Seychelles’ central bank governor Caroline Abel tells Global Finance that the central bank of Seychelles will focus on diversifying the economy after the pandemic passes and in the meantime is focused on stopping currency speculation.
Global Finance: How are banks in Seychelles connected to the global financial network and what are the major advantages accruing from the central bank’s policies in as much as positioning in the global financial system is concerned?
Caroline Abel: Seychelles is a small open economy, inherently dependent on international trade. As such, the domestic banking sector is the main conduit through which trade transactions are conducted, with banks being the facilitator of import and export payments. This requires access to the global network of correspondent banks. In addition, the country is home to subsidiaries and branches of several foreign banks, which connect the domestic financial system to the global network through linkage with their parent companies. Cognizant of the increased emergence and reliance on technology, CBS is being assisted by the World Bank