Currencies by Country:

What is the Seychelles rupee (SCR)?

Credit Ratings & Outlook

In the latest credit ratings from December 1970, Fitch has a stable outlook with a B rating.

Sovereign credit ratings play an important part in determining a country’s access to international capital markets, and the terms of that access. Sovereign ratings help to foster dramatic growth, stability, and efficiency of international and domestic markets.

GDP

In 2010 the total GDP was $936,609,214 in US Dollars, while the per capita GDP was $10,765. It grew by 6.20% over the previous year.

Unemployment

The latest unemployment rate for 2005 is 5.50%.

Consumer Price Index

The latest consumer price index for 2010 is 184.84.

Political Structure

The current head of the government is President James Michel, who is also the head of state (in an executive role).

Currency Details

The Rupee, denoted by SCR, is the official currency of Seychelles. Divided into 100 cents, the currency is locally called the “roupi.” There are banknotes of 10, 25, 50, and 100 rupees.

Travel Notes

Local currency can be imported for free, but export is limited to 100 Rupees. There are no restrictions on import/export of foreign currency.

Sovereign Ratings for Seychelles

Seychelles is not rated.

What does it look like?

Political Structure

The President of Seychelles is both the head of state and the head of government. The President is elected by popular vote for a five-year term, and appoints and presides over the cabinet as long as it meets the approval of a majority of the legislature. The National Assembly is the unicameral Seychellois parliament, consisting of 34 members who each serve five-year terms. Of these, 25 members are directly elected by popular vote and the 9 others are appointed proportionally due to the percentage of votes from each party. In the judicial branch, the president appoints both the Court of Appeal and the Supreme Court judges.

Prominent Figures

Chief of State President James Alix MICHEL (since 14 April 2004); note – the president is both the chief of state and head of government Head of Government President James MICHEL (since 14 April 2004) Cabinet Council of Ministers appointed by the president Elections president elected by popular vote for a five-year term (eligible for two more terms); election last held on 28-30 July 2006 (next to be held in 2011) Election Results President James MICHEL elected president; percent of vote – James MICHEL 53.73%, Wavel RAMKALAWAN 45.71%, Philippe BOULLE 0.56%; note – this was the first election in which President James MICHEL participated; he was originally sworn in as president after former president France Albert RENE stepped down in April 2004

Key Economic Factors

Economic Overview:

Seychelles reached independence in 1976 and, since that time, has multiplied its per capita output about seven times. Seychelles growth can largely be accounted to the tourism sector, which employs about 30% of the workforce and brings in more than 70% of hard currency earnings. In recent years, the government has largely encouraged foreign investment so that hotels and other services may be upgraded. Yet at the same time, the state has moved to reduce the dependence on tourism by promoting the development of farming, fishing and small-scale manufacturing. After the Gulf War (1991-92) as well as the September 11 terrorist attacks (2001), the tourist sector proved extremely vulnerable. Growth was strong in 2004 and worked to erase a persistent budget deficit. The black market value of the Seychelles rupee is half the official exchange rate. Without a devaluation of its currency, Seychelles’ tourist sector may remain sluggish, as vacationers seek cheaper destinations such as Comoros, Mauritius and Madagascar.

Agricultural Products:

Coconuts, cinnamon, vanilla, sweet potatoes, cassava (tapioca), bananas, broiler chickens, and tuna fish.

Key Industries:

Fishing, tourism, processing of coconuts and vanilla, coir (coconut fiber) rope, boat building, printing, furniture and beverages.

Major Trading Partners:

UK, Saudi Arabia, France and Spain.

Export Commodities:

Canned tuna, frozen fish, cinnamon bark, copra, and petroleum products (reexports).

Import Commodities:

Machinery and equipment, foodstuffs, petroleum products and chemicals.

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