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Seychelles

Author(s):
International Monetary Fund
Published Date:
May 1995
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SEYCHELLES - Basic Data
Area, population, and GDP per capita
Area:455 square kilometers
Population: Total (mid-1993)72,253
Growth rate (1993)2.1 percent per annum
GDP per capita (1993)SDR 4,483

No Fund credit outstanding.

Interest, service charges, and repayments as percentage of exports of goods and services excluding re-exports and bunker sales.

198619891990199119921993

Prov.
National accounts(In millions of Seychelles rupees)
GDP at current market prices1,5281,7211,9671,9802,2212,343
(Annual percentage changes)
GDP at current market prices9.512.614.30.712.25.5
GDP at constant 1986 prices5.310.37.52.76.95.8
Price movements(Percentage change)
GDP deflator3.92.16.4-2.05.0-0.3
Consumer price index1.81.63.92.03.21.3
Tourism(In thousands)
Visitor arrivals77.286.1103.890.198.6116.2
Nights spent8519211,0489451,0051,115
Employment (formal)21.322.323.524.024.525.2
Consolidated government operations(In millions of Seychelles rupees)
Revenue and grants749.5871.9975.0905.71,016.81,127.9
Revenue725.5838.0938.2875.5988.11,089.8
Grants24.033.936.830.228.738.1
Expenditure and net lending791.41,000.3971.3l,002.81,1451,316.6
Current expenditure609.8709.2744.6777.1920.21,009.6
Capital expenditure104.5180.1161.5256.3209.3271.4
Net lending77.1111.065.2-30.615.835.6
Arrears, net (reduction -)
Overall deficit (-)-41.9-128.43.7-97.1-128.5-188,7
Financing
External-44.132.5-35.861.0-33.019.9
Domestic86.095.932.136.1161.5168.8
Money and credit (end of period)(Changes as percent of broad money stock at beginning of period)
Net foreign assets-0.7-5.95.611.22.20.6
Domestic credit25.723.712.412.314.623.7
Claims on Government (net)21.117.210.68.214.119.2
Claims on public entities2.80.90.22.3-0.52.9
Claims on private sector1.75.71.61.80.91.6
Money and quasi-money22.417.214.411.513.221.0
Balance of payments(In millions of SDRs)
Trade balance-87.6-97.7-95.9-93.0-101.0-129.2
Exports, f.o.b.12.811.320.613.713.915.8
Imports, f.o.b.-100.4-109.0-116.5-106.7-114.9-144.9
Services and income, net48.959.475.978.888.192.5
Receipts124.6148.2171.5174.7181.0191.9
Payments-75.7-88.7-95.5-95.9-92.9-99.4
Unrequited transfers, net18.117.523.415.914.920.1
Private, net-3.6-4.1-1.9-1.8-2.0-4.1
Official, net21.721.625.317.716.924.2
Long-term capital, net8.218.610.922.86.826.7
Short-term capital, errors and ommissions, net11.31.4-11.4-25.0-13.0-15.0
Overall balance-1.1-0.83.0-0.5-4.1-4.9
Official reserves, net1.10.8-3.0-8.3-3.2-2.4
Change in arrears (increase +)8.87.37.3
Gross official reserves (year-end)6.49.111.719.221.925.0
Weeks of imports(2.8)(3.7)(4.4)(8.0)(8.4)(7.6)
Outstanding external debt, year-end 1/85.589.987.498.193.5102.9
Debt service ratio (percent) 2/12.812.012.010.98.39.0

No Fund credit outstanding.

Interest, service charges, and repayments as percentage of exports of goods and services excluding re-exports and bunker sales.

No Fund credit outstanding.

Interest, service charges, and repayments as percentage of exports of goods and services excluding re-exports and bunker sales.

Table 1.Seychelles: Gross Domestic Product, Deflator, Population, and Par Capita GDP, 1989–93
GDP at market pricesGDPPopulationGDP per capita
Constant

1986 prices
Current

prices
deflator(midyear)Constant

1986 prices
Current

prices
(in millions of SRs)(1986=100)(In SRs)(In SDRs)
19891,564.11,721.0110.069,167.022,613.43,439.3
19901,680.71,967.1117.069,507.024,180.33,911.9
19911,726.81,980.1114.770,439.024,514.83,885.7
19921,845.32,221.2120.470,763.026,077.24,338.8
1993 1/1,952.02,343.3120.072,253.027,016.24,482.9
(Annual change in percent)
198910.312.62.10.69.612.0
19907.514.36.40.56.913.7
19912.70.7-2.01.31.4-0.7
19926.912.25.00.56.411.7
19935.85.5-0.32.13.63.3
Source: Management & Information Systems Division (MISD).

MISD, Central Bank of Seychelles (CBS), and staff estimates.

Source: Management & Information Systems Division (MISD).

MISD, Central Bank of Seychelles (CBS), and staff estimates.

Table 2.Seychelles: Tourism Statistics, 1989–94
1989199019911992199319931994
January-June
Visitor arrivals
Number (thousands)86.1103.890.198.6116.256.151.7
Percent change(11.6)(20.6)(-13.2)(9.4)(17.8)(17.6)(-7.8)
Nights spent
Thousands921.01,048.0945.01,005.21.115.0516.1522.4
Percent change(8.2)(13.8)(-9.8)(6.4)(10.9)(8.2)(1.2)
Average length of
stay in nights10.710.110.510.29.69.210.1
Value added in tourism
(SR millions, current prices)244.1333.2365.1387.0410.9
Tourism receipts 1/
Total (SR millions)522646526600600
Per arrival (SR)6,0636,2215,8386,0855,164
Per night (SR)567616557597538
Purpose (percent of arrivals)
Holiday92.289.692.086.980.077.485.2
Business4.94.15.17.37.98.08.2
Transit and other2.96.33.45.812.014.66.6
Residency (percent of arrivals) 2/
Europe79.778.371.780.480.981.683.0
Africa13.015.320.912.411.610.79.3
Other7.36.47.47.27.57.77.7
Beds available (average number)3,4303,5903,6803,8803,9603,8884,242
Bed occupancy rate (percent)61.067.056.055.057.055.055.0
Cruise ship passengers (number) 3/1,5497,5647,6188,6839,5947,6006,822
Source: Management & Information Systems Division (MISD) (Migration and Tourism Statistics and Statistical Bulletins. Statistical Abstracts, and updates thereto).

Commercial bank purchases of foreign exchange from tourism sector (Central Bank), unadjusted figures, which include purchases from residents and sales to visitors returning home.

January to June 7 for parts of 1991 and 1992.

Not included as visitors.

Source: Management & Information Systems Division (MISD) (Migration and Tourism Statistics and Statistical Bulletins. Statistical Abstracts, and updates thereto).

Commercial bank purchases of foreign exchange from tourism sector (Central Bank), unadjusted figures, which include purchases from residents and sales to visitors returning home.

January to June 7 for parts of 1991 and 1992.

Not included as visitors.

Table 3.Seychelles: Production Indicators, 1989–93
19891990199119921993
(In metric tons)
Agricultural crops
Copra
Exports 1/1,337874456424181
Deliveries to warehouse966931508396380
Cinnamon bark
Exports 1/24971200333435
Deliveries to warehouse226180462263242
Tea (green leaf)150219241224246
Fish landed (artisanal sector)4,3925,1375,7465,7775,447
Canned tuna
Production2,4172,7633,5713,0324,531
Exports (millions of cans)19.324.215.713.3
(In thousands of metric tons)
Fish transshipped 2/213.4168.1170.9164.4130.8
(In thousands of liters)
Beverage production
Beer and stout5,2435,3425,8916,9986,523
Soft drinks4,5064,9955,6006,1337,045
(In millions of units)
Cigarette production58.066.869.462.065.0
(In millions of kilowatt-hours)
Electricity production94.3100.9105.5108.1117.2
(In units indicated)
Slaughter (Le Rocher Abattoir)
Cattle (head)393320383329297
Pigs (number)4,7455,5176,0824,5984,826
Chickens (thousands)395.1400.3407.8439.1446.4
Source: Management & Information Systems Division (MISD).

Actual shipments by Union Lighterage Company.

Estimates relate to pelagic fish caught by foreign fishing vessels fishing in the Western Indian Ocean and transshipped in Seychelles.

Source: Management & Information Systems Division (MISD).

Actual shipments by Union Lighterage Company.

Estimates relate to pelagic fish caught by foreign fishing vessels fishing in the Western Indian Ocean and transshipped in Seychelles.

Table 4.Seychelles: Indicators of Prices, Wages, and Employment, 1989–93
Averages for period19891990199119921993
(Indices: base periods as indicated)
Retail prices - all income groups (January 1993=100) 1/90.093.595.498.599.8
Domestic goods (65.6) 2/89.593.694.898.199.5
Fish (3.2)69.180.381.086.297.2
Other food (11.9)85.790.794.297.599.4
Nonfood (50.5)94.196.597.1100.399.5
Imported goods (34.4)90.593.496.298.999.1
Food (11.5)96.498.3100.199.799.4
Nonfood (22.9)86.289.693.398.399.3
External terms of trade (1986–100)134.2140.5131.4150.3147.1
Export prices85.790.980.485.187.6
Tourism prices127.5138.7125.3134.5122.7
Import prices93.897.494.088.282.5
Average wages (1980–100)137.9148.0152.6172.9177.8
Formal employment (1980–100)124.9131.4133.9136.7141.1
(Annual changes in percent)
Retail prices - all income1.63.92.03.21.3
Domestic goods1.74.61.33.51.4
Imported goods1.13.23.02.80.2
Import prices-3.33.8-3.5-6.2-6.5
Average wages3.17.33.113.32.8
Formal employment4.95.31.92.13.2
Source: Management & Information Systems Division (Statistical Abstracts and Statistical Bulletins).

Weights in percent shown in parentheses; new weights used since January 1993, according to the results of the Household Income and Expenditure Survey, 1991–92. In addition, low-income retail prices discontinued since January 1993.

Includes goods with high import content.

Source: Management & Information Systems Division (Statistical Abstracts and Statistical Bulletins).

Weights in percent shown in parentheses; new weights used since January 1993, according to the results of the Household Income and Expenditure Survey, 1991–92. In addition, low-income retail prices discontinued since January 1993.

Includes goods with high import content.

Table 5.Seychelles: Consolidated Government Operations, 1989–93 1/
19891990199119921993
(In millions of Seychelles rupees)
Total revenue and grants871.9975.0905.71,016,81,127,9
Total revenue838.0938.2875.5988.11,089.8
Tax653.3752.7678.9766.9880.6
Nontax184.7185.5196.6221.2209.2
External grants33.936.830.228.738.1
Expenditure and net lending1,000.3971.31,002.81,145.31,316.6
Current expenditure709.2744.6777.1920.21,009.6
Of which: interest(139.3)(157.1)(157.2)(174.5)(208.9)
Capital expenditure180.1161.5256.3209.3271.4
Net lending111.065.2-30.615.835.6
Current balance (deficit -)128.8193.698.467.980.2
Overall balance, commitment basis-128.43.7-97.1-128.5-188.7
Arrears, net (reduction -)
Overall balance, cash basis-128.43.7-97.1-128.5-188.7
Foreign financing (net)32.5-35.861.0-33.019.9
Gross borrowing115.761.7147.829.485.5
Amortization-83.2-97.5-86.8-62.4-65.6
Domestic financing95.932.136.1161.5168.8
Banking system95.167.159.3114.2175.2
Central bank92.67.77.0118.752.9
Commercial banks, net2.559.452.3-4.5122.3
Other domestic0.8-35.0-23.247.3-6.4
Specialized banks
Other nonbank0.8-35.0-23.247.3-6.4
(In percent of GDP)
Total revenue and grants50.749.645.745.848.1
Total revenue48.747.744.244.546.5
External grants2.01.91.51.31.6
Expenditure and net lending58.149.450.651.656.2
Current expenditure41.237.939.241.443.1
Of which: interest(8.1)(8.0)(7.9)(7.9)(8.9)
Capital expenditure10.58.212.99.411.6
Net lending6.43.3-1.50.71.5
Overall deficit, cash basis-7.50.2-4.9-5.8-8.1
Before grants-9.4-1.7-6.4-7.1-9.7
Financing External (net)1.9-1.83.1-1.50.8
Domestic5.61.61.87.37.2
Of which: bank(5.5)(3.4)(3.0)(5.1)(7.5)
Net lending and transfers to parastatals12.66.24.65.15.3
Nominal GDP (in SR millions)1,721.01,967.11,980.12,221.22,343.3
Sources: Department of Finance; and staff estimates.

Includes the Central Government and the Social Security Fund.

Sources: Department of Finance; and staff estimates.

Includes the Central Government and the Social Security Fund.

