Africa-Press – Eswatini. Just like in South Africa and other countries, the Central Bank of Eswatini will in the near future have more than one deputy governor.
The introduction of the changes to the governance structure, which will allow the appointment of more than one deputy governor will be supported by the proposed the Central Bank of Eswatini Bill 2024. It is worth noting that the South African Reserve Bank Act of 1989 provides for the president to appoint the governor along with three deputy governors and four directors of the South African Reserve Bank (SARB).
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The current SARB Deputy Governors are Nomfundo (Fundi) Tshazibana, Dr Rashad Cassim and Dr Mampho Modise. The Central Bank of Lesotho also has deputy governors. The Central Bank of Eswatini Bill 2024 also seeks to cover, comprehensively, all aspects of modern central banking at a very high level; and seeks to achieve, or provide for the following:
* Expand on the bank’s functions and align them with international best practices.
* Hierarchise the bank’s objectives in terms of price stability and maintaining a stable financial system.
* Enhance the bank’s institutional autonomy in line with constitutional provisions.
* Make provision for digital currency to be considered as legal tender.
* Create a basis for the granting of emergency liquidity assistance to banks as well as the provision of a mechanism for the resolution of failing banks.
* Outline the macroprudential functions of the bank; as well as the need for the modernisation of monetary policy instruments, including the establishment of a Monetary Policy Committee.
* Align the bank’s reporting and accounting standards with international best practices.
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