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This publication contains the Supplementary Phase 2 Peer Review Report for The Seychelles.

Taxation. --- Seychelles. --- Duties --- Fee system (Taxation) --- Tax policy --- Tax reform --- Taxation, Incidence of --- Taxes --- Finance, Public --- Revenue --- Republic of Seychelles --- Seychellen --- Colony of Seychelles --- Respublika Seĭshelʹskie Ostrova --- Seĭshelʹskie ostrova --- République des Seychelles --- Repiblik Sesel --- Seychelle --- Republiek van Seychelle --- Republik vo de Seychelle --- سيشيل --- Sayshil --- جمهورية سيشيل --- Jumhūrīyah Sayshil --- Republica de Seychelles --- Sêch·èles --- Seixeles --- República de Seixeles --- Seyşel adaları --- Seshel --- Seshel ka Fasojamana

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This paper reviews of Sector Regulation and Supervision for Seychelles. Regulation and supervision of the banking sector and foreign exchange bureaus in Seychelles is carried out by the Bank Supervision Division of the Central Bank. Supervision of the credit union and the insurance companies is less formal, and carried out within the Ministry of Finance. Supervision of the housing finance company is shared by the Ministry of Finance and the Ministry of Land Use and Habitat. The development bank has no designated supervisor, but its Board includes representatives from several key ministries.

Finance --- Banks and banking, International --- Banks and banking --- Nonbank financial institutions --- Limited service banks --- Nonbank banks --- Nonbanks --- Shadow banking --- Shadow banks --- Agricultural banks --- Banking --- Banking industry --- Commercial banks --- Depository institutions --- Financial institutions --- Money --- International banking --- Offshore banking (Finance) --- Transnational banking --- Financial institutions, International --- International finance --- Funding --- Funds --- Economics --- Currency question --- State supervision --- Seychelles --- Republic of Seychelles --- Seychellen --- Colony of Seychelles --- Respublika Seĭshelʹskie Ostrova --- Seĭshelʹskie ostrova --- République des Seychelles --- Repiblik Sesel --- Seychelle --- Republiek van Seychelle --- Republik vo de Seychelle --- سيشيل --- Sayshil --- جمهورية سيشيل --- Jumhūrīyah Sayshil --- Republica de Seychelles --- Sêch·èles --- Seixeles --- República de Seixeles --- Seyşel adaları --- Seshel --- Seshel ka Fasojamana --- Economic conditions --- Economic policy. --- Banks and Banking --- Criminology --- Illegal Behavior and the Enforcement of Law --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Corporate crime --- white-collar crime --- Terrorism, armed struggle --- Anti-money laundering and combating the financing of terrorism (AML/CFT) --- Money laundering --- Terrorism financing --- Crime --- Terrorism

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Economic developments since the completion of the first review under the Policy Coordination Instrument (PCI) in June 2018 have been broadly in line with expectations. The program is largely on track. Staff received renewed assurance from President Faure that the large infrastructure projects announced in his State of the Nation Address (SONA) in March 2018 would be implemented within the fiscal targets under the PCI.

Seychelles --- Economic conditions --- Economic policy. --- Republic of Seychelles --- Seychellen --- Colony of Seychelles --- Respublika Seĭshelʹskie Ostrova --- Seĭshelʹskie ostrova --- République des Seychelles --- Repiblik Sesel --- Seychelle --- Republiek van Seychelle --- Republik vo de Seychelle --- سيشيل --- Sayshil --- جمهورية سيشيل --- Jumhūrīyah Sayshil --- Republica de Seychelles --- Sêch·èles --- Seixeles --- República de Seixeles --- Seyşel adaları --- Seshel --- Seshel ka Fasojamana --- Banks and Banking --- Macroeconomics --- Money and Monetary Policy --- Public Finance --- Environmental Economics --- Criminology --- Taxation, Subsidies, and Revenue: General --- Debt --- Debt Management --- Sovereign Debt --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- National Government Expenditures and Related Policies: Infrastructures --- Other Public Investment and Capital Stock --- National Government Expenditures and Related Policies: General --- Public finance & taxation --- Monetary economics --- Banking --- Public ownership --- nationalization --- Climate change --- Corporate crime --- white-collar crime --- Revenue administration --- Public debt --- Monetary base --- Public investment and public-private partnerships (PPP) --- Current spending --- Expenditure --- Money --- Revenue --- Debts, Public --- Money supply --- Public-private sector cooperation --- Expenditures, Public