Table 6.Seychelles: Growth of Government Revenue and Grants, 1989–93
19891990199119921993
(Annual percentage changes)
Tax revenue17.115.2-9.813.014.8
Taxes on income and profits44.66.3-16.54.8
Individuals 1/21.2-69.9-16.1-26.9-63.2
Corporate 2/46.812.2-16.50.65.8
Social security revenue (net)310.2180.1-8.7-33.3-24.2
Taxes on goods, services, and trade6.910.9-8.420.720.0
Excise taxes
Turnover taxes300.0-50.0-50.0-100.0
Import taxes
Trade and service tax 3/6.810.9-8.420.720.0
Other indirect domestic taxes25.114.9-4.925.012.3
Business and professional licenses26.917.3-5.525.012.7
Motor vehicle taxes13.27.02.225.58.5
Other taxes-100.0
Taxes on property140.0-75.033.3
Other taxes-49.212.92.911.112.5
Nontax revenue10.30.46.012.5-5.4
Administratve fees and charges19.225.57.242.9-4.4
Property income6.9-12.22.9-26.313.2
Of which: dividends from parastatals(35.8)(-21.4)(0.8)(-15.1)(9.3)
Sales of land300.0112.582.46.563.6
Other nontax-50.0142.982.4706.5-81.6
Total revenue15.512.0-6.712.910.3
Grants41.38.6-17.9-5.032.7
Revenue and grants16.311.8-7.112.310.9
(In percent of GDP)
Revenue and grants50.749.645.745.848.1
Total revenue48.747.744.244.546.5
Tax revenue38.038.334.334.537.6
Nontax revenue10.79.49.910.08.9
Grants2.01.91.51.31.6
Sources: Data provided by the Seychelles authorities; and staff estimates.

Social security contributions may include some amounts appropriate to income tax, the collection of which was shifted to the social security system in 1988.

Business tax replaced most companies’ profit tax and self-employed personal income tax in 1988.

The trade and service tax replaced import duties, excise taxes, and turnover taxes in 1986.

Sources: Data provided by the Seychelles authorities; and staff estimates.

Social security contributions may include some amounts appropriate to income tax, the collection of which was shifted to the social security system in 1988.

Business tax replaced most companies’ profit tax and self-employed personal income tax in 1988.

The trade and service tax replaced import duties, excise taxes, and turnover taxes in 1986.

Table 7.Seychelles: Growth of Government Expenditure and Net Lending, 1989-93 1/
19891990199119921993
(Annual percentage changes)
Current expenditure16.35.04.418.49.7
Wages and salaries5.28.05.321.25.7
Goods and services17.223.75.516.96.2
Scheduled interest 2/5.512.80.111.019.7
Current transfers76.7-53.46.935.820.6
To households 3/41.9-48.6-3.239.637.8
To parastatals86.3-54.49.235.116.9
Capital expenditure72.310.358.7-18.329.7
Acquisition of fixed assets88.6-19.637.7-4.648.2
Purchase of land9.3185.1-26.9-55.1-15.9
Capital transfers to nonfinancial public enterprises3.823.5245.4-47.5-48.4
Total expenditure24.51.914.09.313.4
Net lending44.0-41.3-146.9151.6125.3
Total expenditure and net lending26.4-2.93.214.215.0
(In percent of GDP)
Current expenditure41.237.939.241.443.1
Capital expenditure10.58.212.99.411.6
Net lending6.43.3-1.50.71.5
Total expenditure and net lending58.149.450.651.656.2
Source: Ministry of Finance.

Including the social security system.

Actual interest payments as of 1991.

Government transfers and social security benefits.

Source: Ministry of Finance.

Including the social security system.

Actual interest payments as of 1991.

Government transfers and social security benefits.

Table 8.Seychelles: Monetary Indicators, 1989–94
198919901991199219931994
MarchJune
(In millions of Seychelles rupees)
Foreign assets, net11.146.8127.6145.4150.799.295.6
Central Bank, net26.748.4107.7131.3148.9102.1110.5
Commercial banks, net-15.6-1.619.914.11.8-2.9-14.9
Domestic credit688.0766.4855.7973.21,190.21,279.21,358,5
Claims on Government, net519.7586.8646.1760.3935.51,025.01,086.6
Claims on public entities40.341.458.454.180.981.095.4
Claims on private sector127.0137.2150.2157.8172.8172.2175.6
Claims on specialized banks1.01.01.01.01.01.01.0
Money and quasi-money632.7724.0807.2914.01,105.71,170.01,131.4
Money219.8216.7265.8293.7337.2360.9330.4
Quasi-money412.9507.3541.4620.3768.5809.1801.0
Other items, net66.489.2176.1204.6235.2208.4322.7
(Changes during the year) 1/
Foreign assets, net-32.135.280.817.85.3-29.2-58.0
Central Bank, net-6.121.759.323.617.6-24.4-39.8
Commercial banks, net-26.014.021.5-5.8-12.3-4.8-18.2
Domestic credit128.078.489.3117.5217.0226.5267.9
Claims on Government, net92.667.159.3114.2175.2189.1218.8
Claims on public entities4.61.117.0-4.326.820.332.0
Claims on private sector30.810.213.07.615.017.117.2
Money and quasi-money93.091.383.2106.8191.7198.6109.0
Money31.8-3.149.127.943.560.331.5
Quasi-money61.294.434.178.9148.2138.377.5
Other items, net2.922.886.928.530.6-1.3100.9
(Annual growth rate in percent) 1/
Domestic credit22.911.411.713.722.321.524.6
Claims on Government, net21.712.910.117.723.022.625.2
Claims on public entities12.92.741.1-7.449.533.550.5
Claims on private sector32.08.09.55.19.511.010.8
Money and quasi-money17.214.411.513.221.020.410.7
Money16.9-1.422.710.514.820.010.6
Quasi-money17.422.96.714.623.920.610.7
(Annual change in percent of beginning broad money) 1/
Foreign assets, net-5.95.611.22.20.6-3.0-5.7
Domestic credit23.712.412.314.623.723.326.2
Claims on Government, net17.210.68.214.119.219.521.4
Claims on public entities0.90.22.3-0.52.92.13.1
Claims on private sector5.71.61.80.91.61.81.7
Other items, net0.53.612.03.53.3-0.19.9
(In millions of Seychelles rupees)
Memorandum items:
Claims on public sector560.0628.2704.5814.41,016.41,106.01,182.0
Source: Central Bank of Seychelles.

For quarterly data, annual changes are with respect to stocks at the end of the quarter the previous year.

Source: Central Bank of Seychelles.

For quarterly data, annual changes are with respect to stocks at the end of the quarter the previous year.

Table 9.Seychelles: Accounts of the Specialized Banks, 1989–94 1/(In millions of Seychelles rupees)
End of period198919901991199219931994
MarchJuneSept.Dec.March
Cash and balances8.33.55.45.77.711.87.07.79.6
Cash in hand (SSB)2.61.42.03.34.75.72.51.53.5
Deposits with Central Bank (SSB)1.00.61.60.72.21.73.72.05.1
Deposits with commercial banks (DBS)4.71.51.81.70.84.40.84.31.0
Claims on Government (SSB)57.661.668.086.994.5115. 4124.6121.8116.1
Claims on public entitites65.076.283.277.574.869.968.165.179.5
SSB0.20.10.10.10.00.00.00.010.0
DBS64.876.183.177.474.869.968.165.169.5
Claims on private sector45.258.762.776.380.684.321.699.3111.1
SSB4.95.76.48.99.110.210.911.813.4
DBS40.353.056.367.471.574.180.787.597.7
Other assets35.034.847.350.241.542.546.040.338.6
SSB6.35.96.47.011.012.215.915.218.1
DBS28.728.940.943.230.530.330.125.120.5
Assets = Liabilities211.1234.8266.6296.6299.1323.9337.3334.3354.8
Deposit liabilities60.161.069.992.7109.7132.8144.4138.2152.6
Time deposits (SSB)16.418.322.234.141.662.372.470.767.7
Savings deposits (SSB)43.742.747.758.668.070.572.067.564.8
Reserves23.229.231.837.044.244.445.045.652.1
SSB7.78.58.56.18.08.38.99.68.0
DBS15.520.723.330.936.236.136.136.044.1
Assigned capital (DBS)40.040.040.040.040.040.040.040.040.0
Other liabilities87.8104.6124.9126.9105.2106.7107.8110.4110.2
SSB4.85.86.18.13.84.l4.24.45.6
DBS83.098.8118.8118.8101.4102.6103.6106.0104.6
Source: Central Bank of Seychelles (Quarterly Review and updates thereto).

Seychelles Savings Bank (SSB) and Development Bank of Seychelles (DBS).

Source: Central Bank of Seychelles (Quarterly Review and updates thereto).

Seychelles Savings Bank (SSB) and Development Bank of Seychelles (DBS).

Table 10.Seychelles: Balance of Payments Summary, 1989–93(In millions of Seychelles rupees)
19891990199119921993
Merchandise trade, net-707.1-693.4-673.0-731.0-934.4
Export and re-exports, f.o.b.81.7149.298.9100.3114.1
Canned tuna exports48.855.364.166.558.3
Other domestic exports19.315.821.525.219.2
Re-exports13.678.113.38.636.6
Imports, f.o.b.788.8842.6771.9831.31,048,5
Retained imports632.5618.2583.2686.8853.6
Imports for cannery 1/36.830.343.634.337.7
Imports for resale 2/119.5194.1145.1110.2157.2
Services and income, net430.0549.2570.0637.3669.3
Receipts1,072.11,240.41,263.91,309.21,388.4
Transportation355.8382.4480.6481.5520.6
Travel515.0638.5518.8592.5600.4
Other receipts (including investment income)201.3219.5264.5235.2267.4
Payments642.1691.2693.9671.9719.1
Shipment139.6149.1136.6147.6185.4
Other transportation133.9126.0161.1170.4170.8
Official interest39.440.137.736.537.6
Travel96.5106.466.083.996.4
Other payments232.7269.6292.5233.5228.9
Private transfers-29.4-13.6-13.014.3-29.8
Credit22.037.836.852.945.7
Debit51.451.449.867.275.5
Official transfers156.1183.2127.7122.2175.2
Credit159.5186.9130.5124.6178.1
Debit3.43.72.82.42.9
Long-term capital, net134.678.8165.349.5192.8
Private long-term capital, net84.0102.289.083.6178.9
Public long-term capital, net50.6-23.476.3-34.113.9
Loan drawings134.475.7168.234.194.5
Loan repayments83.899.191.968.280.6
Short-term capital, errors and omissions, net9.9-82.7-180.9-93.7-108.4
Official reserves, net5.9-21.5-60.1-23.0-17.7
Assets (increase -)-19.2-18.6-54.8-19.0-23.0
Liabilities (increase +)25.1-2.9-5.3-4.05.3
Change in arrears (increase +) 3/64.053.053.0
Balances Goods, services, and income-277.1-144.2-103.0-93.7-265.1
Current before official transfers-306.5-157.8-116.0-108.0-294.9
Current after official transfers-150.425.411.714.2-119.7
Basic (after long-term capital)-15.8104.2177.063.773.1
Overall-5.921.5-3.9-30.0-35.3
Memorandum items:
GDP at current market prices1,721.01,967.11,980.12,221.22,343.3
Current balances/GDP(percent)
Before official transfers-17.8-8.0-5.9-4.9-12.6
After official transfers-8.71.30.60.6-5.1
Debt service ratio (percent) 4/
To exports of goods and services10.710.09.57.47.9
To same, less re-exports and bunkers12.012.010.98.39.0
Sources: Central Bank of Seychelles; and staff estimates.

Mainly frozen tuna purchased from foreign fleets.

As re-export and bunker sales (mostly fuel, included in transportation receipts).

Consists of commercial arrears.

Official interest and amortization as percent of current receipts.

Sources: Central Bank of Seychelles; and staff estimates.

Mainly frozen tuna purchased from foreign fleets.

As re-export and bunker sales (mostly fuel, included in transportation receipts).

Consists of commercial arrears.

Official interest and amortization as percent of current receipts.

Table 11.Seychelles: Domestic Exports, Re-exports, and Bunker Sales, 1989–93(In millions of Seychelles rupees)
19891990199119921993
Domestic exports, f.o.b.70.173.187.693.779.5
Canned tuna48.855.364.166.558.3
Fresh and frozen fish13.211.717.718.19.2
Copra2.51.61.00.70.9
Cinnamon bark1.40.41.02.02.3
Other4.24.13.86.48.8
Re-exports and bunker sales123.4228.4170.7152.5185.0
Re-exports 1/13.678.113.38.636.6
Durables to carriers 2/2.80.50.20.50.5
Other re-exports 3/10.877.613.18.136.1
Bunker sales 1/109.8150.3157.4143.9148.4
Petroleum products 2/107.5148.9156.4142.0146.1
Food, beverages, tobacco and chemicals 2/2.31.41.01.92.3
Total, customs basis193.5301.5258.3246.2264.5
Memorandum items:
Exports and re-exports,
balance of payments81.7149.298.9100.3114.1
Domestic exports70.173.187.693.779.5
Re-exports 1/13.678.113.38.636.6
Less: Returned imports-2.0-2.0-2.0-5.5-2.0
Net petroleum earnings-17.222.8
Bunker sales107.5148.9156.4142.0146.1
Imports for bunkers124.7148.9156.4119.2146.1
Sources: Management and Information Systems Division; Central Bank of Seychelles; and staff estimates.

Breakdown between re-exports and bunkers is as made for the balance of payments, where bunker sales are regarded as service earnings under transportation (port services). Customs data treat all such merchandise as “re-exports.”

