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Business and Economics > Banks and Banking

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Cover Technical Assistance Reports
Seychelles: Technical Assistance Report-Macroprudential Stress Testing and Climate Risk Analysis
International Monetary Fund. Monetary and Capital Markets Department
The Technical Assistance (TA) mission, conducted in Victoria, Seychelles, from May 2 to 17, 2023, assisted authorities with macroprudential stress testing and climate risk analysis. The stress testing focused on strengthening the solvency and liquidity frameworks: (i) for solvency, considering credit and foreign exchange risks to design robust scenarios, applying econometric techniques to enhance their risk assessment, and (ii) for the liquidity stress test, enhancing the cash flow analyses utilized by the authorities. For the climate risk analysis framework, the mission reviewed essential components, identified data sources, and provided hands-on training for climate risk assessment. Recommendations include fostering collaboration within CBB and other agencies, better leveraging available data, and improving data collection for stress testing and climate risk analysis. The CBS is expected to advance its framework and address data challenges to implement stress testing and climate risk analysis initiatives effectively.
Keywords:
Climate change; Climate scenario analysis; Environment; Financial sector policy and analysis; Liquidity stress testing; Macroprudential stress testing; Natural disasters; Solvency stress testing' Seychelles.; IMF stress; Department mission; Climate risk analysis diagnosis; mission Climate risk analysis component; IMF's Monetary; Loans; Nonperforming loans; Stress testing; Credit risk; Global
Cover Technical Assistance Reports
Seychelles: Technical Assistance Report-Central Bank Strategic Planning
International Monetary Fund. Monetary and Capital Markets Department
This report provides an overview of the assistance provided by the IMF to the Central Bank of the Seychelles in reviewing and updating its strategic plan, in line with international best practices for central banks.
Keywords:
CBS management team; CBS strategy; MCM Department; mission from the Monetary and Capital Markets; CBS risk appetite; Budget planning and preparation; Central bank balance sheet; Central Bank digital currencies; Financial inclusion; Development strategy
Cover Technical Assistance Reports
Seychelles: Technical Assistance Report-Bank Resolution Framework
International Monetary Fund. Legal Dept.
and
International Monetary Fund. Monetary and Capital Markets Department
The IMF conducted a technical assistance to Central Bank of Seychelles (CBS) and provided policy and legal guidance to the CBS on the drafting of legal amendments that will provide an adequate institutional framework and effective powers for bank resolution, and thus contribute to financial stability, while limiting the use of public funds and addressing moral hazard concerns. The mission provided recommendations on corrective actions, emergency liquidity assistance (ELA) and bank resolution frameworks to enhance their alignment with international best practices, FSB’s Key Attributes of Effective Resolution Regimes for Financial Institutions (KAs) and good practice.
Keywords:
Seychelles; key attributes; banking; corrective actions; emergency liquidity assistance; bank resolution; moral hazard; public funds; resolution funding mechanism; resolution options; entry into resolution; deposit insurance scheme; financial stability; recovery plans; resolution plans; resolvability assessments; domestic coordination; cross border coordination.; bank resolution law; IMF legal department; IMF's Monetary; request of the Central Bank of Seychelles; MCM STX; IMF Monetary; Bank resolution framework; Financial sector stability; Bridge bank; Options; South Asia; Global
Cover IMF Staff Country Reports
Seychelles: First Reviews Under the Extended Arrangement Under the Extended Fund Facility and the Arrangement Under the Resilience and Sustainability Facility-Press Release; and Staff Report
International Monetary Fund. African Dept.
This paper presents Seychelles’ First Reviews under the Extended Arrangement under the Extended Fund Facility (EFF) and the Arrangement under the Resilience and Sustainability Facility (RSF). The completion of the reviews allows for an immediate disbursement of funds to help strengthen macroeconomic stability, boost inclusive growth, and strengthen fiscal and monetary policy frameworks, while also supporting efforts to build resilience to climate change, exploit synergies with other sources of official financing, and catalyze private financing for climate-related investments. Seychelles’ economic recovery continues, albeit at a more moderate pace than the sharp rebound observed in 2022. Seychelles’ economic recovery has continued in 2023 as tourist arrivals move closer to pre-pandemic levels. The government has made significant progress in restoring macroeconomic balances and performance under the EFF and RSF programs are strong. However, it will remain critical for the Seychelles to stay the course with respect to reducing public debt, rebuilding fiscal space, and increasing foreign exchange buffers.
Keywords:
RSF program; RSF reform measure; inflation indicator; headline inflation; inflation outlook; Credit; International reserves; Global
Cover IMF Staff Country Reports
Seychelles: Technical Assistance Report-Stress Testing the Central Bank Balance Sheet
International Monetary Fund. Monetary and Capital Markets Department
This Technical Assistance Report on the Seychelles discusses Stress Testing the Central Bank Balance Sheet (CBS). The CBS balance sheet is weak, due to the cost of carrying foreign exchange (FX) reserves. The conditions of CBS lending in Seychellois rupees (SCR) also contributed to weakening the CBS balance sheet. Multiyear budget planning would support the CBS’s balance sheet strength. A capital injection is necessary to strengthen the CBS’s balance sheet. The income stream of the CBS should be strengthened, through an increase in the authorized capital, to cover operational costs and the carry cost of the FX reserve. In addition, the profit distribution rule should be revised to allow the CBS to retain all distributable earnings if statutory capital is below the target level of 10 percent of monetary liabilities. A communications strategy should be prepared to bolster public support for the recapitalization plan. Communications should explain the causes of the losses, reiterate the commitment to the policy objective regardless of financial considerations, and present the solution devised to address the financial weakness.
