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IMF Country Report No. 22/319
SEYCHELLES
CENTRAL BANK TRANSPARENCY CODE REVIEW
September 2022
This paper on Seychelles was prepared by a staff team of the International Monetary Fund. It is based on the information available at the time of the mission and it was completed on September 16, 2022.
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Title page
SEYCHELLES
CENTRAL BANK TRANSPARENCY CODE REVIEW
DETAILED REVIEW REPORT
September 16, 2022
Prepared By
Monetary and Capital Markets Department
This report was prepared based on the work of a hybrid IMF mission to Seychelles in June-July 2022. The IMF team for the Central Bank Transparency Code (CBT) Review mission was led by Dmytro Solohub (MCM) and comprised Matevz Zbasnik (FIN); Jonathan Pampolina (LEG); and Natia Gvazava, Elias Kazarian, Bernard Laurens, and Marcela Matamoros (IMF External Experts); and overseen by the Monetary and Capital Markets Department (MCM) at the IMF.
The production assistance was provided by Julie Vaselopulos. The team extends its warm appreciation to the Board, senior management, and staff of the Central Bank of Seychelles, who provided excellent cooperation, and to outside stakeholders and interested public for their valuable views and insights.
Contents
Glossary
EXECUTIVE SUMMARY
A. Key Recommendations
SCOPE AND OBJECTIVE
APPROACH AND METHODOLOGY
BACKGROUND
MAIN FINDINGS
A. Pillar I. Transparency in Governance
B. Pillars II, III, and IV. Transparency in Policies, Operations, and Outcome
C. Pillar V. Transparency in Official Relations
AUTHORITIES’ RESPONSE TO DETAILED REVIEW REPORT
BOXES
1. COVID-19 Measures Taken by CBS and Their Unwinding
2. Transparency of Financial Inclusion
TABLES
1. Central Bank Transparency Overview for Central Bank of Seychelles
2. CBT Review—Detailed Review Report for Central Bank of Seychelles
APPENDICES
1. Central Bank of Seychelles—Proposed Action Plan
2. List of CBS Units and External Stakeholders
Glossary
| AFI | Alliance for Financial Inclusion |
| AML/CFT/CPF | Anti-Money Laundering/Countering the Financing of Terrorism/Countering Proliferation Financing |
| AREAER | IMF Annual Report on Exchange Arrangement and Exchange Restrictions |
| ATIA | Access to Information Act |
| BSD | Banking Services Division |
| CBS | Central Bank of Seychelles |
| CBT | IMF Central Bank Transparency Code |
| DAA | Deposit Auction Arrangement |
| EFF | IMF Extended Fund Facility |
| ELA | Emergency Liquidity Assistance |
| ELF | Emergency Loan Facility |
| FCPA | Financial Consumer Protection Act |
| FEA | Foreign Exchange Auction |
| FIA | Financial Institutions Act |
| FIMCD | Financial Inclusion and Market Conduct Division |
| FIU | Financial Intelligence Unit |
| FMD | Financial Markets Division |
| FMI | Financial Market Infrastructure |
| FPAS | Forecasting and Policy Analysis System |
| FSA | Financial Services Authority |
| FSC | Financial Stability Committee |
| FSD | Financial Surveillance Division |
| FSP | Financial Services Provider |
| FSR | Financial Stability Report |
| FX | Foreign Exchange |
| FXI | Foreign Exchange Interventions |
| IC | Information Commissioner |
| IRC | Interest Rate Corridor |
| IT | Inflation Targeting |
| ML/TF | Money Laundering/Terrorism Financing |
| MoU | Memorandum of Understanding |
| MPF | Monetary Policy Framework |
| MPR | Monetary Policy Rate |
| MPTC | Monetary Policy Technical Committee |
| MRR | Minimum Reserve Requirement |
| MSME | Micro, Small, and Medium Enterprises |
| OMO | Open Market Operations |
| RFI | Rapid Financing Instrument |
| RSD | Research and Statistics Division |
| SAA | Strategic Asset Allocation |
| SCF | Standing Credit Facility |
| SDF | Standing Deposit Facility |