{
  "title": "Seychelles: 2013 Article IV Consultation, Seventh Review Under the Extended Arrangement and Request for Modification of Performance Criterion",
  "publication": "IMF Staff Country Reports, July 11, 2013",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/seychelles-2013-article-iv-consultation-seventh-review-under-the-extended-arrangement-and-40771",
  "canonical": "https://www.imf.org/en/publications/cr/issues/2016/12/31/seychelles-2013-article-iv-consultation-seventh-review-under-the-extended-arrangement-and-40771",
  "overlayPath": "/en/publications/cr/issues/2016/12/31/seychelles-2013-article-iv-consultation-seventh-review-under-the-extended-arrangement-and-40771/index.md",
  "summary": "This staff report discusses Seychelles 2013 Article IV Consultation, Seventh Review Under the Extended Arrangement and Request for Modification of Performance Criterion.",
  "publishDate": "2013-07-11",
  "series": "IMF Staff Country Reports",
  "sections": [
    {
      "heading": "Key findings",
      "content": "- Repayment of domestic debt, a preference for foreign financing, and shallow domestic financial markets have resulted in significant structural rupee liquidity in the banking system.\n- Tourism has been the main driver of growth, but there is a tension with the number of tourists the islands can absorb.\n- Despite the challenging global environment, tourist arrivals have grown strongly, with diversification toward nontraditional markets more than offsetting stalling European arrivals.\n- The Seychellois rupee is broadly in line with medium-term fundamentals.\n- Tourism remains competitive among peers."
    },
    {
      "heading": "Macroeconomic and sectoral themes emphasized",
      "content": "- Structural rupee liquidity in the banking system driven by domestic debt repayment and foreign-financing preferences.\n- The central role of tourism in economic growth and the constraint posed by absorption capacity of the islands.\n- Market diversification in tourist source countries mitigating weakness in traditional European arrivals."
    },
    {
      "heading": "Subjects and keywords (as presented)",
      "content": "- Subjects: Credit, Economic and financial statistics, External sector statistics, Labor, Monetary base, Money, Public debt, Public financial management (PFM)\n- Keywords: Africa, CR, disbursement of SDR, East Africa, EFF arrangement, External sector statistics, Global, government, inflation expectation, ISCR, looming inflation-depreciation spiral, Monetary base, SDR, Seychellois authorities\n\n---\n\n Content in this bundle\n\n- Cr13202\n  - Cr13202 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Cr13202 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/cr/issues/2016/12/31/seychelles-2013-article-iv-consultation-seventh-review-under-the-extended-arrangement-and-40771"
    }
  ],
  "bullets": [
    "[Markdown version](/en/publications/cr/issues/2016/12/31/seychelles-2013-article-iv-consultation-seventh-review-under-the-extended-arrangement-and-40771/index.md)",
    "[Structured JSON version](/en/publications/cr/issues/2016/12/31/seychelles-2013-article-iv-consultation-seventh-review-under-the-extended-arrangement-and-40771/index.json)",
    "[Bundle manifest](/en/publications/cr/issues/2016/12/31/seychelles-2013-article-iv-consultation-seventh-review-under-the-extended-arrangement-and-40771/bundle-manifest.json)",
    "Published: July 11, 2013",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781484384404.002",
    "Repayment of domestic debt, a preference for foreign financing, and shallow domestic financial markets have resulted in significant structural rupee liquidity in the banking system.",
    "Tourism has been the main driver of growth, but there is a tension with the number of tourists the islands can absorb.",
    "Despite the challenging global environment, tourist arrivals have grown strongly, with diversification toward nontraditional markets more than offsetting stalling European arrivals.",
    "The Seychellois rupee is broadly in line with medium-term fundamentals.",
    "Tourism remains competitive among peers.",
    "Structural rupee liquidity in the banking system driven by domestic debt repayment and foreign-financing preferences.",
    "The central role of tourism in economic growth and the constraint posed by absorption capacity of the islands.",
    "Market diversification in tourist source countries mitigating weakness in traditional European arrivals.",
    "Subjects: Credit, Economic and financial statistics, External sector statistics, Labor, Monetary base, Money, Public debt, Public financial management (PFM)",
    "Keywords: Africa, CR, disbursement of SDR, East Africa, EFF arrangement, External sector statistics, Global, government, inflation expectation, ISCR, looming inflation-depreciation spiral, Monetary base, SDR, Seychellois authorities",
    "**Cr13202**"
  ],
  "related": [
    {
      "title": "Cr13202",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2013/_cr13202.pdf",
      "summary": {
        "path": "/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2013/_cr13202.pdf.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2013/_cr13202.pdf",
        "mime": "application/pdf"
      }
    }
  ],
  "alternates": {
    "markdown": "/en/publications/cr/issues/2016/12/31/seychelles-2013-article-iv-consultation-seventh-review-under-the-extended-arrangement-and-40771/index.md",
    "json": "/en/publications/cr/issues/2016/12/31/seychelles-2013-article-iv-consultation-seventh-review-under-the-extended-arrangement-and-40771/index.json",
    "bundleManifest": "/en/publications/cr/issues/2016/12/31/seychelles-2013-article-iv-consultation-seventh-review-under-the-extended-arrangement-and-40771/bundle-manifest.json"
  },
  "generatedAtUtc": "2026-09-22T21:10:49.879Z"
}