Imported into bond and resold to international carriers.

Imported goods cleared through customs but not materially transformed before re-exportation.

Sources: Management and Information Systems Division; Central Bank of Seychelles; and staff estimates.

Breakdown between re-exports and bunkers is as made for the balance of payments, where bunker sales are regarded as service earnings under transportation (port services). Customs data treat all such merchandise as “re-exports.”

Imported into bond and resold to international carriers.

Imported goods cleared through customs but not materially transformed before re-exportation.

Table 12.Seychelles: Imports by End Use, 1989–93
19891990199119921993
(In millions of Seychelles rupees)
Retained imports, c.i.f.783.8765.6748.7829.5975.1
Consumer goods227.1242.1207.8248.9271.0
Intermediate goods405.4415.4414.0423.0473.3
Capital goods151.3108.1126.9157.6230.8
Imports for cannery43.335.721.340.344.3
Imports for resale, c.i.f.140.6228.4170.7129.7185.0
Petroleum products for bunkers 1/124.7148.9156.4119.2146.1
Other bunkers and re-exports 2/15.979.514.310.538.9
Statistical adjustment-5.9-36.0-60.2-37.931.5
Total imports, c.i.f.930.4993.7910.4980.91,235.9
Memorandum items:
Imports, f.o.b. 3/788.8842.6771.9831.31,048.5
Total imports, c.i.f.930.4993.7910.4980.91,235.9
Less: Shipment 4/-139.6-149.1-136.6-147.6-185.4
Less: Returned imports-2.0-2.0-1.9-2.0-2.0
GDP at current market prices1,721.01,967.11,980.12,221.22,343.3
(In percent)
Rates of change
Retained imports, c.i.f.4.8-2.3-2.210.817.6
Total imports, c.i.f.8.66.8-8.47.726.0
Import prices 5/-3.33.8-3.5-6.2-6.5
Total imports at constant prices12.32.9-5.012.437.3
Ratio to GDP
Total imports, c.i.f.54.150.546.044.252.7
Retained imports, c.i.f.45.538.937.837.341.6
Source: Management and Information Systems Division (MISD).

Imports of petroleum products for subsequent sale to ships and aircraft.

Reported as equal to nonpetroleum re-exports and bunker sales (details in Table 11).

As adjusted for balance of payments.

Freight and insurance, estimated as 15 percent of imports (c.i.f.) other than for cannery.

From index in Appendix Tables XXII and XXIV for total imports, c.i.f.

Source: Management and Information Systems Division (MISD).

Imports of petroleum products for subsequent sale to ships and aircraft.

Reported as equal to nonpetroleum re-exports and bunker sales (details in Table 11).

As adjusted for balance of payments.

Freight and insurance, estimated as 15 percent of imports (c.i.f.) other than for cannery.

From index in Appendix Tables XXII and XXIV for total imports, c.i.f.

Table 13.Seychelles: External Public Debt and Debt Service, 1989–93
19891990199119921993
(In millions of Seychelles rupees)
Government external debt (year-end) 1/650.7632.3709.8676.7744.3
Bilateral loans265.4286.6336.1325.3341.0
Multilateral loans208.9207.4213.6205.3264.4
Commercial loans176.4138.3160.1146.1138.9
Debt service122.6137.6125.098.9112.0
Repayments 1/83.297.587.362.474.4
Interest and charges39.440.137.736.537.6
Government 1/31.533.030.429.430.5
Other 2/7.97.17.37.17.1
Memorandum items:
GDP at current market prices1,721.01,967.11,980.12,221.22,343.3
Exports of goods and services1,153.81,389.61,362.81,409.51,502.5
Less: Re-exports and bunkers sales123.4228.4170.7152.5185.0
Total excluding above1,030.41,161.21,192.11,257.01,317.5
(In percent)
Share in total debt100.0100.0100.0100.0100.0
Bilateral loans40.845.347.448.145.8
Multilateral loans32.132.830.130.335.5
Commercial loans27.121.922.621.618.7
Ratios
Total debt to GDP37.832.135.830.531.8
Government debt service, to:
Exports of goods end services10.69.99.27.07.5
Same less, re-exports and bunker sales11.911.810.57.98.5
Sources: Department of Finance; and Central Bank of Seychelles.

Government-serviced debt of over one year’s maturity only.

Central Bank and parastatals (estimated) largely short-term.

Sources: Department of Finance; and Central Bank of Seychelles.

Government-serviced debt of over one year’s maturity only.

Central Bank and parastatals (estimated) largely short-term.

CHART 1.SEYCHELLES GDP, EMPLOYMENT, AND PRICES, 1989–93

CHART 2.SEYCHELLES TOURISM INDICATORS, 1989–93

CHART 3.SEYCHELLES FISCAL OPERATIONS, 1989–93

Sources: Data provided by the Seychelles authorities; and staff estimates.

CHART 4.SEYCHELLES MONEY GROWTH RATES, VELOCITY, AND QUASI-MONEY, 1989–93

Sources: Data provided by the Seychelles authorities; and staff estimates.

CHART 5.SEYCHELLES CREDIT: SHARES AND GROWTH RATES, 1988–94

Sources: Data provided by the Seychelles authorities; and staff projections for 1994.

CHART 6.SEYCHELLES BALANCE OF PAYMENTS, EXPORTS, AND IMPORTS, 1989–93

Sources: Data provided by the Seychelles authorities; and staff estimates.

CHART 7.SEYCHELLES TERMS OF TRADE, NET FOREIGN ASSETS, AND EXTERNAL PUBLIC DEBT, 1989–93

Sources: Data provided by the Seychelles authorities; and staff estimates.

CHART 8.SEYCHELLES NOMINAL AND REAL EFFECTIVE EXCHANGE RATES 1 JANUARY 1980–JULY 1994

(Period average, 1980=100; foreign currency per Seychelles rupee)

Sources: IMF Information Notice System; and staff estimates.

1/ Based on the combined weights of trading partners and regional competitors In the tourism market.

APPENDIX I
Seychelles: Summary of the Tax System, 1994(as at end-June 1994)(All amounts in Seychelles rupees)
TaxNature of TaxExemptions and DeductionsRates
1.Taxes on net income and profits
Taxes on businesses forA tax on income derived from a source in Seychelles (and in the case where a nonresident carries a business in Seychelles through a branch, the branch shall be deemed to be incorporated and carrying on business in Seychelles) during the immediately preceding year by the owner of a business.Deductions include normal expenses incurred in carrying on the business. Specific deductions are allowed for royalties and interest when withholding tax is paid; expenses of borrowing loans, discharge of mortgage and lease documents; certain expenditure on land for primary production for clearing, draining, fencing, and pest control; gifts made to any public fund, body, or institution approved by the Minister. A loss in any year is deductible within a maximum of seven subsequent years. Depreciation allowances for new plants used in manufacturing or primary production aggregate 120 percent over five years, and on other plants, 100 percent over the expected life of each item unless the Minister otherwise directs; 100 percent is allowed on hotels over nine years, and on new factories 4 percent annually.The rates of tax payable by the owner of a business (companies, partnership, trusts, and sole traders) being a resident or a nonresident are as follows:
(a)companies, corporations, or enterprises
(b)partnerships
(c)trusts- 20 percent on the first SR 36,000 or part thereof, and 35 percent of the remainder.
(d)sale traders
Business Tax Act 1987.Dividends paid to nonresidents are subject to withholding tax only; interest paid to nonresidents, other than interest received in the course of trade by financial institutions, moneylenders, etc., is subject to withholding tax only; royalties, including management fee payable to nonresidents, are subject to withholding tax only.The rates of withholding tax are as follows:
- Dividend, royalty paid to a nonresident: 15 percent.
- Interest paid to a resident on a loan provided to a business, where the resident is not carrying on business of lending money: 15 percent.
Share in the partnership profit and share in the income of a trust estate by nonresidents are subjected to withholding tax.- Share in the partnership profit and share in the income of a trust estate distributed to a resident: nil.
Income from house property is given an exemption for five years from the business tax.
“Hotels” means an establishment licensed as a hotel, guesthouse, or self-catering units under the License Act 1986. A normal range of income is specifically exempted from tax, but important categories of income are effectively exempted through all rates of withholding tax.
2.Taxes on property
Property transfers
Stamp Duties Ordinance, 1975, No. 4 of 1975 (Immovable Property Transfer Restriction Fee Regulations, 1974), S.I. 56 of 1974; Immovable Property (Transfer Restriction) Act, Decree No. 13 of 1977; Stamp Duty (Amendment) Regulations, S.I. 116 of 1980.Levied on the value of immovable proparty transferred and on the consideration for the grant of an option.Transfers to the Government are exempt.4 percent on the first SR 50,000 of value, and 10 percent on the remainder. The fee is to be paid by the transferor or the transferee if the latter retains the duty when making payment of the consideration (plus 1.5 percent license fee when property is acquired by a non-Seychellois—see 3.2.5 below).
3 percent of the value of the property or rights.
Amendment of the first schedule to Act 4 of 1975 last amended by S.I. 20 of 1982.Levied on movable property or rights2.5 percent of the value of the shares.
Levied on shares of the capital of a company.As specified in the regulations.
3.Taxes on goods and services
The Minister may authorize exemptions from the tax for products and materials imported into Seychelles for further manufacture or production of intermediate or final products for sale. Certain imported goods are exempt from the tax under the regulations, including imports previously exempt from tax under the Customs Tariff (Temporary Importations) Regulations, the Customs Tariff (Passengers Baggage) Regulations, and the Customs Tariff (Presidential Exemption) Regulations.
3.1Trades and service tax
The Trades Tax Act 1985 is enacted and deemed to have come into operation on January 1, 1986. The Turnover Tax Act 1985 and the Control of Goods Decree 1977 are repealed. The Customs Tariff Act is amended by reducing to “free” all rates of duty on goods subject to positive rates of duty prior to January 1, 1986. The Excise Duty Act, 1972, amended by reducing to “nil” the duty rates specified in the first schedule with effect from January 17, 1986.The Act provides for assessment and payment of a trades tax on specified goods and services and for related purposes. The tax replaces the previous customs, excise, and turnover taxes and will apply to goods imported into Seychelles, to goods manufactured or produced in Seychelles for sale, and to specified services. The tax on imported goods is calculated at the “landed cost” increased by specified rates of wholesale markup. The tax on locally manufactured or produced goods is calculated on monthly sales revenue at rates specified in the regulations. Tax on specified services is calculated on payments received for those services at rates specified in the regulations.
As part of an exercise to upgrade tourist establishments, hotels and restaurants have been granted, on a case-by-case basis, 100 percent tax concession on imported capital equipment. A 50 percent tax concession is also granted on all service items.
3.2.Taxes on use of goods and services or property, or permission to perform activities
3.2.1Business licence fees. The Licence Ordinance (Cap. 106), the Licence Fees (Amendment) Notices (S.I. No. 106 of 1974 and 119 of 1975).All business, including agents and brokers, auctioneers, owners of vessels engaged in coastal trade in Seychelles, and music or gaming machines are required to be licensed annually. (Hotels and banks are licensed annually under separate legislations— hotels at SR 150 per bed).Fees range from SR 25 for hawkers, blacksmiths, etc., to SR 375 for insurance agencies, etc., to SR 600 for chandlers and labor contractors, to SR 1,000 for general merchants, shipping and aircraft agents, and wholesalers.
3.2.2Motor vehicle taxes. The Road Transport Act (Cap. 226); the Road Transport Regulations (S.I. 104 of 1986).Annual fees that increase with the cylinder capacity of motorcycles and passenger-carrying vehicles, and with the weight or load capacity of other vehicles, whichever is the greater. Additional fees are charged for an omnibus, taxi, or self-drive hire car. An annual driving license fee is also payable.Motorcycles, from SR 100 to SR 150. Passenger vehicles, SR 1 per cubic centimeter of engine displacement (effective January 1, 1994). Other vehicles from SR 300 to SR 1,000.
Additional Fees
OmnibusSR 50–100
TaxiSR 300
Self-driveSR 1,000
Driving license feeSR 50
3.2.3Hire craft license fees. Control of Hire Craft Act (Cap. 208). The Control of Hire Craft Regulations (S.I. 63 of 1978).All hire craft are required to be licensed annually on the basis of their overall length. (The Regulations also impose minor fees for surveys of craft and certification of crews).
Length in feet
Under 10SR 500
10–20SR 1,500
20–30SR 4,000
30–40SR 6,000
40–70SR 8,000
Over 70SR 10,000
Beach craftSR 100
3.2.4Foreign fishing vessel license fees. Control of Fishing Vessels Decree No. 7 of 1979.All foreign fishing vessels fishing within the exclusive economic zone of fishing for sedentary species on the continental shelf require a license.Tuna long lining: SR 105 per month per gross registered ton. Tuna purse seining: SR 70 per ton of fish permitted. Tuna pole and line: subject to negotiation (currently SR 40 per ton). Pelagic trawling: SR 35 per month per gross registered tons.
3.2.5Property transfer fees. The Immovable Property (Transfer Restriction Ordinance (Cap. 96) and Regulations (S.I. 96 of 1974).A fee is imposed (additional to any stamp duty) on sanctions for any non-Seychellois to acquire or lease immovable property, or to take an option in that regard, or to purchase shares in a company owning immovable property.1 percent of value transferred or of annual rent. Options: SR 100 Purchase or shares: SR 500
3.3Stamp duties
The Stamp Duty Ordinance, 1975 (No. 4 of 1975).Stamp duties are imposed on an extensive range of legal instruments at low ad valorem or fixed rates.Fixed duties range from SR 0.1 on receipts and checks to SR 25 on performance bonds. Ad valorem duties include losses between 2 percent and 10 percent of the annual rent; on transfers of shares 2.5 percent; on movable property, 3 percent; and on mortgages 1/8 percent of the sum secured.
4.Taxes on international trade and transactionsWith the introduction of the Trades Tax Act of 1985, the Customs Tariff Act was amended by reducing to "free" all positive rates of duty with effect from January 1, 1986.
Amended by the Trades Tax Act of 1985.
Source: Data provided by the Seychelles authorities.
Source: Data provided by the Seychelles authorities.
Table I.Seychelles: Gross Domestic Product by Industrial Origin at Constant (1986) Market Prices, 1989–93(In millions of Seychelles rupees)
19891990199119921993 1/
Agriculture, forestry, and fishing69.278.375.164.161.5
Agriculture46.451.145.536.836.0
Forestry1.51.51.61.51.2
Fishing21.325.728.025.824.3
Manufacturing and handicrafts167.0191.9226.3238.1250.0
Manufacturing151.9174.8210.8221.8234.0
Handicrafts15.117.115.516.316.0
Electricity and water10.614.126.0-11.1-12.0
Electricity15.823.234.11.92.0
Water-5.2-9.1-8.1-13.0-14.0
Building and construction63.370.773.183.3105.5
Transport, distribution, and communications469.4522.8588.7634.1670.2
Distribution and road freight306.1317.9315.3386.0400.3
Water transport, etc.61.054.153.247.751.4
Air transport, etc.4.528.7112.789.397.3
Passenger transport29.433.420.928.731.9
Tour operators11.232.630.919.220.8
Communications and storage57.256.155.763.268.5
Hotels and restaurants126.6132.3118.7104.6109.7
Finance and business services173.9173.0174.8180.9183.8
Banks78.477.978.481.882.7
Insurance11.210.03.81.81.9
Business services12.913.019.623.423.8
Real estate5.45.45.65.85.9
Ownership of dwellings66.066.767.468.169.5
Government services194.0216.4205.7217.5222.9
Other services36.726.221.021.522.0
Private nonprofit institutions6.01.0-0.20.91.0
Domestic services13.413.012.912.512.8
Recreation2.93.33.03.13.2
Other14.48.95.35.05.0
Subtotal1,310.71,425.71,509.41,533.01,613.6
Adjustments:
Net interest payments by banks-52.4-67.9-64.9-71.9-71.1
Import duty305.8322.9282.3384.2409.5
Gross domestic product at
constant (1986) market prices1,564.11,680.71,726.81,845.31,952.0
Source: Management and Information Systems Division (MISD).

