The Central Bank, on behalf of the Government of Swaziland, issues 91-day Treasury bills on a weekly basis . From April 2008 to March 2009, there were 52 auctions for a total notional amount of SZL 1.56 billion.
The vast majority of Treasury bills sold were purchased and held by commercial banks. No bills were traded in the secondary market.
The Government bills’ auction takes place every Wednesday, with results published the following day on the Central Bank’s website or on the Reuters page SWAZ. Treasury bills are offered on competitive and non-competitive bids,
for a minimum investment size of SZL 5,000 and SZL 10,000 respectively. Participation in the auction is open to all, including individuals and non-residents. Bids can be placed via primary dealers appointed by the authorities.