Seychelles : 2008 Article IV Consultation and Request for a Stand-By Arrangement: Staff Report; Staff Supplement; Public Information Notice and Press Release on the Executive Board Discussion; and Statement by the Executive Director for Seychelles

Author/Editor:

International Monetary Fund

Publication Date:

December 2, 2008

Electronic Access:

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Summary:

This paper presents Seychelles’ 2008 Article IV Consultation and Request for a Stand-By Arrangement. Large macroeconomic imbalances and vulnerabilities resulting from longstanding unsustainable macroeconomic policies, combined with recent external shocks, culminated in mid-2008 with the near-exhaustion of foreign reserves and missed payments on public debt obligations. Growth is declining, and inflation has risen sharply. The pegged exchange rate that was incompatible with fundamentals, together with a complex system of exchange restrictions and controls, has resulted in economic dislocation, a parallel exchange market, and pervasive dollarization.

Series:

Country Report No. 08/365

Subject:

English

Publication Date:

December 2, 2008

ISBN/ISSN:

9781451836226/1934-7685

Stock No:

1SYCEA2008001

Price:

$18.00 (Academic Rate:$18.00)

Format:

Paper

Pages:

102

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