0.07

608.

3802

9.10

990.

0999

0.09

8710

5.79

6810

6.52

6910

2.30

1210

2.94

37Se

cond

Qua

rter

13.0

850

13.2

382

17.0

177

16.9

136

14.9

359

14.5

453

18.2

155

18.1

699

1.27

651.

2753

0.07

330.

0745

8.56

218.

4011

0.09

930.

1017

107.

0389

107.

2120

102.

6617

102.

6937

Thir

d Q

uart

er13

.526

313

.184

818

.129

317

.271

615

.952

915

.487

719

.098

118

.577

41.

3121

1.29

130.

0718

0.07

348.

3279

8.42

660.

0919

0.09

5110

7.82

2610

7.69

6510

4.18

9610

4.06

51Fo

urth

Qua

rter

12.3

938

13.1

980

16.6

882

17.6

972

14.8

136

15.6

146

17.6

280

18.6

738

1.25

611.

2978

0.07

900.

0750

9.09

628.

5679

0.10

140.

0970

107.

9887

108.

8874

105.

3369

105.

7026

2016

Janu

ary

16.0

608

16.3

835

23.1

082

23.6

051

17.4

910

17.7

964

22.1

734

22.6

395

1.40

291.

4171

0.06

340.

0613

7.51

717.

2066

0.08

710.

0869

117.

0614

113.

2772

Febr

uary

16.1

085

15.7

811

22.3

538

22.5

879

17.6

404

17.5

232

22.3

007

21.9

965

1.40

791.

3979

0.06

180.

0629

7.01

097.

2788

0.08

400.

0876

116.

4195

111.

5434

Mar

ch14

.862

015

.412

521

.319

521

.921

616

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Table S 8.1CMA COMPARATIVE PRICE INDICES

SwazilandCPI CPI PPI Swaziland

Period All Groups All Groups All Groups Headline S. Africa Namibia Lesotho2007 66.6 74.0 158.2 8.1 7.1 6.7 8.02008 75.0 81.1 180.9 12.6 11.5 10.3 10.72009 80.7 86.2 84.6 7.5 7.1 8.8 7.32010 84.3 89.2 190.7 4.5 4.3 4.5 3.72011 89.5 94.6 207.7 6.1 5.0 5.1 5.02012 97.5 100.0 100.0 8.9 5.7 6.5 6.12013 103.0 103.4 105.9 5.6 5.8 5.8 5.02014 108.8 109.7 113.9 5.7 6.1 5.4 5.42015 114.2 114.7 118.0 5.0 4.6 3.4 3.22016 123.2 122.0 126.3 7.8 6.3 6.7 6.62017 131.2 103.6 103.1 6.2 5.0 5.6 5.2

Jan-12 94.1 95.2 97.1 9.3 6.3 6.6 7.5Feb-12 95.2 95.7 98.0 9.4 6.1 7.4 7.4Mar-12 95.4 96.8 98.6 8.8 6.0 6.9 7.2Apr-12 97.1 97.2 99.2 9.6 6.1 6.4 6.6May-12 97.3 97.2 100.0 9.1 5.7 6.0 6.5Jun-12 97.4 97.5 99.8 9.0 5.5 5.6 6.1Jul-12 97.4 97.8 99.8 8.7 4.9 6.0 5.7Aug-12 98.1 98.0 100.5 8.5 5.0 5.8 5.3Sep-12 98.5 98.9 100.8 8.7 5.5 6.7 5.8Oct-12 99.5 99.5 101.7 9.1 5.6 7.1 5.6Nov-12 99.8 99.8 102.4 9.1 5.6 7.6 5.4Dec-12 100.0 100.0 102.2 8.3 5.7 6.3 4.4






Jan-18 132.4 105.0 105.5 4.6 4.4 3.6 5.3Feb-18 133.1 105.8 105.2 4.0 4.0 3.5 5.2Mar-18 133.1 106.2 105.0 4.0 3.8 3.5 4.8

**South Africa: consumer price index: December 2012 = 100

The PPI final manufacturing goods represent the headline number for PPI.Effective from January 2013, STATS SA releases PPI as 5-industry-specific producer price indices. New weights (based on SHIES 2009/10) were adopted from January 2013The base year for Swaziland CPI was changed to December 2012 and

National Planning Commission-Namibia, Lesotho Bureau of StatisticsSources: Swaziland Central Statistical Office, Statistics South AfricaLesotho Consumer Price Index March 2010 = 100Namibia Consumer Price Index: December 2012 = 100Swaziland Consumer Price index: December 2012 = 100

