A remote external sector statistics (ESS) technical assistance (TA) was provided to the Central Bank of Seychelles (CBS) during October 4–13, 2021. The main objectives of the mission were to (i) assist the authorities in improving the quality of ESS by focusing on actions undertaken by the CBS for collecting data from corporate service providers (CSPs) and their inclusion in the balance of payments and international investment position (IIP) statistics; (ii) assess the data reported by the CSPs and their fit into the ESS framework; (iii) prepare the basis for Seychelles’ participation in the IMF’s survey “Resident Special Purpose Entities: Cross Border Flows and Positions) (IMF’s SPEs Survey); and (iv) review and assess the adequacy of estimated travel services.
International Monetary Fund. External Relations Dept.
The more open, direct, and straightforward countries are in making policy decisions and providing data about economic and financial developments, the better they, and the international monetary system as a whole, will function. A lack of transparency was a feature of the buildup to the Mexican crisis of 1994-95 and of the emerging market crises of 1997-98. In these crises, markets were kept in the dark about important developments and became first uncertain and then unnerved as a host of interrelated problems came to light. Inadequate economic data, hidden weaknesses in financial systems, and a lack of clarity about government policies and policy formulation contributed to a loss of confidence that ultimately threatened to undermine global stability. Transparency and candor are particularly important in today’s environment of substantially increased private capital movements and countries’ growing integration with international capital markets.