MISD and staff estimates.

Source: Management and Information Systems Division (MISD).

MISD and staff estimates.

Table II.Seychelles: Gross Domestic Product by Industrial Origin at Current Market Prices, 1989–93(In millions of Seychelles rupees)
19891990199119921993 1/
Agriculture, forestry, and fishing73.994.694.685.081.9
Agriculture53.065.262.551.150.1
Forestry1.61.81.41.81.5
Fishing19.327.630.732.130.3
Mining, manufacturing, and handicrafts162.3198.6214.3264.3277.3
Manufacturing145.1179.0193.0243.2256.6
Handicrafts17.219.621.321.120.7
Electricity and water23.326.942.111,013.2
Electricity8.812.723.6-9.3-8.7
Water14.514.218.520.321.9
Building and construction86.694.3101.7127.9161.9
Transport, distribution, and communications466.2552.4599.5679.9721.1
Distribution and road freight283.0315.9304.5356.4369.6
Water transport, etc.73.065.063.960.264.9
Air transport, etc.-2.216.365.385.292.9
Passenger transport29.036.726.933.937.6
Tour operators14.243.546.845.248.8
Communications and storage69.275.092.199.0107.3
Hotels and restaurants181.4215.2191.5191.5200.8
Finance and business services183.3191.2195.8213.7217.2
Banks84.989.191.6105.9107.1
Insurance15.516.610.99.59.9
Business services9.710.416.820.721.0
Real estate5.45.55.55.65.7
Ownership of dwellings67.869.671.072.073.5
Government services219.4256.2259.9296.2303.6
Other services46.144.042.544.145.4
Private nonprofit institutions10.46.76.98.48.8
Domestic services14.514.614.814.815.1
Recreation5.85.98.38.28.3
Other15.416.812.512.713.2
Subtotal1,442.51,673.41,741.91,913.62,022.4
Adjustments:
Net interest payments by banks-51.9-68.5-67.4-82.7-83.6
Import duty330.4362.2305.6390.3404.5
Gross domestic product at current market prices1.721.01.967.11.980.12.221.22.343.3
Source: Management and Information Systems Division (MISD).

MISD and staff estimates.

Source: Management and Information Systems Division (MISD).

MISD and staff estimates.

Table III.Seychelles: Expenditure on Gross Domestic Product, 1989–93(In millions of Seychelles rupees at current prices)
19891990199119921993 1/
Consumption1,443.11,525.71,562.51,774.91,865.3
Public474.7544.4558.4674.6724.1
Private 2/968.4981.31,004.11,100.31,141.2
Investment470.6481.3438.4469.3663.5
Gross fixed capital formation417.9451.9422.1465.4625.1
Increase in stocks/herds52.729.416.33.938.4
Total expenditure1,913.82,007.02,009.02,224.02,528.0
Exports minus imports 3/-194.7-42.0-27.7-95.3-128.0
Gross domestic product at market prices1,721.01,967.11,980.12,221.22,343.3
Memorandum items:
Net factor income from abroad-58.4-68.0-47.2-40.7-77.1
Gross national product at market prices1,662.61,899.11,932.92,180.52,266.2
Less: net indirect taxes370.6465.8436.8536.6643.4
Less: depreciation113.0164.7219.1181.9208.8
Net national product at factor cost (national income)1,179.01,268.61,277.01,462.01,414.0
Gross domestic savings277.9441.4417.6446.3478.0
Ratio of total expenditure to GDP (percent)111.2102.0101.1101.0107.9
Sources: Management and Information Systems Division (MISD); and staff estimates.

MISD and staff estimates.

Calculated as the residual.

Goods and nonfactor services.

Sources: Management and Information Systems Division (MISD); and staff estimates.

MISD and staff estimates.

Calculated as the residual.

Goods and nonfactor services.

Table IV.Seychelles: Composition of Domestic Capital Formation, 1989-93(In millions of Seychelles rupees at current purchasers’ value)
19891990199119921993 1/
Gross fixed capital formation417.9451.9422.1465.4625.1
Building and construction139.8167.6168.3254.4358.2
Land improvement4.34.54.56.87.5
Transport equipment106.646.856.172.684.7
Machinery and equipment167.2233.0193.2131.6174.7
Change in stocks and herds52729.416.33.938.4
Gross domestic capital formation470.6481.3438.4469.3663.5
Less: depreciation113.0164.7219.1181.9208.8
Net domestic capital formation359.3318.7219.3287.4454.7
Source: Management and Information Systems Division (MISD).

Indicative MISD and staff estimates.

Source: Management and Information Systems Division (MISD).

Indicative MISD and staff estimates.

Table V.Seychelles: Value Added in Tourism by Subsector, 1989-93 1/(In thousands of Seychelles rupees)
19891990199119921993 1/
Hotels and restaurants181.4215.2191.5191.5200.8
Handicrafts17.219.621.321.120.7
Air transport, etc.-2.216.365.385.292.9
Tour operators14.243.546.845.248.8
Passenger transport14.518.313.416.918.8
Communications13.815.018.419.821.5
Recreational services5.25.38.37.37.5
Total244.1333.2365.1387.0410.9
Memorandum items:
Total GDP at current market
prices1,721.01,967.11,980.12,221.22,343.3
Value added in tourism/GDP
(ratio in percent)14.216.918.417.417.5
Source: Management and Information Systems Division (MISD).

MISD and staff estimates.

Source: Management and Information Systems Division (MISD).

MISD and staff estimates.

Table VI.Seychelles: Visitor Arrivals by Country of Residence, 1989-94
1989199019911992199319931994
January-June
(In thousands)
Europe68.681.364.679.394.045.642.9
United Kingdom and Ireland19.319.214.914.318.98.69.3
Italy15.219.315.220.914.46.25.6
France16.321.915.221.426.615.111.6
Germany7.49.09.313.018.59.19.7
Switzerland2.92.82.52.63.81.61.7
Scandinavia2.02.11.41.61.90.91.2
Spain and Portugal1.62.82.12.25.52.51.5
Other3.94.34.03.34.41.62.3
Africa11.215.918.812.213.56.04.8
Réunion2.12.13.52.13.31.81.0
Mauritius0.91.11.01.22.40.60.7
East Africa1.31.31.11.41.10.50.5
South Africa5.19.911.86.15.02.42.1
Other1.81.51.41.41.70.70.5
Asia3.33.53.84.14.01.92.2
Middle East1.91.91.81.91.80.9l.1
Indian subcontinent0.40.30.50.70.50.30.3
Hong Kong0.10.20.20.20.2
Japan0.40.50.50.50.90.30.5
Other0.50.60.80.80.60.40.3
America2.62.62.42.53.81.81.6
United States1.91.91.81.83.11.51.3
Other0.70.70.60.70.70.30.3
Oceania0.40.50.50.50.90.60.2
Total86.1103.890.198.6116.255.951.7
(In Percent of total)
Europe79.778.371.280.480.981.683.0
united Kingdom and Ireland22.518.516.514.516.315.418.0
Italy17.618.616.921.212.411.110.8
France18.921.116.921.722.927.022.4
Germany8.68.710.313.215.916.318.8
Switzerland3.32.72.82.63.32.93.3
Scandinavia2.42.01.51.61.61.62.3
Spain and Portugal1.92.72.42.24.74.52.9
Other4.54.14.43.33.82.94.4
Africa13.015.320.912.411.610.79.3
Réunion2.42.13.92.12.83.21.9
Mauritius1.01.01.11.22.11.11.4
East Africa1.51.21.31.40.90.91.0
South Africa5.99.513.16.24.34.34.1
Other2.11.41.61.41.51.31.0
Asia3.83.44.24.23.43.44.3
Middle East2.21.82.01.91.51.62.1
Indian subcontinent0.50.30.50.70.40.50.6
Hong Kong0.10.20.30.20.20.1
Japan0.40.50.50.50.80.51.0
Other0.60.60.90.80.50.60.6
America3.02.52.72.53.33.23.1
United States2.21.92.01.82.72.72.5
Other0.80.70.60.70.60.50.6
Oceania0.50.50.60.50.81.10.4
Total100.0100.0100.0100.0100.0100.0100.0
Source: Management and Information Systems Division (MISD) (Statistical Abstracts, Migration and Tourism Statistics and Statistical Bulletins).
Source: Management and Information Systems Division (MISD) (Statistical Abstracts, Migration and Tourism Statistics and Statistical Bulletins).
Table VII.Seychelles: Average Formal Employment by Principal Sectors, 1989-93
19891990199119921993
(Number of employees)
Agriculture, forestry, and fishing2,2122,1992,1812,1442,153
Manufacturing, electricity, and water2,5372,5982,6872,7422,772
Mining and construction1,6511,7041,5921,6691,833
Wholesale and retail trade1,3011,4731,5391,7301,788
Transport, storage, and communications3,1413,2763,3593,4073,425
Tourism-related9001,0181,0561.1091,121
Other than tourism2,2412,2582,3032,2982,304
Restaurants443479515498479
Hotels2,6752,8462,8472,8722,970
Services8,3788,9379,2379,3949,818
Public administration2,6362.5172,6322,6512.570
Finance and business705824876909953
Social and community4,5675,0135,1175,1795,638
Other470583612655657
All sectors22.33823,51223.95724,45625.235
Government8,4899,0129,0619,1369,602
Parastatal6,0766,0626,3186,1976,011
Private7,6718,4388,5789,1239,622
(Percent of total)
Agriculture, forestry, and fishing9.99.49.18.88.5
Manufacturing, electricity, and water11.411.011.211.211.0
Mining and construction7.47.26.66.87.3
Wholesale and retail trade5.86.36.47.17.1
Transport, storage, and communications14.113.914.013.913.6
Tourism-related4.04.34.44.54.4
Other than tourism10.09.69.69.49.1
Restaurants2.02.02.12.01.9
Hotels12.012.111.911.711.8
Services37.538.038.638.438.9
Public administration11.810.711.010.810.2
Finance and business3.23.53.73.73.8
Social and community20.421.321.421.222.3
Other2.12.52.62.72.6
All sectors100.0100.0100.0100.0100.0
Government38.038.337.837.438.1
Parastatal27.225.826.425.323.8
Private34.335.935.837.338.1
Source: Management and Information Systems Division (MISD) (Statistical Abstracts and Statistical Bulletins).
Source: Management and Information Systems Division (MISD) (Statistical Abstracts and Statistical Bulletins).
Table VIII.Seychelles: Average Monthly Earnings in Formal Employment by Principal Sectors, 1989-93(In Seychelles rupees)
19891990199119921993
Agriculture, forestry, and fishing1,7221,8591,9372,2212,290
Manufacturing1,9752,1872,2592,5952,710
Mining and construction1,7921,8592,0012,2752,357
Wholesale and retail trade
Transport, storage, and communications1,8031,8441,9172,1192,180
Tourism-related2,7362,9652,9203,6393,651
Other2,6952,6752,7083,1973,323
Restaurants1,5631,7281,8112,0572,163
Hotels1,8261,9732,0512,2492,330
Public administration2,2152,4492,5142,8292,957
Finance and business2,9353,0203,0153,1753,225
Social and community2,3382,4792,5392,8552,872
Other1,6241,7681,9231,9942,149
All sectors2.1102.2652.3352.6452.720
Government2,2222,3802,4492,7752,837
Parastatal2,1482,3812,4362,8932,966
Private1,9572,0602,1422,3472,449
Sources: Management and Information Systems Division (MISD) (Statistical Abstracts. Statistical Bulletins. and updates thereto).
Sources: Management and Information Systems Division (MISD) (Statistical Abstracts. Statistical Bulletins. and updates thereto).
Table IX.Seychelles: Retail Prices for All Income Groups by Types of Goods, 1989-93(Indices: January 1993 - 100: period averages)
Weights 1/19891990199119921993
Fish (local)3.269.080.381.086.2100.2
Other food23.391.795.097.598.799.9
Cereals, etc.5.897.097.598.799.3100.0
Meat and tinned fish3.193.794.699.9100.1100.0
Dairy products, oil,
and fats4.995.897.899.399.999.6
Fruits and vegetables3.671.586.590.093.6100.0
Other food and non-
alcoholic beverages6.092.594.698.199.6100.0
Nonfood items73.491.394.395.899.699.7
Alcoholic beverages
and tobacco21.187.291.792.399.299.1
Clothing and footwear8.686.989.090.698.4100.1
Housing costs15.197.799.1100.0100.499.7
Fuel, power, and water7.499.599.699.799.8100.0
Household items4.785.391.595.699.399.9
Personal items1.987.991.694.198.799.8
Transport and
communications8.095.797.8102.0101.3100.0
Services and recreation6.793.795.096.899.3100.0
All items100.090.093.595.498.599.8
Source: Management and Information Systems Division (MISD) (Statistical Abstracts and Statistical Bulletins).

