Swaziland Emalangeni (SZL)
Tue, Apr 15The Swaziland Emalangeni (SZL) serves as the official currency of Eswatini, previously known as Swaziland, located in Southern Africa. The Central Bank of Eswatini, formerly the Central Bank of Swaziland, oversees the Swaziland Emalangeni and is tasked with issuing and managing the country's money supply. The currency code for the Swaziland Emalangeni is SZL, and it is commonly represented by the symbol “E.”
The Swaziland Emalangeni was launched on February 6, 1974, replacing the South African Rand at an equal value. Both the South African Rand and the Swaziland Emalangeni are part of the Common Monetary Area, which also includes Lesotho and Namibia. This arrangement allows the currencies of the member countries to be recognized as legal tender within their territories, with the South African Rand serving as the anchor currency.
The Swaziland Emalangeni is divided into 100 smaller units known as cents. Coins are available in denominations of 1, 2, 5, 10, 20, and 50 cents, as well as 1, 2, and 5 Emalangeni. Banknotes can be found in denominations of 10, 20, 50, 100, and 200 Emalangeni. The designs featured on the Swaziland Emalangeni coins and banknotes often showcase the country’s cultural symbols, historical figures, and landmarks, highlighting the nation’s rich heritage and history.
The exchange rate of the Swaziland Emalangeni is pegged at par with the South African Rand, meaning that 1 Emalangeni is equivalent to 1 South African Rand. This pegging is a result of the country’s involvement in the Common Monetary Area. Eswatini’s economy is closely tied to South Africa, which is its primary trading partner. The economy is based on agriculture, forestry, mining, and manufacturing, but it faces challenges such as high unemployment, income inequality, and susceptibility to fluctuations in global commodity prices.
The Swaziland Emalangeni is the official currency of Eswatini, managed by the Central Bank of Eswatini. Introduced in 1974, it replaced the South African Rand at par and is part of the Common Monetary Area. The currency is subdivided into 100 cents, with coins and banknotes issued in various denominations. Eswatini’s economy relies on agriculture, forestry, mining, and manufacturing, but it encounters challenges due to high unemployment, income inequality, and vulnerability to fluctuations in global commodity prices.
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