The Swaziland Emalangeni (SZL) is the official currency of Eswatini, formerly known as Swaziland, a country in Southern Africa.
The Central Bank of Eswatini, which was previously known as the Central Bank of Swaziland, manages the Swaziland Emalangeni and is responsible for issuing and managing the nation’s money supply.
The currency code for the Swaziland Emalangeni is SZL, and the symbol commonly used is “E.”
History of the Swaziland Emalangeni
The Swaziland Emalangeni was introduced on February 6, 1974, replacing the South African Rand at par.
Both the South African Rand and the Swaziland Emalangeni are part of the Common Monetary Area, which also includes Lesotho and Namibia.
This arrangement allows the currencies of the participating countries to be accepted as legal tender within their borders, with the South African Rand being the anchor currency.
Denominations and Subdivisions
The Swaziland Emalangeni is divided into 100 smaller units called cents.
Coins are issued in denominations of 1, 2, 5, 10, 20, and 50 cents, as well as 1, 2, and 5 Emalangeni.
Banknotes are available in denominations of 10, 20, 50, 100, and 200 Emalangeni.
The designs on the Swaziland Emalangeni coins and banknotes often depict the country’s cultural symbols, historical figures, and landmarks, reflecting the nation’s rich heritage and history.
Exchange Rates and Economy
The exchange rate of the Swaziland Emalangeni is pegged at par with the South African Rand, which means that 1 Emalangeni is equal to 1 South African Rand.
This pegging is due to the country’s participation in the Common Monetary Area.
Eswatini’s economy is closely linked to South Africa, with the latter being its main trading partner.
The country’s economy is based on agriculture, forestry, mining, and manufacturing, but it faces challenges such as high unemployment, income inequality, and vulnerability to fluctuations in global commodity prices.
Summary
The Swaziland Emalangeni is the official currency of Eswatini, managed by the Central Bank of Eswatini.
Introduced in 1974, it replaced the South African Rand at par and is part of the Common Monetary Area.
The currency is subdivided into 100 cents, with coins and banknotes issued in various denominations.
Eswatini’s economy is based on agriculture, forestry, mining, and manufacturing, but it faces challenges due to high unemployment, income inequality, and vulnerability to fluctuations in global commodity prices.