Swaziland Emalangeni (SZL)

Swaziland Emalangeni (SZL) is the official currency of Eswatini. Eswatini, formerly known as Swaziland until 2018, is a landlocked country located in Southern Africa. The currency is named after the Emalangeni, which means “the shimmer of the sun” in the Swazi language, reflecting the cultural and natural beauty of Eswatini.

Emalangeni is issued and distributed by the Central Bank of Eswatini. The currency is subdivided into 100 cents, although the cent unit is not practically used. Emalangeni banknotes are available in denominations of 10, 20, 50, 100, and 200 Emalangeni, while coins are available in denominations of 1, 2, and 5 Emalangeni.

As Eswatini is a member of the Southern African Customs Union, the Emalangeni is pegged to the South African Rand (ZAR) at a fixed exchange rate. 1 Eswatini Emalangeni is equal to 1 South African Rand. Consequently, both the Emalangeni and the Rand are widely accepted and used as legal tender in Eswatini.

The value of Emalangeni can fluctuate in the foreign exchange markets based on supply and demand dynamics. The economy of Eswatini relies on various sectors such as agriculture, tourism, and services. The value of Emalangeni can be influenced by the performance of these sectors, economic indicators, and other factors.

Emalangeni is the official means of payment in Eswatini and is used in all domestic commercial transactions. The acceptance of Emalangeni outside of Eswatini may be limited, and conversion may be required at currency exchange bureaus or international financial institutions.

In conclusion, Swaziland Emalangeni (SZL) is the official currency of Eswatini. Emalangeni is pegged to the South African Rand and is widely accepted in Eswatini for commercial transactions.