Swaziland Lilangeni - SZL

Overview

The Swaziland Lilangeni is the official currency of Swaziland and is subdivided into 100 cents. The Lilageni is produced by the Central Bank of Swaziland. In 1974, coins of 1, 2, 5, 10, 20 and 50 cents and 1 Lilangeni were issued; the 1 and 2 cent coins were struck in bronze and the others in cupro-nickel.

Economy

• After growing by 3% from 2004 to 2008, the economy in the Swaziland slipped significantly in 2009, primarily due to the effect of the global economic downturn on export-oriented sectors, in particular textiles and wood pulp.
• Other important factors were ongoing drought and low levels of foreign direct investment (FDI). In 2010, the economy recovered slightly due to a rebound in global demand for sugar and textiles.
• However, falling receipts from the Southern African Customs Union (SACU) coupled with lower internal revenues limited the government’s ability to implement counter-cyclical measures.
• In order to control the economic conditions of the previous year, lower interest rates were maintained, similarly to South Africa.

History

• The Lilangeni was introduced in 1974 to compete with the South-African rand through the Common Monetary Area, to which it remains tied at a one-to-one exchange rate.
• According to tradition, the present Swazi nation moved south before the 16th century to an area now called Mozambique.
• After a series of wars with people living in the area of modern Maputo, the Swazis settled in northern Zululand in 1750.

General Information