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· The Central Bank of Seychelles (CBS) is optimistic about the stability of exchange rates in the country riding on the back of pick up in the tourism sector
· CBS said that as of January 19, the country’s forex reserves stood at US$703 million. Of that, US$528 million can be expended for import and other related purposes
· Seychelles received a total of 182,849 visitors to its shores, bringing in an estimated revenue of US$310 million. That was 40% higher than what it had received in 2020
The Central Bank of Seychelles (CBS) is optimistic about the stability of exchange rates in the country riding on the back of pick up in the tourism sector. CBS said that as of January 19, the country’s forex reserves stood at US$703 million. Of that, US$528 million can be expended for import and other related purposes.
CBS governor Caroline Abel said that the improvement in the economic activities was mainly because the tourism sector was rebuilding itself and stressed the need for boosting the sector. She disclosed that in 2021, Seychelles received a total of 182,849 visitors to its shores, bringing in a estimated revenue of US$310 million. That was 40% higher than what it had received in 2020.
On average, up to January 19, a dollar was SCR14.69 and a euro was SCR16.47, which the CBS Governor said augured well for the country, which has to import a lot of essential goods. She added that the exchange rates would continue to be stable in anticipation of considerable pick up in the tourism sector.
Seychelles received a total of US$621 million in foreign currency compared to US $488 million in 2020, an increase of 27 percent. The demand for foreign exchange on the local market also increased, going from US$517 million in 2020 to US$613 million in 2021. In late December last year, Seychelles received the second disbursement of US$33.56 million under the Extended Fund Facility of the IMF. On December 31, the country received US$34.91 million from the World Bank as budget support.
According to the World Bank, after a GDP growth of 6.9 percent in 2021, Seychelles should achieve growth rates of around 7.7 percent in 2022 and 6.8 percent in 2023.