Headline

Table S 8.1

CMA COMPARATIVE PRICE INDICES

South Africa

PRICE INDICES INFLATION


Table S 8.2SWAZILAND CONSUMER INFLATIONTable 8.2

SWAZILAND CONSUMER INFLATION

Food & Alcoholic Clothing & Housing, water, Household Health T\port Recreation Education Restuarants All Indexnonalcoholic Beverages & Footwear electricity, gas Furniture & Care Communications & culture & Hotels Miscellaneous

Beverages Tobacco & other fuels MaintenanceWeights (Old) 37.73 0.96 6.16 14.33 11.88 3.58 8.6 1.43 4.62 5.38 0.72 4.67 100.06Weights (New) 29.22 0.39 3.42 29.15 4.75 3.39 10.5 2.74 1.07 9.11 1.79 4.47 100

Jan-12 12.5 6.8 4.9 8.3 3.2 6.5 16.1 0.0 0.9 12.1 3.8 2.1 9.3Feb-12 14.5 6.9 5.6 8.0 3.7 6.8 13.0 0.0 -0.4 7.2 5.5 2.4 9.4Mar-12 13.4 7.2 6.4 7.7 3.5 6.6 10.0 0.0 -0.8 7.2 5.3 2.8 8.8

2012 Q1 13.5 7.0 5.6 8.0 3.5 6.6 13.0 0.0 -0.1 8.8 4.9 2.4 9.2Apr-12 14.1 7.6 4.8 12.3 3.8 6.3 9.3 0.0 0.2 7.2 5.3 3.3 9.6May-12 13.1 5.7 4.9 12.2 4.2 6.7 7.1 0.0 0.3 7.2 6.8 3.7 9.1Jun-12 12.2 4.6 4.8 12.8 4.5 6.8 7.9 0.0 1.9 7.2 7.3 3.9 9.0

2012 Q2 13.1 6.0 4.8 12.4 4.2 6.6 8.1 0.0 0.8 7.2 6.5 3.6 9.2Jul-12 11.6 3.2 4.9 12.0 5.7 6.7 8.0 -0.1 2.1 7.2 7.4 3.5 8.7

Aug-12 12.9 4.6 4.5 5.6 5.2 15.3 5.1 -0.1 4.3 7.3 7.4 3.6 8.5Sep-12 13.4 4.7 4.0 5.8 6.4 15.3 5.0 0.0 4.6 7.1 7.4 2.4 8.7

2012 Q3 12.6 4.2 4.5 7.8 5.8 12.4 6.0 0.0 3.6 7.2 7.4 3.1 8.6Oct-12 14.0 5.5 4.2 6.0 7.0 14.8 6.7 -0.1 6.2 6.7 6.8 0.4 9.1Nov-12 13.7 4.4 3.2 6.1 7.2 15.3 5.8 -0.1 7.7 6.7 4.6 0.2 9.1Dec-12 11.9 5.8 3.2 5.9 7.4 15.3 4.7 -0.1 6.8 6.7 3.5 0.8 8.3

2012 Q4 13.2 5.2 3.5 6.0 7.2 15.2 5.7 -0.1 6.9 6.7 5.0 0.5 8.8Jan-13 8.1 4.5 4.4 7.8 5.8 11.6 4.5 -1.5 4.3 5.4 5.9 1.5 6.6Feb-13 7.6 5.6 2.5 5.9 7.0 14.7 2.9 -0.1 6.9 12.0 0.7 1.6 6.7Mar-13 7.6 3.4 2.2 5.7 7.6 14.7 2.6 -0.1 6.0 12.0 0.6 0.8 6.6

2013 Q1 7.8 4.5 3.0 6.5 6.8 13.7 3.3 -0.6 5.7 9.8 2.4 1.3 6.6Apr-13 4.8 1.8 2.7 5.4 6.0 14.4 2.8 -0.1 7.6 9.0 -1.1 0.5 5.6May-13 4.8 3.9 3.2 5.1 6.5 14.1 2.0 0.0 8.8 9.0 -1.5 -0.3 5.5Jun-13 5.7 5.3 3.0 5.0 5.1 13.9 0.9 0.0 6.9 9.0 -2.1 -1.5 5.6

2013 Q2 5.1 3.7 3.0 5.2 5.9 14.1 1.9 0.0 7.8 9.0 -1.6 -0.4 5.6Jul-13 6.8 6.7 3.2 5.4 4.1 13.7 1.8 0.0 7.4 9.0 -2.3 -0.7 6.0

Aug-13 5.7 5.4 3.8 5.8 3.8 10.7 4.2 0.0 6.6 9.6 -2.1 -1.1 5.9Sep-13 5.8 4.9 4.6 5.6 2.9 10.8 4.1 0.0 6.7 9.6 -2.0 -1.1 5.7

