09.22.09

Reforms of Foreign Reserves in Seychelles

Posted in Business and Economy, Seychelles government at 11:38 am by Robert Klien

During the press conference on the reforms held on September 18, Central Bank governor Pierre Laporte said the following: “We now have enough foreign reserves for 8 weeks’ imports compared to what we had before our economic reforms that would have catered for just a few days’ needs”.

According to Mr Laporte, Seychelles’ gross international reserves now stand at USD 150 million with net usable reserves being USD 113 million. On average, countries are expected to have enough reserves for 12 weeks’ imports. Seychelles’ reserves are building up to that level. Laporte said that before the reforms the jurisdiction had 3 days’ reserves while now it has  2-months reserves.

Also, Laporte said that banks now have all conditions to lower their interest rates on loans and some are already doing this.

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