08.22.17

Seychelles issues new bonds to attract investments

Posted in Business and Economy, Foreign investments at 6:56 pm by Robert Klien

New treasury bonds to encourage savings and attract new investments have been issued by the Central Bank of Seychelles (CBS) and the Ministry of Finance, Trade and Economic Planning.

The bonds pay between 6 and 7% interest rates.

Top officials from the two institutions told journalists in a news conference that among the 4 bonds issued, one is for the Development Bank of Seychelles.

“The four bonds worth 500 million SCR (around $36.7 million) will also assist the Development Bank of Seychelles with its operations, mainly its borrowing activities and also allow the Central Bank to better manage money on the financial market,” said Brian Charlette, director general of debt management at the finance ministry.

Charlette said that the government is guaranteeing the Development Bank of Seychelles (DBS) bond which is for a 3-year period and will bring a 6% interest per year. The other 3 cover a 3- to 7-year period and has 6, 6.5 and 7% interest.” Payments of interest are made twice a year.

A bond is a debt security and is issued to raise money from investors willing to lend money for a certain amount of time. When a bond is bought, the buyer is lending to the issuer, in this case, the government. A bond is not to be confused with a treasury bill which is a short-dated government security, yielding no interest but issued at a discount on its redemption price.

The Development Bank of Seychelles (DBS) established in 1977 is a financial institution with a specific mandate to assist in the economic development of the nation.

According to the CBS, the bonds were issued as of August 7 and people who are interested should either collect applications forms from the Central Bank of Seychelles or download same from their website.

08.10.17

Germans are top Seychelles visitors for 2nd consecutive month

Posted in Business and Economy, Tourism industry at 6:40 pm by Robert Klien

According to national statistics, more people from Germany visited Seychelles than from any other country for the 2nd consecutive month.

Germany is followed closely by France and the UAE.

From the beginning of the year to July, over 27,000 German visitors have set foot in Seychelles, according to Seychelles’ National Bureau of Statistics. That represents a 33% increase compared to the same period in 2016.

A total of 198,898 visitors has entered the country from year to date, which is 21% above last year at this time.

The chief executive of the Seychelles Tourism Board (STB), Sherin Francis said: “The manager who works with the German market has for a few years now been promoting Seychelles as the ‘partner country’ during the main fairs” held in Germany”.

Talking about the second highest market, France, Francis said that despite the slight decline in the numbers, “STB is pulling big numbers from the country. It is still significant and producing volumes even if we have not been able to grow the market this year.”

To date, around 23,900 visitors to Seychelles came from France. The United Arab Emirates follows with around 16,500 visitors.