The Central Bank of Seychelles has published its 2024 Annual Report, including audited financial statements and the auditor’s report for the year ended 31 December 2024, alongside its 2024 International Reserves Management Report. The annual report summarises macroeconomic and monetary developments in 2024, while the reserves report describes the governance and operational framework for managing Seychelles’ international reserves and reports on performance and trends. Provisional statistics cited in the annual report indicate domestic growth of 3.0% in 2024, supported mainly by tourism and information and communications activity. Visitor arrivals reached 352,762 (up 0.5% year on year) while tourism earnings were estimated to have declined by 0.8%, and the Seychelles rupee depreciated against the three major currencies as foreign exchange demand grew faster than supply despite higher activity on both sides of the market. Inflation remained low, with year-on-year inflation at 1.7% in December 2024 and a 12-month average of 0.3%, and the Bank maintained an accommodative monetary policy stance throughout 2024. The reserves report shows gross international reserves of USD 774 million at end-2024 (up 13% from USD 682 million at end-2023), supported by receipts from multilateral and bilateral partners and purchases of surplus foreign exchange in the domestic market; import cover increased from 3.8 to 4.0 months, and net international reserves reached USD 632 million, above the USD 583 million target under the International Monetary Fund-supported Extended Fund Facility and Resilience and Sustainability Facility programmes. Investment activities generated USD 32 million in income, up 4.4% from 2023. The Annual Report also includes the Central Bank of Seychelles’ 2024 Access to Information Annual Report, and copies of the publications were presented to the President of the Republic and the Speaker of the National Assembly.

Original source View in tracker