New weights used since January 1993, according to the results of the Household Income and Expenditure Survey, 1991-92.

Source: Management and Information Systems Division (MISD) (Statistical Abstracts and Statistical Bulletins).

New weights used since January 1993, according to the results of the Household Income and Expenditure Survey, 1991-92.

Table X.Seychelles: Investments Under National Development Flans by Principal Sectors, 1989-94(In millions of Seychelles rupees)
198919901991199219931994
PlannedActualPlannedActualPlannedActualPlannedActualPlannedActualPlanned
Productive sectors 1/102.620.972.519.146.621.542.620.428.750.987.7
Infrastructure and land use17.790.263.447.1130.1112.328.557.0130.185.165.6
Utilities90.08.424.04.326.428.57.17.416.214.038.3
Social services42.314.5105.216.966.626.494.578.4160.1153.464.7
Housing54.92.45.01.50.50.515.0210.590.7120.2
Public administration22.447.220.827.37.87.88.87.87.47.3
Total307.5158.8317.2109.7297.4197.0195.5172.0553.4401.5383.8
Source: Ministry of Planning and External Relations and Ministry of Finance (national Development Plan. 1990-94, and supplementary information).

Agriculture, forestry, fishing, and tourism.

Source: Ministry of Planning and External Relations and Ministry of Finance (national Development Plan. 1990-94, and supplementary information).

Agriculture, forestry, fishing, and tourism.

Table XI.Seychelles: Revenues and Expenditures of the Social Security System, 1989-93(In millions of Seychelles rupees)
19891990199119921993
Contributions166.8201.2214.7260.8278.1
Government 1/59.569.779.384.998.0
Employer49.558.367.270.982.1
Employees10.011.412.114.015.9
Other contributions107.3131.5135.4175.9180.1
Investment income12.115.120.223.122.2
From Government8.012.114.517.615.0
From others4.l3.05.75.57.2
Property income1.25.44.92.32.6
Total revenue180.l221.7239.8286.2302.9
Expenditures159.0185.2224.6284.9288.9
Benefits 2/78.074.283.0117.7117.9
Operating expenditures5.43.44.26.04.7
Approved payments/grants75.6107.6137.4161.2166.3
Payments to Government - Consolidated Fund66.591.6120.0125.0125.0
Payments to Government - Development Fund10.010.010.5
Payments to agencies9.16.07.425.741.3
Gross surplus (including Government)21.136.515.21.314.0
Less: government contributions59.569.779.384.998.0
Less: interest from Government8.012.114.517.615.0
Plus: payments to Government66.5101.6130.0135.5125.0
Net surplus (excluding Government)20.156.351.434.326.0
Sources: Social Services Division and Department of Finance.

Excluding the armed forces and the National Youth Service.

Including the Full Employment Scheme.

Sources: Social Services Division and Department of Finance.

Excluding the armed forces and the National Youth Service.

Including the Full Employment Scheme.

Table XII.Seychelles: Government Revenue, 1989-93(In millions of Seychelles rupees)
19891990199119921993
Tax revenue653.3752.7678.9766.9880.6
Taxes on income and profits145.2154.4128.9128.9135.1
Social security revenue (net)20.156.351.434.326.0
Taxes on goods, services, and trade437.3484.9444.0536.0643.4
Excise taxes
Turnover taxes 1/0.40.20.1
Import taxes
Trade and service tax 1/436.9484.7443.9536.0643.4
Other indirect domestic taxes46.453.350.763.471.2
Business and professional licences41.548.746.057.564.8
Motor vehicle taxes4.34.64.75.96.4
Other taxes0.6
Taxes on property1.20.30.30.30.4
Other taxes3.13.53.64.04.5
Nontax revenue184.7185.5196.6221.2209.2
Administrative fees and charges56.570.976.0108.6103.8
Property income126.7111.2114.484.395.4
Of which: dividends from parastatals(76.7)(60.3)(60.8)(51.6)(56.4)
Sales of land0.81.73.13.35.4
Other nontax0.71.73.125.04.6
Total revenue838.0938.2875.5988.1l.089.8
Source: Data providad by tha Seychelles authorities.

The trade and service tax replaced import duties, excise taxes, and turnover taxes in 1986; however, payment of certain turnover tax liabilities were deferred through 1991.

Source: Data providad by tha Seychelles authorities.

The trade and service tax replaced import duties, excise taxes, and turnover taxes in 1986; however, payment of certain turnover tax liabilities were deferred through 1991.

Table XIII.Seychelles: Economic Classification of Consolidated Government Expenditure and Nat Landing, 1989–93 1/(In millions of Seychelles rupees)
19891990199119921993
Current expenditure709.2744.6777.1920.21,009.6
Wages and salaries226.3244.4257.3311.9329.8
Goods and services237.2293.5309.6361.8384.1
Scheduled interest139.3157.1157.2174.5208.9
Current transfers 2/106.449.653.072.086.8
To households18.39.49.112.717.5
To parastatals88.140.243.959.369.3
Capital expenditure180.1161.5256.3209.3271.4
Acquisition of fixed assets158.8127.6175.7167.7248.5
Purchase of land4.713.49.84.43.7
Capital transfers to nonfinancial public enterprises16.620.570.837.219.2
Total expenditure889.3906.11,033,41,129.5l,281.0
Net lending111.065.2-30.615.835.6
Total expenditure and net lendingl,000.3971.31,002.81,145.31,316.6
Memorandum Items;
Transfers and net lending to parastatals217.3121.390.3112.3124.1
As percent of GDP12.66.24.65.15.3
Expenditure of the Ministry of Defence80.788.5105.466.8
As percent of GDP4.14.54.72.9
Source: Ministry of Finance, Social Security Fund.

Including the social security system.

Government transfers and social security benefits.

Source: Ministry of Finance, Social Security Fund.

Including the social security system.

Government transfers and social security benefits.

Table XIV.Seychelles: Monetary Survey, 1990–94(In millions of Seychelles rupees)
19901991199219931994
MarchJuneSept.Dec.MarchJune
Foreign assets, net46.8127.6145.4128.4153.6111.1150.799.295.6
Central Bank, net48.4107.7131.3126.5150.3113.8148.9102.1110.5
Assets 1/84.0138.0157.6131.7177.0149.1180.5148.1126.3
Liabilities35.630.326.35.226.735.331.646.015.8
Commercial banks, net-1.619.914.11.93.3-2.71.8-2.9-14.9
Assets57.590.549.637.546.937.340.331.030.9
Liabilities59.170.635.535.643.640.038.534.045.9
Domestic credit766.4855.7973.21,052.71,090.61,194.91,190.21,279.21,358.5
Claims on Government, net586.8646.1760.3835.9867.8956.9935.51,025.01,086.6
Claims on Government652.7744.5874.3952.4993.81,071.71,081.01,154.01,228.6
Central Bank105.5110.9241.4260.0236.5308.6302.0320.9478.1
Commercial banks547.2633.6632.9692.4757.3763.1779.0833.1750.5
Government deposits65.998.4114.0116.5126.0114.8145.5129.1142.1
Central Bank19.918.330.139.938.034.437.825.236.8
Commercial banks46.080.l83.976.688.080.9107.7103.9105.3
Claims on public entities41.458.454.160.763.472.480.981.095.4
Claims on private sector137.2150.2157.8155.1158.4164.6172.8172.2175.6
Claims on specialised banks 2/1.01.01.01.01.01.01.01.01.0
Money and quasi-money724.0807.2914.0971.41,022.41,101.61,105.71,170.01,131.4
Money216.7265.8293.7300.6298.9348.0337.2360.9330.4
Currency in circulation104.5113.6122.5124.6123.8137.3134.5140.1138.4
Demand deposits 3/112.2152.2171.2176.0175.1210.7202.7220.8192.0
Quasi-money 3/507.3541.4620.3670.8723.5753.6768.5809.1801.0
Other items, net89.2176.1204.6209.7221.8204.4235.2208.4322.7
Capital accounts41.689.485.787.488.488.488.688.788.7
Other liabilities, net—CBS-25.3-6.520.521.224.515.235.516.022.2
Other liabilities, net—banks72.993.298.4101.1108.9100.8111.1103.8211.8
Memorandum items:
Claims on public sector628.2704.5814.4896.6931.21,029.31,016.41,106.01,182.0
Public entities’ deposits113.9122.3116.3125.0118.5148.0126.9175.0144.5
Claims on public entities, net-72.5-63.9-62.2-64.3-55.1-75.6-46.0-94.0-49.1
Claims on public sector, net514.3582.2698.1771.6812.7881.3889.5931.01,037.5
Private M2 4/610.1684.9797.7846.4903.9953.6978.8995.0986.9
Source: Central Bank of Seychelles (CBS).

Does not include government balances held abroad, which are included in official reserves.

Investment in Development Bank.

Includes deposits of Seychelles Savings Bank at Central Bank.

Money and quasi-money less public entities’ deposits.

Source: Central Bank of Seychelles (CBS).

Does not include government balances held abroad, which are included in official reserves.

Investment in Development Bank.

Includes deposits of Seychelles Savings Bank at Central Bank.

Money and quasi-money less public entities’ deposits.

Table XV.Seychelles: Accounts of the Central Bank of Seychelles, 1990–94(In millions of Seychelles rupees)
19901991199219931994
MarchJuneSept.Dec.MarchJune
Foreign assets84.0138.0157.6131.7177.0149.1180.5148.1126.3
Balances held abroad75.7131.4142.5119.7155.9127.0153.1130.3108.3
Foreign securities8.36.39.26.115.216.221.511.912.1
SDR holdings0.30.10.10.10.10.10.10.1
IMF reserve position5.85.85.85.85.85.85.8
Claims on Government105.5110.9241.4260.0236.5308.6302.0320.9478.1
Advances to Government63.518.060.992.3135.2216.2116.1156.9146.6
Treasury bills24.380.9169.5156.690.781.7175.2153.3320.9
Treasury bonds6.80.40.4
Government stocks4.05.03.73.73.73.73.73.73.7
Other6.97.06.97.06.97.07.06.96.9
Claims on commercial banks18.513.04.025.010.011.021.58.0
Advances and rediscounts 1/16.013.04.025.010.011.021.58.0
Export refinance
Other refinance 2/
Other assets 3/29.923.024.324.532.036.424.030.535.2
Assets - Liabilities237.9284.9427.3441.2455.5505.1528.0507.5640.1
Reserve money163.9205.9312.2336.5320.4369.9385.2376.0515.7
Currency in circulation104.5113.6122.5124.6123.8137.3134.5140.1138.4
Currency with banks7.36.17.38.29.26.57.37.98.6
Bankers’ deposits51.585.8181.2201.5185.7222.4241.4222.9365.1
SSB demand deposits 4/0.60.41.22.21.73.72.05.13.5
Foreign liabilities35.630.326.35.226.735.331.646.015.8
Government deposits19.918.330.139.938.034.437.825.236.8
Treasury deposits 4/13.014.828.837.135.532.035.723.533.9
Counterpart funds 4/6.93.51.32.82.52.42.11.72.9
Capital accounts 5/13.913.913.913.913.913.913.913.913.9
Other liabilities4.616.544.845.756.551.659.546.557.9
Special funds0.70.80.80.80.80.60.60.60.6
International agencies 4/0.310.915.810.46.81.11.07.23.9
Other deposits 4/0.60.717.217.519.215.218.013.4147.8
Unclassified liabilities3.04.111.017.029.734.739.925.3-94.4
Memorandum item:
Other liabilities, net-25.3-6.520.521.224.515.235.516.022.2
Source: Central Bank of Seychelles.

