Certainly! Here is the complete financial history report of Eswatini, translated into International English as requested:

Comprehensive Financial History Report of Eswatini

Basic Information about Eswatini

• Official country name: Eswatini (since 2018)

• Most widely used official language: siSwati (ISO 639-1 code: ss)

• Second official language: English

• Country ISO code: SZ

• Current official currency: Lilangeni (plural: Emalangeni)

• Currency ISO code: SZL

Monetary History of Eswatini

Current Currency: Lilangeni (plural: Emalangeni)

• ISO Code: SZL

• Symbol: L (singular) / E (plural)

• Subdivision: 1 Lilangeni = 100 cents

• Date of introduction: 6 February 1974

• Circulation period: From 1974 to present (active)

• Mint: Produced by international mints (no national mint)

• Issuing bank: Central Bank of Eswatini

• Coin denominations: 1, 2, 5, 10, 20, and 50 cents; 1, 2, and 5 emalangeni

• Banknote denominations: 10, 20, 50, 100, and 200 emalangeni

• Designs and symbols: Coins and banknotes feature cultural symbols, historical figures, and national landscapes. Current banknotes depict King Mswati III, the reigning monarch, alongside elements of Eswatini’s culture and nature.

• Status: Official and actively circulating currency, used alongside the South African Rand within the Common Monetary Area

• Monetary legislation: Regulated by the Central Bank of Eswatini, maintaining a fixed 1:1 exchange rate with the South African Rand.

• Interesting fact: In 2018, a commemorative 100 emalangeni banknote was issued to mark the 50th anniversary of Eswatini’s independence.

Previous Currency: Swazi Pound

• Circulation period: Until 1974, before the introduction of the Lilangeni

• Context: Replaced by the Lilangeni when Eswatini adopted its own national currency, moving away from exclusive use of the South African Rand.

• Status: No longer in circulation; now a collector’s item.

Parallel Currency: South African Rand (ZAR)

• Legally circulates in Eswatini alongside the Lilangeni since 1974 due to membership in the Common Monetary Area.

• Maintains parity at 1:1 with the Lilangeni.

• Accepted as legal tender throughout the country.

Economic and Monetary Context

• The Lilangeni was introduced to replace the South African Rand while maintaining parity to facilitate regional trade.

• Eswatini has a small, open economy closely linked to South Africa.

• Key sectors include agriculture, mining, manufacturing, and forestry.

• Economic challenges include a high unemployment rate (approximately 35% in 2023) and social inequality.

• Inflation was around 4.9% in 2010.

• The Central Bank of Eswatini is responsible for currency issuance and exchange rate stability.

• Fiscal deficit is approximately 2% of GDP, with public debt at 41% of GDP in 2024/25.

Summary of Eswatini’s Currencies

Additional Information

• Current banknotes bear signatures of the Central Bank Governor and the Finance Minister, which vary by issue.

• Coins and banknotes often honor King Mswati III and Swazi cultural elements such as emblematic animals and traditional architecture.

• Membership in the Common Monetary Area ensures exchange rate stability and facilitates regional trade but limits Eswatini’s monetary policy autonomy.

• The country’s official name change to Eswatini in 2018 is reflected in the latest currency issues.

This report provides a detailed overview of Eswatini’s financial and monetary history, highlighting the Lilangeni as the current official currency, its relationship with the South African Rand, and the country’s economic context.