By Ncaba Ntshakala
This year marks an astonishing milestone for the Central Bank of Eswatini (CBE) as it celebrates its 50th anniversary since its establishment on March 22, 1974.
In commemoration of this momentous occasion, the Central Bank has taken to its social media platforms to share fascinating insights and historical facts about its journey over the past five decades.
Among the noteworthy revelations shared by the Central Bank is the evolution of its role, particularly the official amendment on July 18, 1979, which expanded the mandate of the Monetary Authority of Swaziland, transforming it into the Central Bank of Swaziland.
This pivotal moment signified a turning point in the institution’s history, solidifying its position as the premier monetary authority in the Kingdom.
Delving further into its rich history, the Central Bank shared intriguing details about its earliest days, highlighting the modest beginnings of its staff complement.
At its inception, the Monetary Authority of Swaziland comprised only eight individuals, led by the inaugural Governor, Ethan Mayisela.
Among the founding members were the late Esther Mazibuko, whose role extended beyond cleaning to providing essential hospitality services, and Fikile Dlamini (now Kunene), who served as Secretary to all Governors.
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Despite its small size, the founding team of the Central Bank was characterized by remarkable efficiency and productivity. As the year 1974 progressed, Governor Mayisela’s visionary leadership saw the establishment of additional divisions within the institution, paving the way for the recruitment of more staff members.
Central Bank has further reflected on the journey of the past five decades and shared that it is through dedication, innovation, and a commitment to excellence.
It asserted that it has been the driving force behind its success. From its humble beginnings to its current status as a cornerstone of Eswatini’s financial sector, the Central Bank’s unwavering pursuit of its mandate has been instrumental in supporting economic stability and prosperity for the emaSwati.
Lists of Governors since 1974
Ethan Mayisela, April 1974 – June 1978
A. D. Ockenden, acting, June 1978 – June 1981
H. B. B. Oliver, July 1981 – June 1992
Martin Dlamini, acting, 1992
James Nxumalo, July 1992 – June 1997
Martin Dlamini, July 1997 – November 2013
Majozi Sithole, November 2013 – July 2022
Dr. Phil Mnisi, 2022 – Present
List of authorized banks of Eswatini
Eswatini Bank
Standard Bank Eswatini
First National Bank Swaziland
Nedbank Swaziland
Swaziland Building Society