2013 Q3 6.1 5.7 3.9 5.6 3.6 11.7 3.4 0.0 6.9 9.4 -2.1 -1.0 5.9Oct-13 4.0 4.2 4.7 5.3 3.0 11.3 1.4 0.0 4.9 10.0 -1.7 0.8 4.7Nov-13 3.8 4.1 4.9 5.2 3.2 10.8 0.9 0.0 5.4 8.6 1.9 1.6 4.4Dec-13 3.9 3.8 5.2 5.4 3.5 10.6 0.9 0.0 6.0 8.5 2.1 1.4 4.4

2013 Q4 3.9 4.0 4.9 5.3 3.2 10.9 1.1 0.0 5.4 9.0 0.8 1.3 4.5Jan-14 4.6 3.7 4.8 5.4 3.9 10.6 1.0 0.0 7.7 8.5 2.0 1.8 4.7Feb-14 4.5 3.0 5.4 5.5 3.7 10.8 1.7 0.0 7.6 7.0 1.8 1.8 4.7Mar-14 5.0 6.6 8.2 5.7 2.9 10.2 3.6 0.0 9.5 7.1 2.7 3.1 5.1

2014 Q1 4.7 4.4 6.1 5.5 3.5 10.5 2.1 0.0 8.3 7.5 2.2 2.2 4.8Apr-14 6.7 8.3 7.9 3.3 4.0 10.8 3.4 0.0 7.0 10.0 4.2 4.0 5.3May-14 7.3 7.6 7.5 3.3 3.9 10.7 3.6 0.0 6.2 10.0 4.5 3.7 5.5Jun-14 7.2 7.1 7.5 2.7 5.1 10.5 3.4 0.0 6.1 9.7 4.5 4.6 5.3

2014 Q2 7.1 7.7 7.6 3.1 4.3 10.7 3.5 0.0 6.4 9.9 4.4 4.1 5.4Jul-14 6.8 7.5 7.3 2.8 5.4 10.5 13.0 0.0 6.2 9.7 5.5 4.2 6.2

Aug-14 7.2 7.7 7.0 2.3 5.6 2.8 13.4 0.0 7.7 10.0 4.0 4.1 6.0Sep-14 6.6 8.1 7.6 2.6 5.9 2.5 15.9 0.0 6.8 10.0 4.0 4.7 6.2

2014 Q3 6.9 7.8 7.3 2.6 5.6 5.3 14.1 0.0 6.9 9.9 4.5 4.3 6.1Oct-14 6.9 7.0 7.9 2.5 5.5 2.5 16.0 0.0 7.0 10.0 4.0 4.3 6.3Nov-14 7.3 7.4 8.5 2.6 5.1 2.9 15.9 -0.9 1.8 11.4 7.0 5.8 6.6Dec-14 6.1 6.8 8.9 2.6 3.6 3.1 14.7 -0.9 6.5 11.4 6.9 6.6 6.2

2014 Q4 6.8 7.1 8.4 2.6 4.7 2.8 15.5 -0.6 5.1 10.9 6.0 5.6 6.4Jan-15 4.7 6.3 9.5 2.6 4.1 3.1 12.9 -0.9 5.9 11.4 7.0 5.7 5.6Feb-15 5.2 5.7 10.7 2.3 4.4 3.5 9.9 -0.9 7.8 5.7 11.8 5.7 5.0Mar-15 4.3 4.4 8.1 3.0 3.9 4.0 8.1 -0.9 7.8 4.7 11.0 9.5 4.7

2015 Q1 4.7 5.5 9.4 2.7 4.1 3.5 10.3 -0.9 7.1 7.3 9.9 7.0 5.1Apr-15 3.8 4.1 8.0 3.2 3.4 3.7 8.4 3.1 7.7 5.6 10.4 11.5 4.9May-15 3.4 3.7 7.9 5.1 3.1 4.2 8.2 3.1 8.2 5.6 10.2 11.5 5.4Jun-15 4.4 3.5 8.5 4.9 4.0 4.3 9.6 3.1 7.0 5.9 10.2 9.8 5.7

2015 Q2 3.9 3.7 8.1 4.4 3.5 4.1 8.7 3.1 7.6 5.7 10.3 11.0 5.3Jul-15 3.4 3.1 7.8 6.0 3.6 4.2 0.5 6.6 6.8 5.9 9.3 10.2 4.9

Aug-15 3.5 2.7 7.1 5.7 3.5 1.5 0.5 6.6 4.6 6.7 10.4 10.6 4.8Sep-15 4.1 0.7 6.7 5.4 3.7 1.7 -3.1 6.6 6.0 6.7 10.3 12.3 4.5

