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Central Bank of Seychelles
Governor Caroline Abel leads the Central Bank of Seychelles, managing foreign reserves and banking supervision for the island nation's $2 billion economy.
Central Bank of Seychelles
The Central Bank of Seychelles is headquartered in Victoria, Seychelles, and is responsible for issuing and redeeming the country's currency.
General information
Firm type
Bank / Wealth / Trust
Year founded
1983
Location
Region
Africa
Country
Seychelles
City
Victoria
Corporate office
Victoria, Mahé, Seychelles
Principals
Caroline Abel
Governor
Sector focus
Frequently asked questions
Who runs monetary policy at the Central Bank of Seychelles?
Governor Caroline Abel chairs the bank's Monetary Policy Committee and has final authority on rate decisions. She has held the governorship since 2012, when she was appointed as the first woman to lead the institution. The committee meets quarterly to set the monetary policy rate.
What exchange-rate regime does Seychelles operate under?
Seychelles has maintained a managed float since its 2008 macroeconomic reform program, abandoning the previous hard peg to the dollar. The Central Bank of Seychelles intervenes periodically to smooth volatility but does not defend a fixed parity. This regime was adopted alongside the country's IMF-supported debt restructuring.
What assets does the Central Bank of Seychelles hold in its reserves?
Reserve assets include foreign-currency deposits, sovereign and supranational debt securities, gold, and Special Drawing Rights allocated by the IMF. The bank publishes aggregate reserve figures monthly but does not disclose a detailed portfolio breakdown. As a small open economy, reserve adequacy is benchmarked against import cover metrics.
How is the Central Bank of Seychelles governed?
The bank is governed by a board of directors chaired by the Governor. The board includes representatives from the Ministry of Finance and individuals appointed from the private financial sector. Governor Caroline Abel reports to the board and, by extension, the Ministry of Finance, though the bank operates with instrument independence under the Central Bank Act.
Does the Central Bank of Seychelles supervise the offshore banking sector?
Yes. The bank is the regulatory authority for all licensed financial institutions in Seychelles, including offshore banks and international business companies. This dual mandate — domestic financial stability alongside oversight of international services — is a defining structural feature of the bank's operations.
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