The Central Bank of Seychelles reported that the Financial Stability Committee (FSC) has published its Financial Stability Report for 2024, the second such report issued under the Financial Stability Act, 2023. The report reviews financial and non-financial risks to Seychelles’ financial system and broader economy, summarises actions taken by relevant authorities to assess and manage those risks, and compiles key banking, non-banking and macroeconomic indicators for the year ended December 2024. The report notes that the financial sector remained resilient in 2024, with the banking sector showing stronger performance, improved asset quality and regulatory liquidity. It also records that the insurance sector remained profitable but experienced a substantial increase in claims linked to the aftermath of the 7 December 2023 disasters, and flags anti-money laundering and countering the financing of terrorism (AML/CFT) risk as a continuing priority with initiatives underway through the National AML/CFT Committee to address deficiencies. The FSC’s 2024 work is summarised as focused on strengthening the financial stability framework from a governance perspective, and copies of the report were presented to the President and the Speaker of the National Assembly by FSC Chair and Central Bank Governor Caroline Abel alongside other FSC members.
Central Bank of Seychelles 2025-06-27
Central Bank of Seychelles publishes Financial Stability Committee’s 2024 Financial Stability Report highlighting AML/CFT risk and post-disaster insurance claims
The Central Bank of Seychelles' Financial Stability Committee released its 2024 Financial Stability Report, highlighting the resilience of the financial sector, with improved banking performance and asset quality. The report notes increased insurance claims due to December 2023 disasters and ongoing AML/CFT risk management efforts. It emphasizes the FSC's focus on enhancing the financial stability framework from a governance perspective.