2015Q3 3.7 2.2 7.2 5.7 3.6 2.5 -0.7 6.6 5.8 6.4 10.0 11.0 4.7Oct-15 3.8 3.9 7.0 5.7 3.8 1.6 -2.7 6.6 7.1 6.7 10.2 11.8 4.6Nov-15 3.9 3.6 6.5 5.6 4.3 1.2 -2.0 7.6 10.8 6.7 5.4 9.7 4.5Dec-15 5.2 3.1 5.7 5.5 5.4 1.1 -1.0 7.6 5.2 6.7 5.5 9.1 4.9

2015Q4 4.3 3.5 6.4 5.6 4.5 1.3 -1.9 7.3 7.7 6.7 7.0 10.2 4.7Jan-16 6.6 3.3 4.5 5.7 4.5 1.0 1.6 7.6 4.7 6.7 5.3 9.7 5.6Feb-16 10.5 3.6 4.9 5.9 5.6 0.3 11.9 7.6 2.9 3.0 0.7 9.2 7.3Mar-16 13.4 1.8 5.6 5.0 6.4 0.3 12.2 7.6 2.4 4.0 0.3 5.1 7.8

2016Q1 10.2 2.9 5.0 5.5 5.5 0.5 8.6 7.6 3.3 4.5 2.1 8.0 6.9Apr-16 15.3 3.4 5.5 6.4 5.9 0.2 11.6 6.0 3.5 3.1 2.2 4.2 8.5May-16 15.1 1.9 5.9 4.7 6.4 -0.2 11.4 6.0 4.6 3.1 2.0 3.9 8.0Jun-16 13.9 2.4 5.6 5.0 4.7 -0.2 10.1 6.0 5.5 3.1 2.0 4.3 7.5

2016Q2 14.8 2.6 5.7 5.4 5.7 -0.1 11.0 6.0 4.5 3.1 2.1 4.1 8.0Jul-16 15.5 2.4 6.5 3.7 5.8 -0.1 8.8 2.6 5.1 3.1 1.7 3.8 7.4

Aug-16 17.4 2.9 7.3 4.0 6.2 0.3 8.7 2.6 5.3 2.4 2.0 5.1 8.0Sep-16 17.5 5.0 9.0 4.0 6.6 0.1 10.3 2.6 4.9 2.4 2.2 4.1 8.3

2016Q3 16.8 3.4 7.6 3.9 6.2 0.1 9.3 2.6 5.1 2.6 1.9 4.3 7.9Oct-16 17.6 4.8 8.7 3.7 5.9 0.4 9.9 2.6 4.0 2.4 2.1 6.0 8.2Nov-16 18.7 5.4 8.9 3.7 9.0 0.4 9.1 2.6 5.4 2.4 2.5 6.2 8.6Dec-16 19.0 5.4 9.2 3.6 8.7 0.4 9.3 2.6 5.7 2.4 1.5 6.0 8.7

2016Q4 18.4 5.2 8.9 3.7 7.9 0.4 9.4 2.6 5.0 2.4 2.0 6.1 8.5Jan-17 17.5 5.2 9.9 3.4 9.6 0.4 8.4 2.6 7.1 2.4 1.7 6.2 8.2Feb-17 12.8 5.3 8.8 3.7 8.0 0.9 1.9 2.6 8.1 7.6 2.8 5.6 6.8Mar-17 10.3 5.1 7.7 3.7 7.7 0.7 2.0 2.6 7.3 7.6 2.8 5.4 6.0

2017Q1 13.5 5.2 8.8 3.6 8.5 0.7 4.1 2.6 7.5 5.9 2.4 5.7 7.0Apr-17 9.4 3.7 7.4 8.2 7.7 0.5 2.9 1.0 7.7 7.5 0.7 4.0 7.0May-17 9.4 7.2 7.4 8.2 7.8 0.6 3.3 1.0 5.4 7.5 2.1 4.6 7.1Jun-17 8.5 7.0 7.3 8.0 8.4 0.6 3.5 1.0 6.1 7.5 2.0 5.5 6.9

2017Q2 9.1 6.0 7.4 8.1 8.0 0.6 3.2 1.0 6.4 7.5 1.6 4.7 7.0Jul-17 8.0 7.4 6.2 8.0 7.9 0.4 3.8 -0.1 6.4 7.5 2.4 5.7 6.7

Aug-17 5.9 8.0 4.3 8.1 6.8 0.3 3.5 -1.3 7.0 7.4 4.2 3.9 5.9Sep-17 4.9 8.3 1.6 8.1 5.4 0.6 3.4 -1.3 6.6 7.4 4.3 3.1 5.4

