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

International Monetary Fund

No 2014/356, IMF Staff Country Reports from International Monetary Fund

Abstract: 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.

Keywords: ISCR; CR; disbursement of SDR; monetary policy; SDR; central bank; program implementation; credit growth; exchange rate; last quarter; Monetary base; Credit; Current spending; Global; Middle East; Europe; Asia and Pacific (search for similar items in EconPapers)
Pages: 38
Date: 2014-12-22
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