{"id":13010,"date":"2022-08-25T16:03:26","date_gmt":"2022-08-25T16:03:26","guid":{"rendered":"https:\/\/www.africa-press.net\/seychelles\/all-news\/central-bank-seychelles-economy-remains-fragile-despite-some-positives"},"modified":"2022-08-25T18:33:25","modified_gmt":"2022-08-25T18:33:25","slug":"central-bank-seychelles-economy-remains-fragile-despite-some-positives","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/seychelles\/all-news\/central-bank-seychelles-economy-remains-fragile-despite-some-positives","title":{"rendered":"Central Bank: Seychelles\u2019 economy remains fragile, despite some positives"},"content":{"rendered":"

Africa-Press – Seychelles. <\/strong><\/span>Seychelles\u2019 economy remains in a fragile state, despite positive performance in the tourism sector, said a top official on Thursday.
\n<\/b>
\nWith tourism arrivals for the year now surpassing the 200,000 mark, economic activity is improving but remains in a fragile state as global factors continue to have an impact on the island nation.<\/p>\n

During a press conference, the deputy governor of the Central Bank of Seychelles (CBS), Brian Commettant, said while global food prices and shipping costs have gone down recently, uncertainty still remains, especially with regard to the conflict in Ukraine, global health concerns, such as monkeypox and the COVID-19 situation in China.<\/p>\n

\u201cIn a recent report published by the World Bank, it shows that the majority of developing countries are experiencing rising inflation rates,\u201d said Commettant. \u201cThe hope is that with the recent trade agreement in Ukraine, global food prices can continue to drop,\u201d he explained.<\/p>\n

He added that despite most countries removing COVID-19 restrictions, other contagious diseases are continuing to be a concern.<\/p>\n

\u201cIf we look at China, economic indicators are showing that their economy is performing well below expectation, with high COVID -19 cases and for the world, due to China\u2019s economic importance, it can have an impact on other nations,\u201d added Commettant.<\/p>\n

Meanwhile, during his presentation, the deputy governor shared some updates on the country’s economic performance, which showed that the inflation rate is continuing to rise, despite the stable foreign exchange market, where it has risen by 1.7 percent in July 2022 compared to the previous month.<\/p>\n

In terms of foreign exchange, both the US dollar and the euro remain stable, with both currently valued at around SCR 14.<\/p>\n

\u201cWith this parity between the dollar and euro, it means that since Seychelles gets most of it revenue in euro, but expenditures are done using USD, so that means, the before when euro\u2019s was higher than dollars, we got more dollars and now we are getting less dollars for the same amount in euros,\u201d explained Commettant, which means the country now needs to earn more euros to compensate for that loss.<\/p>\n

For More News And Analysis About Seychelles<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Seychelles. Seychelles\u2019 economy remains in a fragile state, despite positive performance in the tourism sector, said a top official on Thursday. With tourism arrivals for the year now surpassing the 200,000 mark, economic activity is improving but remains in a fragile state as global factors continue to have an impact on the island […]<\/p>\n","protected":false},"author":84,"featured_media":13009,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,7,8,16],"tags":[234,268,571,539,776,233],"class_list":["post-13010","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-seychelles","tag-central-bank-of-seychelles","tag-economy","tag-inflation","tag-seychelles"],"yoast_head":"\nCentral Bank: Seychelles\u2019 economy remains fragile, despite some positives - Seychelles<\/title>\n<meta name=\"description\" content=\"Seychelles\u2019 economy remains in a fragile state, despite 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