2017Q3 6.2 7.9 4.0 8.1 6.7 0.4 3.6 -0.9 6.7 7.4 3.7 4.2 6.0Oct-17 4.7 6.6 -0.1 8.2 6.8 0.4 4.1 -1.3 6.5 7.4 5.5 1.7 5.4Nov-17 3.5 6.0 -0.7 8.2 3.5 0.6 4.4 -1.3 6.0 7.4 5.1 1.3 4.9Dec-17 2.6 5.9 -1.0 8.2 2.4 0.8 5.6 -1.3 6.2 7.4 6.1 1.3 4.7

2017Q4 3.6 6.2 -0.6 8.2 4.3 0.6 4.7 -1.3 6.2 7.4 5.6 1.4 5.0Jan-18 2.5 6.3 -1.7 8.2 1.7 1.0 5.7 -1.3 4.9 7.4 6.1 1.0 4.6Feb-18 1.1 6.2 -2.6 8.0 2.3 1.0 4.6 -1.3 3.7 7.8 5.7 1.5 4.0Mar-18 0.9 5.7 -2.2 8.1 3.0 1.1 3.9 -1.3 4.1 7.8 5.8 1.2 4.0

2018Q1 1.5 6.1 -2.2 8.1 2.3 1.0 4.7 -1.3 4.2 7.7 5.9 1.2 4.2Q: Quarterly AveragesLinking of indices was done by the Central Bank of Swaziland

Sources: Swaziland Central Statistics Office Statistics South Africa


TABLE S 9.1

MINERAL PRODUCTION TABLE S 9.1 MINERAL PRODUCTION

Period Coal Quarried Stone Iron OreEnded (In Metric Tonnes) (In Cubic Metres) (In Metric Tonnes)

2007 241,283 207,5352008 174,807 240,9972009 129,647 202,3192010 145,903 304,8442011 121,050 206,341 79,5532012 152,284 308,440 1,032,2402013 257,090 292,704 1,258,5602014 177,930 310,659 603,2512015 141,733 396,046 02016 158,418 419,642 02017 202,277 291,100 0

2005 March 116,848 51,927June 69,735 97,038Sept. 0 199,546Dec. 35,118 218,260

2006 March 38,668 118,987June 43,448 161,426Sept. 118,736 103,147Dec. 109,718 151,128





2011 March 37,748 38,008June 30,131 50,753Sept. 29,335 58,001Dec. 23,836 59,579 79,553

2012 March 38,267 70,487 198,923June 35,368 76,590 337,116Sept. 36,751 85,732 250,823Dec. 41,898 75,631 245,378

2013 March 93,057 60,267 355,326June 67,875 85,176 340,212Sept. 54,135 86,480 313,261Dec. 42,023 60,781 249,761

2014 March 40,972 62,993 262,519June 39,701 74,903 203,233Sept. 49,349 84,273 137,499Dec. 47,908 88,490 0

2015 March 33,847 77,194 0June 32,763 78,532 0Sept. 34,127 182,852 0Dec. 40,996 57,468 0

2016 March 38,111 69,383 0June 34,266 154,525 0Sept. 38,892 108,001 0Dec* 47,149 87,733 0

2017 March* 62,217 83,836 0June* 46,623 58,334 0Sept* 48,093 81,400 0Dec* 45,344 67,530 0

2018 March* 35,024 52,148 0

*Preliminary Source: Ministry of Natural Resources & Energy, Geological Surveys, Minerals & Mines Department


TABLE S 9.2 ELECTRICITY CONSUMPTIONTable S 9.2 ELECTRICITY CONSUMPTION

Electricity Sales During Period

Number of Consumers at End of Period (In million Kilowatt hours)

Irrigation IrrigationPeriod Power and Power andEnded Total Domestic Commercial Bulk Total Domestic Commercial Bulk

2007 69,208 58,899 9,306 1,003 977.0 270.7 103.5 602.82008 82,020 71,765 9,249 1,006 988.3 277.3 102.4 608.62009 86,904 77,160 8,718 1,026 1,044.4 343.6 103.4 597.42010 97,772 91,299 5,449 1,024 1,000.4 338.4 82.1 579.82011 85,575 78,000 6,480 1,095 946.8 315.4 67.6 563.82012 118,491 107,282 10,148 1,061 951.8 306.5 95.6 549.72013 114,198 99,806 13,291 1,101 998.3 329.4 98.1 570.82014 146,526 133,543 11,859 1,124 1,050.6 349.5 104.0 597.12015 161,047 146,859 13,056 1,132 1,104.7 363.3 106.7 634.72016 177,928 162,716 14,048 1,164 1,053.5 377.3 112.0 564.22017 199,375 183,052 15,148 1,175 1,093.0 389.8 109.1 594.1

