MBABANE:The Central Bank of Eswatini(CBE) might soon be petitioned over the newly introduced Forex transactions that allegedly frustrate emaSwati from receiving or sending money to and from South African banks.
Millions having been circulating daily, within the banking system through what was known as the Common Monetary Area(CMA) before the introduction of Forex, that changed the Rand with equal value to Lilangeni, to be transacted as a foreign currency.
The Forex transaction comes with various regulatory obligations that delay the process of sending the money even via a banking app.
This publication has gathered that,some emaSwati are discussing in Whatsap groups to try and petition the Central Bank amid the ongoing banking crisis in the country.
“We are struggling to send money to South Africa because we don’t understand this Forex and, even if you expecting money from SA,it takes days to reflect in your account”, said one concerned Liswati.
But Mandla Luphondvo, the Central Bank Spokesperson told the Swaziland News on Sunday evening that,banks were educating the public about the new Forex regulatory changes.
“Banks,whose customers have been affected by this regional development, of regularising cross border payments, are driving public education on this.For our part, as regulator, we have contributed towards raising awareness too.But of course more ground still needs to be covered through customer engagement, to get to full alignment with customers and the broader public”, said the Central Bank Spokesperson when responding to editor Zweli Martin Dlamini.
Calls to petition Central Bank as Forex frustrates transactions to and from South African banks, Spokesperson Mandla Luphondvo says banks educating public to understand new changes(pic: Central Bank).