Africa-Press – Eswatini. To ensure Eswatini can fully account for all economic activities, the CBE has launched a new version of the cross-border foreign exchange transaction reporting system.
The third version of the cross-border foreign exchange transaction reporting system was launched last Thursday evening by the Central Bank of Eswatini (CBE) Governor, Dr Phil Mnisi.
Dr Mnisi highlighted that the central bank aims to stay ahead in technological advancements, by embracing innovation, enhancing systems development and ensuring a financially stable banking sector. He announced that the cross-border foreign exchange transaction reporting system was successfully migrated to version three from version one, which was developed and rolled out in 2003.
The governor said this upgrade has allowed them to implement the Southern African Development Community (SADC) Region Harmonised Codes, which were in line with the International Monetary Fund (IMF) requirements. “It is expected that other CMA countries will adopt the SADC harmonised codes by 2025. However, Eswatini has already achieved this objective,” he said. Dr Mnisi said this new approach would see the central bank becoming more focused on monitoring flows, rather than relying primarily on pre-approval-based transaction processes. He said the accurate, timely, and complete data collection capabilities would ensure that no information is lost, and the country can fully account for all economic activities.
Benefits
He added that the migration to version three of the reporting system had brought various strategic benefits, including the integration with the Eswatini Revenue Service (ERS) to automatically extract payments and match them against imported and exported goods. He said this functionality would also reduce the illicit financial flows and capital shifting. Additionally, the enhanced system is the pivotal backbone for the implementation of further exchange control relaxations, enabling government to position itself better in terms of creating a conducive environment for business.
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