
Bank ‘secrecy’ ruling a blow for transparency, media freedom
The High Court of Eswatini (formerly Swaziland) has upheld and defended the secrecy surrounding that country’s central bank. The court had been asked by the governor of the central bank for an interdict preventing a local newspaper from reporting on a leaked confidential document relating to Farmer Bank, Eswatini’s newest financial institution. When the Times asked the governor a number of questions relating to the central bank’s investigations on whether to grant the banking licence, he demanded an undertaking that ‘the report’ would not be published. And when the undertaking was not given, the bank went to court. The judge accepted that strict confidentiality had to be preserved ‘at all costs’ and that any leak could upset the country’s financial stability and impact on central banks ‘worldwide’.