The Governor of the Central Bank of Seychelles, Ms Caroline Abel, formally presented the Central Bank of Seychelles (CBS) Annual Report for 2025 to the President of the Republic, Patrick Herminie, during a meeting held at State House yesterday afternoon. The 2025 Annual Report provides a comprehensive overview of developments across key sectors of the Seychellois economy, including the performance of major industries, the country’s engagement with the global economy, and its relations with principal development partners. In her remarks, Governor Abel emphasised that 2025 was a positive year for Seychelles, largely driven by the strong performance of the tourism sector, which remains the backbone of the national economy and contributed significantly to overall growth and stability.
A key highlight of the report is the country’s reserve position, which stands at approximately 122 million US dollars. Governor Abel described this level as solid, providing a buffer capable of supporting the country for up to four months under normal conditions, and up to six months if limited to essential needs such as food, healthcare, and fuel. However, she cautioned that potential increases in global fuel prices could place pressure on these reserves and gradually reduce their capacity over time.
Looking ahead, Governor Abel indicated that expectations for 2026 had initially been very high. The early months of the year, particularly January and February, recorded exceptionally strong tourism performance, generating an additional 12 million US dollars in revenue.
However, she also highlighted emerging global challenges, particularly developments in the Gulf region, which may directly impact tourism and, by extension, businesses and individuals dependent on the sector. She noted that the commerce sector is already experiencing delays, describing the situation as a “shock element” that could trigger short-term economic shifts and require adjustment if it persists.
In terms of price stability, the report notes that year-on-year inflation in December 2025 stood at -0.2 percent, with the 12-month average recorded at 0.3 percent, reflecting a period of relative domestic price stability.
The report submitted includes the CBS financial statements along with the independent auditor’s report for the year ending December 2025. The audit was conducted by Grant Thornton on behalf of the Auditor General, in accordance with the Auditor General Act 2010 and Section 47(3) of the Central Bank of Seychelles Act 2004, ensuring that the financial outcomes are independently verified and aligned with established regulatory standards.
The presentation was conducted in the presence of First Deputy Governor Mr Brian Commettant, Second Deputy Governor Mr Mike Tirant, and Senior Communications Officer Mrs Sharon Uranie.