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This 2017 Article IV Consultation highlights Seychelles’ continued strong macroeconomic performance in 2016. Economic growth reached 4.5 percent, reflecting increased tourist arrivals, stronger output in the fishing industry, and expanding credit to the private sector. Helped by low commodity prices and a stable exchange rate, inflation (year over year) was negative throughout early 2017. The external current account deficit remained largely unchanged, while gross international reserves at the end of 2016 reached four months of prospective imports of goods and services. With continued foreign investment and rising arrivals in the tourism sector, the growth outlook for 2017 remains positive.

Seychelles --- Republic of Seychelles --- Seychellen --- Colony of Seychelles --- Respublika Seĭshelʹskie Ostrova --- Seĭshelʹskie ostrova --- République des Seychelles --- Repiblik Sesel --- Seychelle --- Republiek van Seychelle --- Republik vo de Seychelle --- سيشيل --- Sayshil --- جمهورية سيشيل --- Jumhūrīyah Sayshil --- Republica de Seychelles --- Sêch·èles --- Seixeles --- República de Seixeles --- Seyşel adaları --- Seshel --- Seshel ka Fasojamana --- Economic policy. --- Financial Risk Management --- Macroeconomics --- Public Finance --- Statistics --- Environmental Economics --- Debt --- Debt Management --- Sovereign Debt --- National Government Expenditures and Related Policies: General --- Climate --- Natural Disasters and Their Management --- Global Warming --- Data Collection and Data Estimation Methodology --- Computer Programs: Other --- General Aggregative Models: General --- Public finance & taxation --- Climate change --- Finance --- Econometrics & economic statistics --- Public debt --- Public financial management (PFM) --- Expenditure --- Debt reduction --- Environment --- Asset and liability management --- Debts, Public --- Climatic changes --- Finance, Public --- Debts, External --- Expenditures, Public

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Program implementation and economic fundamentals continue to be strong, but the external position weakened in mid-2014. Projected growth for 2014 has been revised down to 2.8 percent from 3.7 percent, due to weaker demand for Seychelles’ two main exports—tourism and canned tuna. At the same time, strong growth in personal earnings and private sector credit have fueled a surge in imports, putting further pressure on the balance of payments. As a result, the exchange rate depreciated an estimated 11 percent in nominal effective terms from early August to late-October.

Fiscal policy --- Monetary policy --- Foreign exchange rates --- Banks and banking --- Agricultural banks --- Banking --- Banking industry --- Commercial banks --- Depository institutions --- Finance --- Financial institutions --- Money --- Exchange rates --- Fixed exchange rates --- Flexible exchange rates --- Floating exchange rates --- Fluctuating exchange rates --- Foreign exchange --- Rates of exchange --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Tax policy --- Taxation --- Finance, Public --- Rates --- Government policy --- International Monetary Fund --- Internationaal monetair fonds --- International monetary fund --- Seychelles --- Republic of Seychelles --- Seychellen --- Colony of Seychelles --- Respublika Seĭshelʹskie Ostrova --- Seĭshelʹskie ostrova --- République des Seychelles --- Repiblik Sesel --- Seychelle --- Republiek van Seychelle --- Republik vo de Seychelle --- سيشيل --- Sayshil --- جمهورية سيشيل --- Jumhūrīyah Sayshil --- Republica de Seychelles --- Sêch·èles --- Seixeles --- República de Seixeles --- Seyşel adaları --- Seshel --- Seshel ka Fasojamana --- Economic conditions. --- Economic policy. --- Banks and Banking --- Exports and Imports --- Foreign Exchange --- Money and Monetary Policy --- Public Finance --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- National Government Expenditures and Related Policies: General --- International Investment --- Long-term Capital Movements --- Debt --- Debt Management --- Sovereign Debt --- Monetary economics --- Currency --- Public finance & taxation --- International economics --- Monetary base --- Credit --- Current spending --- Public debt --- Expenditure --- Expenditures, Public --- Debts, Public