Eswatini: Broad money to total reserves ratio

Key figures

What the numbers say

In 2022, Eswatini's broad money to total reserves ratio rose 0.46 on 2021 (from 2.51 to 2.98).

Across the 30 yearly changes before that (1992 to 2021), the average change was +0.03 and a typical year strayed about 0.37 from that (the standard deviation). This year's change was 1.2 standard deviations above that average, so it was larger than a typical year, though not out of the range seen before.

On record, the biggest yearly rise was 0.78 in 2018 and the biggest yearly fall was 2.62 in 1975. The numbers show how large and when, not why; for the cause, look at what happened in that country in those years.

From 2013 to 2022 the straight-line trend is upward, about 0.15 a year. A straight line explains 68% of the movement over 10 observed years.

Worked out from the yearly values above. How the checks work: standard deviation, z-scores and straight-line trends.

Closest to Eswatini in the 2022 ranking

• Viet Nam — 1st of 8: 6.51
• Bahamas, The — 2nd of 8: 3.66
• Philippines — 3rd of 8: 3.61
• Peru — 5th of 8: 2.1
• Central African Republic — 6th of 8: 2.09
• Kyrgyz Republic — 7th of 8: 1.88

What this measures

Broad money is the sum of all liquid financial instruments held by money-holding sectors that are widely accepted in an economy as a medium of exchange, plus those that can be converted into a medium of exchange at short notice at, or close to, their full nominal value. Reserve assets are external assets, including monetary gold, that are readily available to and controlled by monetary authorities for meeting balance of payments financing needs, for intervention in exchange markets to affect the currency exchange rate, and for other related purposes (such as maintaining confidence in the currency and the economy, and serving as a basis for foreign borrowing). Reserve assets must be denominated and settled in foreign currency. This indicator is expressed as a ratio (a÷b).

All 49 values

Broad money to total reserves ratio in nearby economies

• Angola — 1.24 (2025)
• Botswana — 2.46 (2024)
• Burundi — 17 (2023)
• Cabo Verde — 2.29 (2025)
• Cameroon — 2.47 (2018)
• Central African Republic — 2.09 (2022)
• Chad — 12.75 (2021)
• Comoros — 1.6 (2025)
• Congo, Dem. Rep. — 2.99 (2023)
• Congo, Rep. — 6.08 (2023)
• Equatorial Guinea

More financial sector data for Eswatini

• DEC alternative conversion factor (LCU per US$) — US$17.89 (2025)
• Official exchange rate (LCU per US$, period average) — US$17.89 (2025)
• Domestic credit to private sector by banks (% of GDP) — 22.97% (2025)
• GDP deflator (base year varies by country) — 122.59 (2025)
• Consumer price index (2010 = 100) — 166.82 (2019)
• Inflation, GDP deflator (annual % growth) — -0.45% (2025)
• Inflation, consumer prices (annual % growth) — 2.6% (2019)
• Monetary sector credit to private sector (% of GDP) — 23.08% (2025)
• Domestic credit to private sector (% of GDP) — 23.08% (2025)

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Questions people ask

What is Eswatini's broad money to total reserves ratio?

2.98 in 2022, according to the World Bank (World Development Indicators).

How has it changed since 1974?

It is down 32.96% from 4.44 in 1974 (0.83% a year on average, compounded). The highest value was 4.44 in 1974 and the lowest 0.85 in 2000.

Is the latest change in broad money to total reserves ratio unusual for Eswatini?

In 2022, Eswatini's broad money to total reserves ratio rose 0.46 on 2021 (from 2.51 to 2.98). Across the 30 yearly changes before that (1992 to 2021), the average change was +0.03 and a typical year strayed about 0.37 from that (the standard deviation). This year's change was 1.2 standard deviations above that average, so it was larger than a typical year, though not out of the range seen before.

Where does this data come from?

The World Bank's World Development Indicators, licensed CC BY 4.0. Original source: International Financial Statistics database, International Monetary Fund (IMF).

Source

World Bank, World Development Indicators, indicator FM.LBL.BMNY.IR.ZS, licensed CC BY 4.0. Original source: International Financial Statistics database, International Monetary Fund (IMF) Figures are fetched from the World Bank API and refreshed monthly; see the series on data.worldbank.org. The full definition and method are in the World Bank's metadata glossary. Comparisons use the same World Bank release.

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