Keywords:
Central bank stress-testing; Recapitalization; Financial reporting in IFRS 9; Operating expenses international comparison.; CBS balance sheet; balance sheet model; B. forecasting balance sheet item; MCM Department; IMF executive director; Financial statements; Central bank policy rate; Inflation; Exchange rate risk; Income
Cover Policy Papers
The Central Bank Transparency Code—Findings Of The Pilot Reviews
International Monetary Fund. Monetary and Capital Markets Department
This paper reports to the Executive Board on the outcomes of the Central Bank Transparency Code (CBT) pilot reviews. The pilot CBT reviews helped central banks evaluate their transparency practices and strengthen dialogue with external stakeholders. The CBT pilots provided valuable information on the resources required for the reviews going forward. Staff will continue to offer CBT reviews to the rest of the membership. The staff will report back to the Board in FY2026 on the progress of the CBT reviews and an update to the Code following five years of implementation.
Keywords:
CBT review; transparency practice; central bank Transparency Code; CBT Pilots; guidance note; Central bank transparency; Financial sector stability; Central bank autonomy; Financial Sector Assessment Program; Central bank accountability; Western Hemisphere; Global; Middle East and Central Asia
Cover IMF Staff Country Reports
Seychelles: Central Bank Transparency Code Review
International Monetary Fund. Monetary and Capital Markets Department
The Central Bank of Seychelles (CBS) sets a high benchmark for transparency, given the economic, and financial development and literacy circumstances of Seychelles, which is recognized by the stakeholders, thus maintaining a high level of trust and accountability. Despite constrained human capital resources, the CBS has taken commendable actions to facilitate an open and dynamic dialogue with key stakeholders. The CBS took the lead in communications on extraordinary support programs during the COVID-19 pandemic, regularly engaging with the public using plain language and various communication tools. It is also making great efforts to promote financial inclusion in Seychelles by developing and implementing a broad agenda on financial education and enhancing consumer protection in the financial sector.
Keywords:
CBS website; IMF central bank Transparency Code; International Monetary Fund Washington, d.c; CBT Review; IMF mission; Financial sector stability; International reserves; Reserves management; Anti-money laundering and combating the financing of terrorism (AML/CFT); Global
Cover IMF Staff Country Reports
Seychelles: First Review under the Extended Fund Facility Arrangement-Press Release; Staff Report; and Statement by the Executive Director for the Seychelles
International Monetary Fund. African Dept.
The expected macroeconomic recovery has materialized. Seychelles remains a leader in vaccine coverage at home, and the widespread availability of vaccines in Seychelles’ key tourist markets, particularly Europe, is contributing to a strong rebound in tourism. The economic outlook, while positive, remains subject to the uncertain evolution of the COVID-19 pandemic globally.
Keywords:
financing gap; inflation dynamics; monetary policy transmission mechanism; government operation; accommodative monetary policy stance; Credit; Loans; Commercial banks; Europe; Global
Cover IMF Staff Country Reports
Seychelles: Technical Assistance Report-Scoping the Prospects for Financial Market Development
International Monetary Fund. Monetary and Capital Markets Department
This Technical Assistance (TA) mission focused on scoping the prospects of developing a secondary market for government securities in Seychelles. The Central Bank of Seychelles (CBS) has a leading role in developing the financial markets and thus acted as the primary counterpart for this mission. However, due to the mission being primarily fact-finding it reached out to all various possible stakeholders; the Ministry of Finance Trade Investment and Economic Planning (MoFTIEP), commercial banks, a pension fund, insurance companies, the securities exchange, securities dealers, etc. In addition, the mission sees the need to coordinate with the World bank (WB) and the IMF country (SYC) team as the former is providing assistance within the legal and payment system areas and the latter provides Seychelles with policy advice under the current PCI program.
Keywords:
ISCR; CR; market; primary market; financial institution; securities exchange; market maker; CBS repo window; money market; securities trading; CBS wish; Government securities; Securities; Treasury bills and bonds; Government debt management; Interbank markets; Global
Cover IMF Staff Country Reports
Seychelles: Request for Purchase Under the Rapid Financing Instrument-Press Release; Staff Report; and Statement by the Executive Director for Seychelles
International Monetary Fund. African Dept.
This paper refers to Seychelles’ Request for Purchase Under the Rapid Financing Instrument (RFI). The near-term economic fallout of the coronavirus disease 2019 pandemic is expected to be severe. Restriction in travel will hinder tourism and weaken fiscal and external positions, creating large additional financing needs. The authorities reacted swiftly by taking immediate measures of containment, including border closures, strengthening health policy responses and supporting households and firms. The emergency IMF support under the RFI provides timely resources to the authorities to address the urgent balance of payments and budgetary needs. The assistance of other international financial institutions and development partners is crucial to close the remaining financing gaps, ease the adjustment burden, and preserve economic growth. The authorities are committed to transparency and good governance in the use of emergency financing by providing monthly reports of pandemic-related expenditure to the National Assembly and undertaking an independent audit of such spending and procurement and publishing the results.
Keywords:
ISCR; CR; monetary policy; financing; balance of payments financing need; Seychelles economy; Seychellois authorities; Executive Board discussion; prudent monetary policy stance; Emergency assistance; Fiscal stance; Budget planning and preparation; Global; Sub-Saharan Africa; COVID-19