2005Q1 March 52,742 43,858 7,909 975 227.2 51.7 24.6 150.92005Q2 June 54,062 45,044 8,039 979 210.6 52.1 21.6 136.92005Q3 Sept 55,429 46,230 8,236 963 214.2 61.6 26.1 126.52005Q4 Dec 57,247 47,878 8,398 971 216.0 56.2 25.4 134.4

2006Q1 March 58,716 49,186 8,545 985 222.0 56.9 25.5 139.62006Q2 June 59,843 50,248 8,590 1,005 224.8 67.8 21.1 135.92006Q3 Sept 61,540 51,815 8,725 1,000 234.0 67.9 26.4 139.72006Q4 Dec 62,902 53,047 8,863 992 231.4 61.2 27.2 143.0

2007Q1 March 63,798 53,867 8,943 988 253.2 54.8 23.6 174.82007Q2 June 65,791 55,707 9,087 997 232.7 67.6 25.1 140.02007Q3 Sept 67,512 57,327 9,186 999 249.9 76.9 26.7 146.22007Q4 Dec 69,208 58,899 9,306 1,003 241.2 71.4 28.1 141.8

2008Q1 March 70,517 60,178 9,340 999 252.3 59.3 26.4 166.62008Q2 June 72,434 62,008 9,422 1,004 236.3 73.1 27.0 136.22008Q3 Sept 77,246 66,824 9,413 1,009 249.9 76.1 24.2 145.32008Q4 Dec 82,020 71,765 9,249 1,006 254.1 68.8 24.8 160.5

2009Q1 March 82,597 72,426 9,154 1,017 247.5 67.1 24.8 155.62009Q2 June 80,337 70,201 9,115 1,021 262.5 84.1 26.4 152.02009Q3 Sept 83,351 73,449 8,876 1,026 268.9 95.1 26.5 147.32009Q4 Dec 86,904 77,160 8,718 1,026 265.5 97.3 25.7 142.5



2012 Q1 Mar 88,932 81,028 6,855 1,049 258.7 73.2 21.4 164.12012 Q2 June 113,810 103,039 9,718 1,053 234.9 77.0 23.4 134.52012 Q3 Sept 115,541 104,499 9,980 1,062 230.8 79.6 26.1 125.12012 Q4 Dec 118,491 107,282 10,148 1,061 227.3 76.7 24.7 125.9





2017 Q1 Mar 182,562 167,133 14,268 1,161 286.8 97.7 27.5 161.72017 Q2 Jun 188,035 172,279 14,587 1,169 260.4 93.3 25.9 141.32017 Q3 Sept 193,851 177,825 14,867 1,159 263.2 100.3 28.0 135.02017 Q4 Dec 199,375 183,052 15,148 1,175 282.5 98.5 27.8 156.1

2018 Q1 Mar 203,584 187,052 15,355 1,177 299.8 99.4 28.7 171.8

Source: Swaziland Electricity Company


TABLE S 9.3

TREATED WATER CONSUMPTIONTREATED WATER CONSUMPTION

Water Sales During Period

Number of Connections at End of Period (In million kilolitres) M³

PeriodEnded Total Domestic Commercial Total Domestic Commercial2005 22,282 19,844 2,438 11.063 5.735 5.3282006 23,356 20,897 2,459 10.598 5.155 5.4442007 24,061 21,522 2,539 11.360 5.870 5.4902008 26,045 23,336 2,709 12.192 5.761 6.4312009 27,136 24,387 2,749 11.723 5.695 6.0282010 31,243 28,286 2,957 12.268 6.076 6.1922011 29,613 26,781 2,832 11.806 5.393 6.4142012 31,165 28,345 2,820 12.265 5.607 6.6582013 32,555 29,726 2,829 12.861 5.558 7.3032014 34,643 31,721 2,922 12.738 5.864 6.8742015 38,029 35,024 3,005 12.728 6.088 6.6412016 40,120 37,047 3,073 11.834 5.939 5.8942017 42,345 39,216 3,129 12.150 6.382 5.768

2006Q1 March 22,665 20,159 2,506 2.276 0.994 1.2832006Q2 June 22,850 20,335 2,515 2.675 1.337 1.3372006Q3 Sept 23,363 20,827 2,536 2.787 1.393 1.3932006Q4 Dec 23,356 20,897 2,459 2.860 1.430 1.430







2013Q1 Mar 31,391 28,558 2,833 3.141 1.379 1.7622013Q2 June 31,908 29,052 2,856 3.234 1.389 1.8442013Q3 Sept 32,602 29,756 2,846 3.282 1.436 1.8462013Q4 Dec 32,555 29,726 2,829 3.204 1.353 1.851




2017Q1 Mar 40,308 37,229 3,079 2.925 1.546 1.3802017Q2 Jun 41,948 38,798 3,150 3.109 1.556 1.5532017Q3 Sept 42,680 39,536 3,144 3.104 1.678 1.4252017Q4 Dec 42,345 39,216 3,129 3.012 1.602 1.410

2018Q1 Mar 42,997 39,839 3,158 3.015 1.642 1.373

Source: Swaziland Water Services Corporation


TA

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409

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525

6691

9914

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1951

340

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1951

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2009

373

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8,97

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9132

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16,6

50.6

345

4.0

49,3

71.1

7931

,393

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10.6

345

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45,2

58.1

2010

316

147,

190.

