By 
The Seychelles’ economy remains fragile, despite an increase in the amount of money received in the past months, the governor of the Central Bank of Seychelles (CBS) warned.
Caroline Abel told a press conference that there are several indicators that CBS is following that show that the economy is still fragile.
“We are seeing, for example, that the amount of money in savings deposits is going down. This is due to the fact that the price of commodities has gone up and people started taking money out of their personal reserves. If we are to start consuming as we were in 2019, we might be losing resources at a personal level. Without realising, we might lose all that we have. We need to be careful in the way we spend,” said Abel.
From the CBS’ last update on April 27 to Friday, May 14, the island nation has seen a slight increase in receipts as compared to the same period last year. Abel credits this to a slight improvement in the tourism industry.
The sector has seen the arrival of over 24,000 visitors since March 25, when Seychelles, a group of 115 islands in the western Indian Ocean, reopened its borders to commercial passenger flights.
From the start of this month until Monday, May 17, Seychelles took in $17.2 million. For the same period last year, this amount stood at $14 million. For the same period in 2019, Seychelles had earned $26.5 million.
Abel explained that 2019 is used as a point of reference, as this was a time before the COVID-19 pandemic started impacting the economy of Seychelles.
Comments