Seychelles central bank cuts policy rate by 100 basis points

Seychelles map and flag 182033436.jpg

The Central Bank of Seychelles board announced it was reducing its policy rate from 3% to 2% on June 30, its first rate cut since June 2020.

The central bank noted that despite a successful vaccination campaign and reopening to travellers, the tourism sector had failed to regain pre-pandemic levels of activity. It added that “employment conditions remained challenging” and credit provision to the private sector had shrunk during April.

The board’s decision aims to “realign the existing

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