Seychelles: First Review Under the Extended Arrangement and Request for Modification of Performance Criteria

December 22, 2014

Preview Citation

Format: Chicago

Seychelles: First Review Under the Extended Arrangement and Request for Modification of Performance Criteria, (USA: International Monetary Fund, 2014) accessed December 22, 2024

Summary

Program implementation and economic fundamentals continue to be strong, but the external position weakened in mid-2014. Projected growth for 2014 has been revised down to 2.8 percent from 3.7 percent, due to weaker demand for Seychelles’ two main exports—tourism and canned tuna. At the same time, strong growth in personal earnings and private sector credit have fueled a surge in imports, putting further pressure on the balance of payments. As a result, the exchange rate depreciated an estimated 11 percent in nominal effective terms from early August to late-October.

Subject: Banking, Credit, Current spending, Expenditure, Foreign exchange, Monetary base, Money, Public debt

Keywords: Asia and Pacific, Central bank, CR, Credit, Credit growth, Current spending, Disbursement of SDR, Europe, Exchange rate, Global, ISCR, Last quarter, Middle East, Monetary base, Monetary policy, Program implementation, SDR

Publication Details

Pages:

38
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2014/356
Stock No:

1SYCEA2014003
ISBN:

9781498324564
ISSN:

1934-7685

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