611

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3,85

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5622

,162

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8.4

6934

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221.

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,756

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06.7

1335

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2011

580

446,

969.

610

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449,

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68

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2012

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2017

595

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4,58

0.0

00.

07,

742.

0

2011

Mar

ch/3

*13

425

2,56

6.8

2710

0,04

2.5

121,

911.

635

4,52

0.9

179,

509.

917

22,8

42.4

0

0.0

32,3

52.3

139,

509.

512

22,3

78.4

00.

031

,887

.9Ju

ne/3

*14

559

,169

.918

68,1

07.0

1193

8.0

128,

214.

927

7,39

6.1

83,

918.

5 0

0.0

11,3

14.6

237,

395.

46

3,74

8.5

00.

011

,143

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pt/3

*15

372

,050

.330

24,9

36.7

744

7.0

97,4

34.0

167,

216.

09

37,8

28.0

4

5,93

8.0

50,9

82.0

157,

176.

05

36,7

30.0

45,

938.

049

,844

.0D

ec/3

*14

863

,182

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35,4

93.0

146,

010.

110

4,68

5.6

3320

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.83

8,40

0.0

00.

028

,637

.829

20,0

17.8

38,

400.

00

0.0

28,4

17.8

2012

Mar

ch/3

*12

770

,774

.113

6,92

2.1

84,

718.

082

,414

.222

9,82

9.0

399

,387

.5

11,

600.

011

0,81

6.5

229,

829.

03

97,5

87.0

11,

600.

010

9,01

6.0

June

/3*

124

55,3

94.3

2316

,683

.810

1,50

6.0

73,5

84.1

259,

303.

510

4,48

4.0

00.

013

,787

.521

8,82

3.5

23,

210.

00

0.0

12,0

33.5

Sept

/3*

115

76,4

49.8

4061

,618

.619

5,44

6.0

143,

514.

428

15,0

49.1

317

,900

.0

00.

032

,949

.122

14,4

16.1

217

,160

.00

0.0

31,5

76.1

Dec

/3*

127

69,1

37.3

2562

,667

.522

6,71

6.0

138,

520.

843

81,9

80.5

1251

4,76

0.2

210

,900

.060

7,64

0.7

3079

,117

.05

493,

440.

01

9,00

0.0

581,

557.

0

2013

Mar

ch/3

*11

566

,639

.955

111,

032.

312

709.

017

8,38

122

13,6

04.7

129,

389.

0 2

2,56

1.0

25,5

54.7

1912

,281

.71

100.

02

2,56

1.0

14,9

42.7

June

/3*

148

90,9

16.4

3656

,352

.612

18,3

38.0

165,

607

3620

,082

.75

3,04

2.0

23,

800.

026

,924

.729

19,0

44.7

280

.01

3,50

0.0

22,6

24.7

Sept

/3*

164

89,8

06.9

3184

,759

.515

11,9

39.3

186,

506

2216

,350

.89

5,92

0.00

3

4,85

0.0

27,1

20.8

1615

,467

.11

3,00

0.0

14,

000.

022

,467

.1D

ec/3

*92

76,9

77.4

3647

,290

.012

1,53

0.0

125,

797

1914

,399

.79

43,7

20.8

0

6

6,51

5.0

64,6

35.5

1613

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40,5

90.8

56,

475.

060

,468

.8

2014

Mar

ch/3

*15

411

6,54

1.2

3162

,581

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12,0

76.4

190,

899

2117

,213

.37

10,2

90.0

0

2

1,00

8.0

28,5

11.3

1516

,263

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2,15

0.0

18.

018

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ne/3

*14

810

0,47

2.5

3917

2,50

6.6

63,

300.

027

6,27

927

10,5

07.0

223,

315.

00

00.

013

,822

.018

8,93

2.0

12,

600.

00

0.0

11,5

32.0

Sept

/3*

172

110,

527.

517

39,8

56.2

105,

582.

015

5,96

616

19,1

40.4

62,

673.

00

00.

021

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18,9

60.0

229

9.0

00.

019

,259

.0D

ec/3

*14

012

6,27

5.3

2399

4,52

9.0

113,

380.

