E1 Mln fine for counterfeiting banknotes
You could be fined E 1 million for mishandling money_
By Delisa Magagula
The Central Bank of Eswatini (CBE) has issued a strong warning to the public against the deliberate mutilation and counterfeiting of banknotes and coins, reminding citizens and businesses that such actions carry heavy penalties under national law.
According to the Bank, deliberately damaging or mutilating currency is a criminal offence. Offenders may face a minimum sentence of six months imprisonment or a fine of E10,000.
The Bank stressed that these measures are intended to preserve the integrity of the country’s currency and safeguard confidence in the financial system.
RELATED: CBE records decline in Profit despite stable financial system
“Cash remains a critical medium of exchange in Eswatini, and its protection is a matter of national importance. Every banknote and coin are the property of the state and damaging or destroying it deliberately is an offence punishable by law,” the CBE statement said.
The Bank further highlighted that the penalties for counterfeiting are far more severe.
Anyone found guilty of manufacturing or distributing counterfeit currency can face fines of up to E1 million, in addition to lengthy prison sentences.
The CBE stated that counterfeit currency not only undermines public trust in money but also disrupts business transactions, threatens financial stability, and places unnecessary costs on both businesses and consumers.
“Counterfeiting is a direct attack on the economy. It erodes confidence, impacts businesses that unknowingly accept fake money, and places a burden on the financial system,” the Bank warned.
The Central Bank urged retailers, service providers, and the public to exercise vigilance when handling cash.
RELATED: CBE maintains interest rate
Businesses were advised to regularly train staff on how to identify counterfeit notes and to use available detection tools.
Consumers, meanwhile, are encouraged to familiarize themselves with the security features embedded in Eswatini’s banknotes and coins.
These include watermarks, metallic threads, holograms, and distinctive textures.
The Bank advised the public to report any suspected counterfeit currency immediately to the police or the Central Bank.
The CBE emphasized that maintaining public trust in Lilangeni is vital for economic stability.
Currency management is not only about circulation and replacement but also about ensuring that every note and coin in the economy is genuine, secure, and respected as legal tender.
“By protecting our banknotes and coins, we protect our economy. The penalties for mutilation and counterfeiting exist to preserve confidence in our money, which underpins all trade and investment in the country,” the statement concluded.
