Remarks by Ms Caroline Abel
Governor of the Central Bank of Seychelles at the
Opening of the CBS 40th Anniversary Exhibition
7 November 2018
Venue: International Conference Centre of Seychelles
President of the Court of Appeal
Principal Secretaries
Board Members, Management and Staff of the Central Bank of
Seychelles,
Distinguished Guests
Ladies and Gentlemen
Good morning.
It gives me great pleasure to welcome you all here today, on behalf of the
Central Bank of Seychelles, to the opening of this exhibition being held in
commemoration of the 40th Anniversary of the establishment of a central
banking institution in Seychelles.
The Seychelles Monetary Authority, the precursor to the Central Bank of
Seychelles, was established a mere two years after Seychelles gained its
independence. This was the ultimate act that validated us as a sovereign state,
with the ability to issue currency, manage our reserves, inspect banks and
financial institutions and perhaps most importantly, set our own monetary policy
objectives.
Fast forward forty years, and we are proud to say that we have achieved a lot
in a relatively short space of time. Through various technical assistance,
capacity building exercises and exchanges with other central banks in the
region, the Central Bank of Seychelles has evolved into a well-respected
institution, both at home and abroad. One notable achievement is that
Seychelles is the most financially included country in the SADC region, based
on a study conducted in 2016. This means that our financial system is on the
right path to ensure that all individuals and businesses have access to financial
services and products that are affordable and that meets their specific needs.
On the flip side of the coin, we face many challenges, some of which emanate
from within our organisation, while others are unavoidable consequences of
factors on the global market, to which our island economy is acutely susceptible.
However, as a central bank, we cannot allow ourselves to fall in the face of
these adversities, but rather, we strive to turn those challenges into
opportunities for positive change.
One of the biggest challenges that we've had to face during the four decades
of our existence, was the global financial crisis of 2008. Our debt-to-GDP ratio
was at 151.3% in September of that year and our external reserves had
depleted to below one month of imports as at October 2008. The country then
embarked on a macroeconomic programme with the support of the IMF and as
the saying goes, the rest is history. In a mere ten years, we have steered clear
of that crisis and have become one of the success stories not only in our region,
but in the world. Nevertheless, we do not allow ourselves to become
complacent, as the post-crisis era in which we currently find ourselves, has its
own set of challenges that we need to deal with.
"A modern Central Bank with a
The title of our 40th Anniversary Exhibition,
Focus on Financial Empowerment", speaks to the new challenges that we are
tackling. While our objective to promote domestic price stability, our vision to
become a model Central Bank and our mission to contribute towards the
economic growth and development of Seychelles, all remain unchanged, we
are keenly aware that we need to constantly evolve to meet public expectations
and to keep abreast with innovation in the financial sector. It is of utmost
importance that as a Central Bank, we modernize the way we deliver our
mandate and ensure that we provide the public with the capacity to understand
the newer products and services that are at their disposal, to enable them to
make informed decisions.
Ladies and Gentlemen,
Innovation and the introduction of newer products alone can only take us so far.
What has enabled the success of the Central Bank of Seychelles is the hard
work, conviction and dedication of its staff. Today, we have 200 men and
women who work tirelessly around the clock to ensure the stability of our
financial sector. I would like to take this opportunity to thank each and every
one of these 200 individuals, as well as the former Governors and staff
members for their contribution to the development and growth of the Central
Bank of Seychelles. The display in today's exhibition is a testament to the
achievements of all those who have had the privilege to walk the halls of the
Central Bank building. It also showcases the evolution of the Central Bank over
the past 40 years and indicates of the path that we aim to follow in the coming
decades.
On this note, I would like to officially declare this exhibition open and invite you
all to peruse through the contents and interact with our members of staff who
are on hand to respond to any queries that you may have.
Thank you.