01,

124,

184

3526

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1,18

5.00

2

8,43

0.0

36,0

42.5

2822

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725.

01

1,43

0.0

24,8

18.5

2015

Mar

ch/3

*16

021

6,15

8.0

4566

,707

.220

8,43

1.2

291,

296

4732

,527

.212

40,9

74.0

0

2

2,44

5.0

75,9

46.2

3729

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35,8

52.0

22,

445.

067

,878

.2Ju

ne/3

*20

614

1,30

8.5

3620

9,64

7.7

1813

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4,11

426

29,7

88.4

64,

743.

00

12,

100.

036

,631

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29,5

38.4

34,

546.

01

100.

034

,184

.4Se

pt/3

*19

218

1,99

8.2

2728

7,58

3.9

245,

661.

347

5,24

330

16,4

87.1

62,

363.

36

136

0.0

19,2

10.5

2716

,397

.12

2,21

2.0

136

0.0

18,9

69.1

Dec

/3*

125

96,4

34.2

2216

,831

.04

2,00

7.5

115,

273

4525

,916

.52

1,74

0.0

00.

027

,656

.542

24,5

36.5

169

0.0

00.

025

,226

.5

2016

Mar

ch/3

*15

210

3,35

6.6

2153

,946

.620

4,27

8.3

161,

581.

419

18,8

45.0

61,

950.

0

4

2,33

6.0

23,1

31.0

1518

,098

.00

0.0

112

0.0

18,2

18.0

June

/3*

169

162,

121.

242

58,5

27.7

248,

705.

022

9,35

3.9

3835

,127

.310

10,4

74.5

4

6,57

8.0

52,1

79.8

3735

,127

.35

7,51

5.5

36,

299.

048

,941

.8Se

pt/3

*18

417

0,17

7.6

2587

,514

.812

1,53

5.0

259,

227.

452

38,6

96.8

45,

600.

0

0

0.0

44,2

96.8

4937

,966

.83

4,60

0.0

00.

042

,566

.8D

ec/3

*13

896

,168

.024

76,9

93.1

1821

,889

.019

5,05

0.0

2521

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891.

0

00.

022

,521

.024

21,6

30.0

215

6.0

00.

021

,786

.0

2017

Mar

ch/3

*13

289

,608

.634

131,

070.

222

26,5

58.0

247,

237.

014

14,2

77.0

717

,829

.0

00.

032

,106

.013

13,4

77.0

212

,526

.00

0.0

26,0

03.0

June

/3*

163

120,

828.

936

79,2

35.6

194,

489.

020

4,55

3.5

2457

,279

.36

74,6

65.0

3

1,27

5.0

133,

219.

323

40,4

14.3

674

,665

.01

850.

011

5,92

9.3

Sept

/3*

167

116,

084.

936

77,8

03.2

186,

694.

520

0,58

2.5

2418

,857

.27

30,3

89.0

0

0.0

49,2

46.2

2318

,857

.26

29,8

39.0

00.

048

,696

.2D

ec/3

*13

311

0,31

7.8

2937

,493

.615

9,12

0.0

156,

931.

415

19,3

72.7

1120

,806

.9

36,

148.

546

,328

.115

19,3

72.7

919

,774

.93

6,14

8.5

45,2

96.1

2018

Mar

ch/3

*12

784

,007

.420

36,0

38.8

1312

,935

.013

2,98

1.2

2014

,709

.99

14,6

95.0

1

1,50

0.0

30,9

04.9

1813

,949

.97

12,8

90.0

11,

500.

028

,339

.9

Sour

ce:

Cit

y C

ounc

ils,

Tow

n C

ounc

ils

and

Tow

n Bo

ards

.

/1 U

ntil

Dec

embe

r 20

03,D

ata

on t

his

tabl

e re

late

to

build

ing

acti

vity

in t

he u

rban

are

as u

nder

the

jur

isdi

ctio

n of

the

Man

zini

an

d M

baba

ne C

ity

Coun

cils

./2

As

from

Mar

ch 1

984

"Indu

stri

al B

uild

ings

" in

clud

e "C

omm

erci

al B

uild

ings

" th

e la

tter

was

pre

viou

sly

incl

uded

in

"O

ther

Bui

ldin

gs"

./3

Incl

udes

all

mun

icip

alit

ies

i .e.

cit

y co

unci

ls,t

own

coun

cils

and

tow

n bo

ards

*Pre

limin

ary


NOTES:



S DW NA AZIL

EMNTSHOLI

For more information, contact:

GM, Economic Policy, Research and StatisticsCentral Bank of Swaziland

P.O. Box 546MBABANE, Swaziland

Tel: +268 2408-2243E-mail: [email protected]

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