Against government securities.

For approved industries, mainly small-scale and infant import-substitution, phased out in October 1990.

Includes counterpart of gold and silver coin in circulation (SR 2.8 million throughout).

Included in government deposits in publications of the Central Bank. SSB, Seychelles Savings Bank.

Capital, statutory reserves, and counterpart of SDR allocations (SR 2.9 million throughout).

Source: Central Bank of Seychelles.

Against government securities.

For approved industries, mainly small-scale and infant import-substitution, phased out in October 1990.

Includes counterpart of gold and silver coin in circulation (SR 2.8 million throughout).

Included in government deposits in publications of the Central Bank. SSB, Seychelles Savings Bank.

Capital, statutory reserves, and counterpart of SDR allocations (SR 2.9 million throughout).

Table XVI.Seychelles: Accounts of the Commercial Banks, 1990–94(In millions of Seychelles rupees)
19901991199219931994
MarchJuneSept.Dec.MarchJune
Reserves58.891.9188.5209.7194.9228.9248.7230.8373.8
Cash at hand7.36.17.38.29.26.57.37.98.6
Balances with CBS51.585.8181.2201.5185.7222.4241.4222.9365.1
Foreign assets57.590.549.637.546.937.340.331.030.9
Claims on Government547.2633.6632.9692.4757.3763.1779.0833.1750.5
Treasury bills286.2349.4381.1435.9509.7515.6455.7521.1429.8
Treasury bonds146.0174.0110.0120.0118.0123.0200.5212.5212.5
Government stocks59.864.465.465.465.465.465.445.356.5
Restructured loans0.2
Other55.045.876.471.164.259.157.454.351.7
Claims on public entities41.458.454.160.763.472.480.981.095.4
Claims on private sector137.2150.2157.8155.1158.4164.6172.8172.2175.6
Claims on specialized banks 1/1.01.01.01.01.01.01.01.01.0
Other assets108.699.298.675.993.3134.0115.799.3101.8
Assets = Liabilities951.71124.81182.51232.31315.21401.31438.41448.51529.0
Demand deposits 2/111.6151.8170.0173.8173.4207.0200.7215.7188.5
Public entities39.158.866.464.967.093.974.594.970.6
Private sector 3/72.593.0103.6108.9106.4113.1126.2120.8117.9
Time and savings deposits507.3541.4620.3670.8723.5753.6768.5809.1801.0
Public entities’ time74.863.549.960.151.554.152.480.173.9
Private sector time 3/276.1301.4342.3371.2409.3426.4433.2429.0419.4
Savings deposits 2/154.9174.7226.4238.7258.3272.3278.6299.1306.7
Specialized banks’ time 1/1.51.81.70.84.40.84.31.01.0
Foreign liabilities 3/59.170.635.535.643.640.038.534.045.9
Government deposits46.080.183.976.688.080.4107.7103.9105.3
Demand4.413.624.217.825.115.515.817.823.0
Time41.666.559.758.862.964.991.986.182.2
Credit from CBS18.513.04.025.010.011.021.18.0
Capital accounts27.775.571.873.574.574.574.774.874.8
Other liabilities181.5192.4197.0177.0202.2234.8226.8203.1313.6
Memorandum items:
Public entities’ deposits 4/113.9122.3116.3125.0118.5148.0126.9175.0144.5
Claims on public entities, net 4/-72.5-63.9-62.2-64.3-55.1-75.6-46.0-94.0-49.1
Other liabilities, net72.993.298.4101.1108.9100.8111.1103.8211.8
Source: Central Bank of Seychelles (CBS).

Data shown pertain to Development Bank of Seychelles.

Savings deposits include interest-bearing checking accounts, appropriate to demand deposits.

Private demand and time deposits include some deposits of nonresidents, appropriate to foreign liabilities.

Excludes specialized banks.

Source: Central Bank of Seychelles (CBS).

Data shown pertain to Development Bank of Seychelles.

Savings deposits include interest-bearing checking accounts, appropriate to demand deposits.

Private demand and time deposits include some deposits of nonresidents, appropriate to foreign liabilities.

Excludes specialized banks.

Table XVII.Seychelles: Distribution of Commercial Bank Loans and Advances to Public Entities and Private Sectort 1989–94(In millions of Seychelles rupees)
End of period198919901991199219931994
MarchJuneSept.Dec.March
Agriculture2.72.93.53.23.73.02.93.33.5
Public entities0.20.60.30.30.40.30.30.3
Private sector2.52.33.23.23.42.62.63.03.2
Fishing2.51.36.96.110.59.08.39.18.3
Public entities2.00.35.23.26.46.96.06.55.3
Private sector0.51.01.72.94.12.12.32.63.0
Manufacturing24.532.347.028.130.228.428.328.330.8
Public entities21.427.439.423.924.924.223.724.025.8
Private sector3.14.97.64.25.34.24.64.35.0
Construction5.17.510.311.311.910.08.29.010.5
Public entities0.2
Private sector5.17.510.111.311.910.08.29.010.5
Transportation3.43.53.72.22.02.22.69.69.2
Public entities0.20.68.07.4
Private sector3.23.53.71.62.02.22.61.61.8
Hotels, restaurants, and other tourism27.532.635.149.348.754.865.164.768.3
Public entities12.811.511.526.026.628.339.739.239.2
Private sector14.721.123.623.322.126.525.425.529.1
Wholesale and retail trade43.444.943.245.844.745.248.848.644.3
Public entities0.10.30.32.51.60.81.11.3
Private sector43.344.942.945.542.243.648.047.543.0
Real estate4.94.23.47.18.210.910.813.412.7
Public entities0.2
Private sector4.94.23.47.18.28.910.813.412.7
Other businesses17.014.815.615.814.914.816.217.517.7
Public entities3.61.61.50.11.91.81.7
Private sector13.413.214.115.714.914.814.315.716.0
Households and nonprofit36.334.640.043.041.043.545.850.247.9
Total sectors167.3178.6208.6211.9215.8221.8237.0253.7253.2
Public entities40.341.458.454.160.763.472.480.981.0
Private sector127.0137.2150.2157.8155.1158.4164.6172.8172.2
Memorandum items:
Credit subject to ceilings
Non-Seychellois
Ceiling38.639.235.330.231.430.930.932.829.0
Actual14.517.325.922.420.915.615.620.119.2
Private trade 1/
Ceiling55.159.553.458.758.556.856.857.156.7
Actual47.944.042.345.441.943.143.147.243.2
Parastatals 1/
Ceiling22.115.920.333.634.333.933.955.055.0
Actual18.314.113.027.027.330.730.749.348.6
Source: Central Bank of Seychelles (Annual Report, Quarterly Review).

Coverage may differ slightly from above classification.

Source: Central Bank of Seychelles (Annual Report, Quarterly Review).

Coverage may differ slightly from above classification.

Table XVIII.Seychelles: Indicators of Commercial Bank Liquidity, 1990–94
Bank credit 1/Bank depositsCreditExcess 2/Credit fromTreasury bill
TotalChangeTotalChangedepositreservesCentral bankdiscount rate
(in SR millions)from year earlier(in SR millions)from year earlierratio

(percent)
(in SR

millions)
Advances and rediscountsRefinancing(percent)
(percent)(percent)(in SR millions)Tap

issue
Tender

issue
1990
March683.513.5630.612.3108.42.53.723.613.0
June725.89.2660.17.4110.03.56.522.413.0
September740.49.5684.511.0108.21.624.613.4
December725.84.7664.97.8109.23.816.013.4
1991
March762.211.5698.210.7109.23.613.013.4
June793.39.3746.713.1106.23.48.313.4
September832.712.5750.89.7110.93.25.013.4
December842.216.0773.316.3108.96.213.013.4
1992
March862.613.2781.712.0110.34.410.013.4
June898.213.2796.56.7112.85.620.013.4
September898.77.9824.39.8109.04.18.013.4
December844.80.3874.213.096.68.64.013.4
1993
March908.25.3921.217.898.68.025.013.4
June979.19.0984.923.799.47.110.013.4
September1000.111.31041.026.396.17.511.013.413.1
December1032.722.21076.923.295.98.021.513.612.6
1994
March1086.319.61128.722.596.25.28.013.912.7
June1021.54.31094.711.293.35.413.912.5
Source: Staff estimates (based on International Financial Statistics and Direction of Trade data, plus data from the Seychelles’ authorities).

Excludes investment in Development Bank of Seychelles (SR 1.0 million throughout).

Actual reserves, less required reserves; average for weeks ended during December or other month indicated.

Source: Staff estimates (based on International Financial Statistics and Direction of Trade data, plus data from the Seychelles’ authorities).

Excludes investment in Development Bank of Seychelles (SR 1.0 million throughout).

Actual reserves, less required reserves; average for weeks ended during December or other month indicated.

Table XIX.Seychelles: Structure of Interest Rates, 1989–94(In percent per annum: end of period)
198919901991199219931994
IIIIIIIVIIIIIIIVIII
Lending rates
Central Bank to Government
Low 1/11.411.011.011.011.011.011.011.011.011.011.011.011.0
High 1/15.415.015.015.015.015.015.015.015.015.015.015.015.0
Central Bank to banks
Temporary advances 2/16.813.213.213.213.213.213.213.213.213.413.413.213.0
Export refinance9.51.01.01.01.01.01.01.01.01.01.01.01.0
Other refinance 3/9.59.59.59.59.59.59.59.59.510.010.010.0
Commercial banks to public
Prime rate
Low13.013.013.013.013.013.013.013.013.013.013.013.012.6
High13.013.013.013.013.013.013.013.013.013.014.013.013.0
Minimum14.014.014.014.014.014.014.014.014.014.014.014.014.0
Maximum17.017.017.017.017.017.020.020.018.019.019.020.020.0
Concessional refinance12.53.03.03.03.03.03.03.03.03.03.03.03.0
Deposit rates (commercial banks) 4/
Savings low9.09.09.09.09.09.09.09.08.58.58.08.08.0
Time 5/
3 months
Low9.59.59.59.59.59.59.59.58.88.88.08.08.0
High11.510.010.010.010.010.012.512.512.512.012.012.012.0
6 months
Low9.59.59.510.010.010.010.010.59.29.09.09.09.0
High11.811.212.012.012.012.013.013.013.012.012.012.012.0
12 months
Low10.010.010.011.011.011.011.011.010.09.59.59.59.5
High12.612.512.513.013.013.013.013.012.212.112.012.012.0
Over 12 months
Low11.011.011.011.011.011.011.011.011.011.011.010.510.5
High14.814.814.814.514.514.513.013.512.212.012.012.012.0
Treasury bill discount rate
Average during period
Tap issue13.313.413.413.413.413.413.413.413.413.413.413.713.5
Tender issue13.112.912.512.7
Memorandum items:
Change in retail prices
Annual average1.53.91.91.32.03.23.43.73.01.51.30.81.0
From 12 months earlier3.34.00.91.64.64.21.53.11.40.21.81.72.5
Sources: Central Bank of Seychelles, Annual Report. Quarterly Review, and supplementary information.

Applicable to amounts below (low) and above (high) agreed limits (SR 100 million since 1986). From September 1, 1988, low and high rates are 2 percentage points below and above average treasury bill rate.

Average annual rate reported on 14-day advances. Rediscount rates linked to treasury bill tender rates.

Refinance for credit to approved industries (infant import-substitution, small-scale) made available from October 1986. Refinance for credit to priority sectors suspended in October 1982.

Ranges reflect mainly differences among banks. In most cases lower rates predominate.

Base rates. Actual rates are generally negotiable when large amounts are involved.

Treasury bondsTreasury bills
Date ofYieldMaturitySubscriptionMaturity198919901991199219931994
IssueIIIIIIIVIII
01/15/8614.0%3-yearSR 40 million91 days13.013.013.013.013.013.012.9212.7312.6512.30
10/15/8617.0%3-yearSR 80 million182 days13.413.413.413.413.413.3212.9112.6712.57
10/15/8915.0%3-yearSR 150 million365 days13.913.913.913.913.913.7113.0412.9012.52
07/15/9014.5%3-yearSR 50 million
04/11/9114.5%3-yearSR 50 million
07/16/9016.5%3-yearSR 10 million
07/16/9016.5%5-yearSR 10 million
10/22/9212.0%5-yearSR 150 million
08/19/9312.5%2-yearSR 250 million
Sources: Central Bank of Seychelles, Annual Report. Quarterly Review, and supplementary information.

