Phil Mnisi: Address - Annual Monetary Policy Statement

Address by Mr Phil Mnisi, Governor of the Central Bank of Eswatini, at the 2025 Annual Monetary Policy Statement, Ezulwini, 22 May 2025.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Central bank speech  | 
03 June 2025
by Phil Mnisi
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  |  21 pages

  • Programme Director–the Deputy Governor,

  • Honourable Minister for Finance,

  • Members of both Houses of Parliament,

  • Board Members of the Central Bank of Eswatini,

  • Senior Government Officials,

  • Members of the Monetary Policy Consultative Committee,

  • Leadership of commercial banks & nonbank financial institutions,

  • Central Bank Management and Staff,

  • Captainsof Industries,

  • Distinguished Guests,

  • Ladies and Gentlemen, Good morning!

It is my honour to present to you this year's Governor's Annual Monetary Policy Statement under the theme "In pursuit of prudent monetary policy in times of uncertainty due to global trade disruptions".

Distinguished ladies and gentlemen, the year 2024 and the 1stquarter of 2025 have seen the global economy battling with multiple challenges which have weighed down on growth. I will allude on the challenges later.

Even though inflation has broadly moderated at different speeds across economies, risks persist, and interest rates have broadly moderated over the review period but remain at restrictive levels.

My address this morning shall outline some of the key global, regional, and domestic economic developments that influenced the Bank's monetary policy decisions over the past financial year. I will further provide insight on the short to medium term inflation and monetary policy outlooks.

The views expressed in this speech are those of the speaker and do not necessarily reflect those of the BIS.