Applicable to amounts below (low) and above (high) agreed limits (SR 100 million since 1986). From September 1, 1988, low and high rates are 2 percentage points below and above average treasury bill rate.

Average annual rate reported on 14-day advances. Rediscount rates linked to treasury bill tender rates.

Refinance for credit to approved industries (infant import-substitution, small-scale) made available from October 1986. Refinance for credit to priority sectors suspended in October 1982.

Ranges reflect mainly differences among banks. In most cases lower rates predominate.

Base rates. Actual rates are generally negotiable when large amounts are involved.

Sources: Central Bank of Seychelles, Annual Report. Quarterly Review, and supplementary information.

Applicable to amounts below (low) and above (high) agreed limits (SR 100 million since 1986). From September 1, 1988, low and high rates are 2 percentage points below and above average treasury bill rate.

Average annual rate reported on 14-day advances. Rediscount rates linked to treasury bill tender rates.

Refinance for credit to approved industries (infant import-substitution, small-scale) made available from October 1986. Refinance for credit to priority sectors suspended in October 1982.

Ranges reflect mainly differences among banks. In most cases lower rates predominate.

Base rates. Actual rates are generally negotiable when large amounts are involved.

Table XX.Seychelles: Balance of Payments Summary, 1989–93(In millions of SDRs)
19891990199119921993
Merchandise trade, net-97.7-95.9-93.0-101.0-129.2
Export and re-exports, f.o.b.11.320.613.713.915.8
Canned tuna exports6.77.68.99.28.1
Other domestic exports2.72.23.03.52.7
Re-exports1.910.81.81.25.1
Imports, f.o.b.109.0116.5106.7114.9144.9
Retained imports87.485.480.694.9118.0
Imports for cannery 1/5.14.26.04.75.2
Imports for resale 2/16.526.820.115.221.7
Services and income, net59.421.278.888.192.5
Receipts148.2171.5174.7181.0191.9
Transportation49.252.966.466.672.0
Travel71.288.371.781.983.0
Other receipts (including investment income)27.830.336.632.537.0
Payments88.795.595.992.999.4
Shipment19.320.618.920.425.6
Other transportation18.517.422.323.623.6
Official interest5.45.55.25.05.2
Other payments32.237.340.432.331.6
Private transfers-4.1-1.9-1.8-2.0-4.1
Credit3.05.25.17.36.3
Debit7.17.16.99.310.4
Official transfers21.625.317.716.924.2
Credit22.025.818.017.224.6
Debit0.50.50.40.30.4
Long-term capital, net18.610.922.86.826.7
Private long-term capital, net11.614.112.311.624.7
Public long-term capital, net7.0-3.210.5-4.71.9
Loan drawings18.610.523.24.713.1
Loan repayments11.613.712.79.411.1
Short-term capital, errors and omissions, net1.4-11.4-25.0-13.0-15.0
Official reserves, net0.8-3.0-8.3-3.2-2.4
Assets (increase -)-2.7-2.6-7.6-2.6-3.2
Liabilities (increase +)3.5-0.4-0.7-0.60.7
Change in arrears (increase +) 3/8.87.37.3
Balances
Goods, services, and income-38.3-19.9-14.2-13.0-36.6
Current before official transfers-42.4-21.8-16.0-14.9-40.8
Current after official transfers-20.83.51.62.0-16.6
Basic (after long-term capital)-2.214.424.58.810.1
Overall-0.83.0-0.5-4.1-4.9
Memorandum items:
GDP at current market prices237.9271.9273.7307.0323.9
Current balances/GDP (percent)
Before official transfers-17.8-8.0-5.9-4.9-12.6
After official transfers-8.71.30.60.6-5.1
Debt service ratio (percent) 4/
To exports of goods and services10.710.09.57.47.9
To same, less re-exports and bunker sales12.012.010.98.39.0
Sources: Central Bank of Seychelles; and staff estimates.

Mainly frozen tuna purchased from foreign fleets.

As re-exports and bunker sales mostly fuel, included in transportation receipts.

Consists of commercial arrears.

Official interest and amortization as percent of current receipts indicated.

Sources: Central Bank of Seychelles; and staff estimates.

Mainly frozen tuna purchased from foreign fleets.

As re-exports and bunker sales mostly fuel, included in transportation receipts.

Consists of commercial arrears.

Official interest and amortization as percent of current receipts indicated.

Table XXI.Seychelles: Exchange Record, 1989–94(In millions of Seychelles rupees)
1989199019911992199319931994
January-March
Current account52.6138.0100.481.9114.0-6.67.0
Receipts994.01119.1928.71081.11083.1227.9247.4
Export proceeds63.873.081.577.765.96.621.9
Tourism 1/521.8645.5525.8599.5607.4145.9147.5
Airlines and shipping 2/142.7122.190.883.5101.832.118.9
Other businesses70.177.6109.596.388.724.216.2
Official sector 3/84.287.388.6106.9127.116.519.1
Private remittances 4/26.140.138.755.446.113.99.3
Other, net 5/85.373.5-6.261.846.8-11.314.5
Payments941.4981.1828.3999.2969.8234.5240.4
Imports501.8558.8512.2652.6597.5145.7148.6
Private sector 6/(464.6)(510.2)(444.7)(578.9)(559.2)(147.9)(125.9)
Oil imports, net 7/(9.8)(11.8)(22.5)(10.4)(-10.4)(12.0)(10.3)
Government(47.0)(60.4)(90.0)(63.3)(48.7)(9.8)(12.4)
Foreign travel95.3103.464.080.993.420.720.4
Airlines and shipping 8/44.423.112.527.534.010.26.5
Hotels29.334.221.730.224.25.57.1
Other businesses218.2208.2166.0136.4143.933.241.2
Private remittances 4/52.453.451.971.676.819.216.6
Capital account-84.5-102.5-18.8-64.6-108.6-25.5-58.6
Official loans, net-61.7-85.0-16.9-69.4-126.3-27.7-61.5
Official loans, net 9/(-36.6)(-87.9)(-22.2)(-73.4)(-121.0)(-48.8)(-47.1)
Less: CBS borrowing 10/(-25.1)(2.9)(5.3)(4.0)(-5.3)(21.1)(-14.4)
Official grants 11/0.40.31.6
Private capital, net 4/-23.2-17.8-1.94.816.12.22.9
Receipts(36.8)(41.0)(21.2)(24.4)(40.5)(6.2)(8.0)
Repayments(-60.0)(-58.8)(-23.1)(-19.6)(-24.4)(-4.0)(-5.1)
Commercial banks, net26.0-14.0-21.55.812.312.24.8
Foreign assets (increase -)8.2-30.2-33.040.99.312.19.3
Foreign liabilities (increase +)17.816.211.5-35.13.00.1-4.5
Overall balance-5.921.560.123.117.7-19.9-46.8
Official reserves, net5.9-21.5-60.1-23.0-17.74.746.8
CBS assets (increase -)-19.0-23.8-54.0-19.6-22.925.932.4
Government assets (increase -)-0.20.2-0.80.6-0.1
CBS liabilities (increase +)25.12.1-5.3-4.05.3-21.214.4
Source: Central Bank of Seychelles (Quarterly Review and supplementary information).

Includes sales of foreign exchange by hotels and other tourist businesses to commercial banks.

Covers foreign airlines and ships; Air Seychelles is included in official sector.

Covers sales by foreign embassies, satellite tracking station rent, and sales by such other official organizations as UHDP and Air Seychelles.

Covers both residents and nonresidents.

Includes foreign exchange deposits and net interest received by commercial banks and CBS. Being residual, the entries include net errors and omissions.

Includes public entities engaged in trade.

Included under private sector imports prior to July 1985.

Includes, inter alia, sales to Air Seychelles channeled through the Central Bank.

Loan proceeds net of repayments channeled through banking system only.

Adjustment to exclude changes in central bank (CBS) foreign liabilities from above data (shown under net reserves).

Represents cash grants only.

Source: Central Bank of Seychelles (Quarterly Review and supplementary information).

Includes sales of foreign exchange by hotels and other tourist businesses to commercial banks.

Covers foreign airlines and ships; Air Seychelles is included in official sector.

Covers sales by foreign embassies, satellite tracking station rent, and sales by such other official organizations as UHDP and Air Seychelles.

Covers both residents and nonresidents.

Includes foreign exchange deposits and net interest received by commercial banks and CBS. Being residual, the entries include net errors and omissions.

Includes public entities engaged in trade.

Included under private sector imports prior to July 1985.

Includes, inter alia, sales to Air Seychelles channeled through the Central Bank.

Loan proceeds net of repayments channeled through banking system only.

Adjustment to exclude changes in central bank (CBS) foreign liabilities from above data (shown under net reserves).

Represents cash grants only.

Table XXII.Seychelles: Terms of Trade and Related Indices, 1989–93(Indices in terms of Seychelles rupees; 1986=100)
19891990199119921993 1/
Domestic exports
Value505.6527.6629.8623.4565.8
Volume589.9579.3785.2732.6645.9
Price index 2/85.790.980.485.187.6
Tourism
Value 3/312.1386.9314.4358.6363.4
Volume 4/117.9134.2121.1128.6142.8
Unit value127.5138.7125.3134.5122.7
Combined unit value 5/125.9136.9123.5132.6121.4
Imports
Value142.7152.4139.7147.4189.3
Volume152.1156.5148.6167.1229.5
Price index 2/93.897.494.088.282.5
Terms of trade134.2140.5131.4150.3147.1
Percent change12.64.7-6.514.4-2.1
Sources: Management and Information Systems Division (Trade Report. Migration and Tourism Statistics. and updates thereto); and staff estimates.

Staff estimates.

Paasche formula indices (current weights) covering virtually all domestic exports and over 60 percent of total imports.

Based on tourism earnings in balance of payments.

Based on nights spent rather than arrivals.

Staff estimates weighted by values of exports (3.8 percent) and tourism earnings (96.2 percent) in 1986.

Sources: Management and Information Systems Division (Trade Report. Migration and Tourism Statistics. and updates thereto); and staff estimates.

Staff estimates.

Paasche formula indices (current weights) covering virtually all domestic exports and over 60 percent of total imports.

Based on tourism earnings in balance of payments.

Based on nights spent rather than arrivals.

Staff estimates weighted by values of exports (3.8 percent) and tourism earnings (96.2 percent) in 1986.

Table XXIII.Seychelles: Major Exports by Value, Volume, and Unit Value, 1989–93
19891990199119921993
Canned tuna
Value (SR thousands)48,79255,25164,13466,48758,281
Volume (tons)4,3494,6066,1725,2834,466
Unit value (SR per kg)11.212.010.412.613.1
Fresh and frozen fish
Value (SR thousands)13,23211,74017,66918,1169,212
Volume (tons)7085648971,275445
Unit value (SR per kg)18.720.819.714.220.7
Copra
Value (SR thousands)2,4991,6321,049696927
Volume (tons)891884497211226
Unit value (SR per kg)2.81.82.13.34.1
Cinnamon bark
Value (SR thousands)1,3813989742,0532,004
Volume (tons)24366197413393
Unit value (SR per kg)5.76.04.95.05.1
Other exports (value)4,2084,1183,8116,3729,028
Total domestic exports70.11373.13887.63793.72479.452
Source: Management and Information Systems Division (annual Trade Reports and updates thereto).
Source: Management and Information Systems Division (annual Trade Reports and updates thereto).
Table XXIV.Seychelles: Imports and Import Prices by SITC Commodity Group, 1989–93
19891990199119921993
(In minions of Seychelles rupees)
Values
Food, beverages, and tobacco171.7181.9174.2208.0237.8
Food and live animals153.1155.7154.2182.1194.2
Beverages15.221.216.521.238.9
Tobacco and products3.45.03.54.74.7
Mineral fuels, ate.169.0191.6199.1167.3175.7
Products for borne consumption44.342.742.748.129.6
Petroleum products for bunkers 1/124.7148.9156.4119.2146.1
Machinery and transport equipment251.5262.9210.3204.0309.7
Manufactures257.8276.8247.8303.5404.5
Goods classified by material159.5165.5154.3178.4226.8
Miscellaneous articles98.3111.393.5125.1177.7
Other groups80.480.579.1101.6108.2
Crude materials17.419.314.218.417.0
Oils and fats6.55.99.88.99.6
Chemicals56.254.155.074.081.0
Goods not classified0.31.20.10.30.6
Total imports, c.i.f.930.4993.7910.4980.91,235.9
(Indices: 1986=100)
Prices 2/
Food beverages, and tobacco
Food and live animals119.5116.5111.5113.2106.7
Beverages and tobacco117.4109.5118.5131.182.2
Mineral fuels, etc.79.794.992.677.674.5
Machinery and transport equipment90.097.988.680.877.6
Manufactures
Goods classified by material92.792.591.895.288.9
Miscellaneous articles92.577.474.878.062.9
Other groups
Crude materials78.789.484.9104.5120.8
Oils and fats89.794.1102.1114.076.7
Chemicals111.4109.7108.1109.9118.8
Overall index93.897.494.088.282.5
Sources: Management and Information Systems Division (MISD); Central Bank of Seychelles; and staff estimates.

Valued at import prices. Imports for warehousing at re-export less imports for home consumption ex-warehouse.

Paasche formula indices (currant weights) applied to 109 items representing over 60 percent of total value of imports; lower coverage for machinery and transport equipment and manufacturing.

Sources: Management and Information Systems Division (MISD); Central Bank of Seychelles; and staff estimates.

Valued at import prices. Imports for warehousing at re-export less imports for home consumption ex-warehouse.

Paasche formula indices (currant weights) applied to 109 items representing over 60 percent of total value of imports; lower coverage for machinery and transport equipment and manufacturing.

Table XXV.Seychelles: Direction of Trade, 1989–93(In millions of Seychelles rupees: and in percent)
19891990199119921993
ValuePercentValuePercentValuePercentValuePercentValuePercent
Domestic exports, f.o.b.70.1100.073.1100.087.6100.093.7100.079.4100.0
Algeria
France42.260.233.846.220.022.840.142.811.314.2
Hong Kong2.23.11.62.21.11.30.91.01.11.4
Japan0.10.10.00.00.40.5
Mauritius0.20.30.50.72.12.47.37.80.50.6
Pakistan2.53.61.72.30.91.00.70.70.30.4
Réunion12.818.317.323.711.913.610.210.97.29.1
Singapore1.11.61.01.41.11.33.33.53.44.3
South Africa0.10.10.60.80.30.31.51.61.01.3
United Kingdom2.33.311.415.646.252.720.321.743.454.7
Other6.79.65.17.04.04.69.410.010.813.6
Total imports, c.i.f.930.3100.0993.8100.0910.4100.0984.3100.01,235.6100.0
Bahrain0.40.080.88.1147.416.2156.115.90.20.0
Belgium6.90.75.60.68.50.919.01.96.60.5
China, People’s Republic9.91.111.91.211.11.217.31.813.11.1
Djibouti
France88.39.5112.011.380.18.844.44.576.96.2
Germany, Federal Republic19.22.127.72.828.93.221.32.239.83.2
Hong Kong15.21.611.31.17.30.89.30.98.50.7
India18.42.013.31.312.61.411.91.226.02.1
Italy50.85.521.42.222.52.535.73.632.02.6
Japan6A.97.060.86.147.85.347.34.871.35.8
Kenya8.70.920.32.012.41.412.11.218.01.5
Kuwait154.216.686.78.7
Netherlands20.02.117.71.818.42.023.72.421.81.8
Oman
Singapore
South Africa119.612.9134.313.5117.412.9141.614.4213.617.3
Former U.S.S.R.1.30.10.70.1
United Arab Emirates2.20.21.30.112.91.43.00.32.10.2
United Kingdom133.114.3143.114.4104.911.5127.913.0164.613.3
United States23.02.518.41.922.42.524.72.595.47.7
Yemen, People’s Democratic Republic76.97.8161.813.1
Other102.811.1125.612.6149.116.452.45.3122.29.9
Source: Management and Information Systems Division.
Source: Management and Information Systems Division.
Table XXVI.Seychelles: Services and Income Transactions, 1989–93(In million of Seychelles rupees)
19891990199119921993
Services and income receipts1072.11240.41263.91309.21388.4
Transportation receipts355.8382.4480.6481.5520.6
Shipments
Passenger services120.0102.1176.8190.8223.9
Port services235.8280.3303.8290.7296.7
Bunker fuel sales107.5148.9156.4142.0146.1
Aircraft and ship catering28.033.941.238.744.9
Marine and port charges25.427.326.727.026.9
Airport and aircraft fees26.430.137.542.444.0
Lighterage and other fees48.540.142.040.634.8
Travel (tourism receipts)515.0638.5518.8592.5600.4
Investment income received19.821.624.624.624.2
Earnings retained abroad5.06.06.06.06.0
Official interest receipts5.24.88.07.05.7
Private interest, etc.9.610.810.611.612.5
Other services receipts181.5197.9239.9210.6243.2
Interofficial44.445.148.241.751.9
Foreign official20.816.417.617.819.6
Property income
Other private116.3136.4174.1151.1171.7
Service and income payments-642.1-691.2-693.9-671.9-719.1
Shipment payments-139.6-149.1-136.6-147.6-185.4
Other transportation payments-133.9-126.0-161.1-170.4-170.8
Passenger services-32.0-34.0-34.0-37.5-42.4
Aircraft: lease, fuel, ate.-98.9-89.0-123.1-128.9-126.4
Port services (ships)-3.0-3.0-4.0-4.0-2.0
Travel (residents abroad)-96.5-106.4-66.0-83.9-96.4
Investment income paid-102.0-123.9-104.8-93.3-101.8
Earnings retained in Seychelles-25.8-36.3-35.0-30.0-37.5
Earnings distributed abroad-32.8-39.4-25.7-22.7-22.3
Interest—Treasury 1/-31.5-33.0-30.4-29.4-30.5
Interest—other official-7.9-7.1-7.3-7.1-7.1
Interest—private-4.0-8.1-6.4-4.1-4.4
Other service payments-170.1-185.8-225.4-176.7-164.7
Technical assistance services-41.6-45.6-41.5-32.0-25.0
Tourism promotion abroad-6.9-7.0-8.0-9.0-9.0
Other official payments-1.5-2.9-3.0-3.6-4.0
Property income-2.0-2.0-2.0-2.0-2.0
Other private-118.1-128.3-170.9-130.1-124.7
Services and income, net430.0549.2570.0637.3669.3
Memorandum items:
Passengers and aircraft, net 2/-10.9-20.919.724.455.1
Investment income, net-82.2-102.3-80.2-68.7-77.6
Sources: Central Bank of Seychelles; Ministry of Finance; and staff estimates.

As par external debt statistics from Department of Finance.

Passenger services, net, and aircraft lease payments.

Sources: Central Bank of Seychelles; Ministry of Finance; and staff estimates.

As par external debt statistics from Department of Finance.

Passenger services, net, and aircraft lease payments.

Table XXVII.Seychelles: unrequited Transfers and Capital Transactions, 1989–93(In millions of Seychelles rupees)
19891990199119921993
Private unrequited transfers, net-29.4-13.6-13.0-14.3-29.8
Remittances to residents51.451.449.867.275.5
Remittances by residents22.037.836.852.945.7
Official unrequited transfers, net156.1183.2127.7122.2175.2
Official grant receipts114.1137.184.164.989.6
Fishing license fees37.843.439.850.336.5
Other fees and stamps7.66.46.69.452.0
Contributions to international
agencies-3.4-3.7-2.8-2.4-2.9
Total transfers, net126.7169.6114.7107.9145.4
Private long-term capital, net84.0102.289.083.6178.9
Earnings retained in Seychelles25.836.335.030.037.5
Other foreign investment103.4107.780.078.1151.9
Land acquisition 1/
Earnings reinvested abroad-5.0-6.0-6.0-6.0-6.0
Interest, etc., reinvested abroad-9.6-10.8-10.6-11.6-12.5
Other investment abroad-30.6-25.0-9.4-6.98.0
Public long-term capital50.6-23.476.3-34.113.9
Government loan drawings 2/115.761.7147.729.485.5
Other public loan drawings18.714.020.54.79.0
Loan amortization (paid) 2/-83.8-99.1-91.9-68.2-80.6
Total long-term capital, net134.678.8165.349.5192.8
Short-term capital, net26.0-14.0-21.55.812.3
Commercial banks, net26.0-14.0-21.55.812.3
Assets (increase -)8.2-30.2-33.040.99.3
Liabilities17.816.211.5-35.13.0
Other recorded, net
Total capital, net160.664.8143.855.3205.1
Memorandum items:
Budgetary grant receipts33.936.830.228.738.1
Implied Other grant receipts 3/80.2100.353.936.251.5
Sources: Central Bank of Seychelles; Ministry of Finance; and staff estimates.

Reflects payments to foreign private businesses, for properties, hotels. Government in previous years.

As per external debt statistics from Central Bank of Seychelles.

Residual: total grant receipts estimated by Central Bank (as shown above), less receipts reported by Ministry of Finance.

Sources: Central Bank of Seychelles; Ministry of Finance; and staff estimates.

Reflects payments to foreign private businesses, for properties, hotels. Government in previous years.

As per external debt statistics from Central Bank of Seychelles.

Residual: total grant receipts estimated by Central Bank (as shown above), less receipts reported by Ministry of Finance.

Table XXVIII.Seychelles: Official Reserves and Net Foreign Assets, 1989–94
1989199019911992199319931994
MarchMarch
(In millions of Seychelles rupees: end of period)
Official reserve assets65.884.4139.2158.2181.2132.4148.8
Central Bank65.284.0138.0157.6180.5131.7148.1
Government0.60.41.20.60.70.70.7
Official liabilities (Central Bank)-38.5-35.6-30.3-26.3-31,6-5.2-46.0
Net official reserves27.348.8108.9131.9149.6127.2102.8
Commercial banks, net-15.6-1.619.914.11.81.9-3.0
Assets27.357.590.549.640.337.531.0
Liabilities-42.9-59.1-70.6-35.5-38.5-35.6-34.0
Net foreign assets11.747.2128.8146.0151.4129.199.8
Banking system11.146.8127.6145.4150.7128.499.1
Memorandum items:
Imports, c.i.f.930.4993.7910.5984.41,235.9
(In weeks of imports. c.i.f.)
Ratio to imports (in weeks)
Gross official reserves3.74.47.98.47.6
Net official reserves1.52.66.27.06.3
Net foreign assets0.72.57.47.76.4
(In millions of SDRs: end of period)
Central bank assets9.011.619.121.824.918.220.5
Other official assets0.10.10.20.10.1
Central bank liabilities-5.3-4.9-4.2-3.6-4.4-0.7-6.4
Commercial banks, net-2.2-0.22.81.90.20.3-0.4
Source: Central Bank of Seychelles.
Source: Central Bank of Seychelles.
Table XXIX.Seychelles: Effective Exchange Rate Indices, 1987–94(Indices: 1980 = 100)
Average for

period
Nominal effective

weighted by
Real effective

weighted by
Trade

partners 1/
Tourism and

trade 2/
Trade

partners 1/
Tourism and

trade 2/
SR per

US$1
Annual
1987149.4182.9119.4130.45.6000
1988150.9191.6117.6130.35.3836
1989153.7201.5114.8128.05.6457
1990151.2208.2110.3125.35.3369
1991155.7223.5109.5124.85.2893
1992158.2236.7109.8123.05.1220
1993172.6294.5117.0135.55.1815
Quarterly
1987 I150.0181.1120.6130.35.7441
1987 II149.3181.8119.2129.55.5896
1987 III149.7183.2118.9129.85.6675
1987 IV148.4185.2119.0131.95.3988
1988 I149.3187.9118.2131.45.2839
1988 II149.9190.1118.0131.35.2842
1988 III152.5193.7118.3130.25.5775
1988 IV151.7194.4116.0128.25.3687
1989 I152.3196.2115.8128.15.4993
1989 II154.3200.5114.9127.45.7017
1989 III154.3203.6114.7128.45.7443
1989 IV154.1205.7113.9128.05.6376
1990 I152.6205.8111.7125.95.4988
1990 II151.9208.0111.4126.85.5174
1990 III149.9208.3109.6125.55.2833
1990 IV150.5210.9108.5123.05.0481
1991 I151.7215.7108.7123.75.1083
1991 II156.6224.2110.1125.85.4072
1991 III158.1227.5110.1125.55.4152
1991 IV156.4226.7108.9124.15.2265
1992 I156.9228.4109.0123.25.2100
1992 II156.5232.5109.3122.45.2080
1992 III155.1236.6108.5121.94.9180
1992 IV164.2249.3112.3124.65.1520
1993 I169.3259.8116.5127.55.2580
1993 II171.2295.1118.0139.95.1200
1993 III174.7309.1117.1138.95.1576
1993 IV175.5313.2117.0136.25.1898
1994 I176.7311.3117.1131.95.2158
1994 II
December
1987148.1185.6117.9132.65.1435
1988151.2194.4114.9127.25.3328
1989153.6205.5113.8127.95.5607
1990150.6210.8108.7123.15.0686
1991155.4225.6107.6123.15.1444
1992165.4250.9111.9123.25.2090
1993175.2312.0116.7134.75.2267
Source: Staff estimates; based on International Financial Statistics and Direction of Trade data, plus data from the Seychelles authorities.

Weighted by shares of major trading partners in Seychelles’ trade; index used for Information Notice System.

Weighted by shares of nearby competitor countries in tourism market (applied to Seychelles’ tourism earnings) as well as trading partners’ weight in exports and imports.

Source: Staff estimates; based on International Financial Statistics and Direction of Trade data, plus data from the Seychelles authorities.

Weighted by shares of major trading partners in Seychelles’ trade; index used for Information Notice System.

Weighted by shares of nearby competitor countries in tourism market (applied to Seychelles’ tourism earnings) as well as trading partners’ weight in exports and imports.

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