Friday, July 20, 2012

Seychelles c.bank says to intervene to curb forex volatility

Thu Jul 19, 2012 1:32pm GMT




VICTORIA, July 19 (Reuters) - Seychelles' central bank will intervene in the foreign exchange market to curb excess volatility which pushes up inflation, the Indian Ocean archipelago's central bank governor said on Thursday.
"The Central Bank has decided to intervene in the foreign exchange market order to smooth out the excess volatility, and to provide orderly market conditions as well as reduce eliminate any speculative element," Caroline Abel said in the capital Victoria.
Abel said the Seychelles' rupee had depreciated by 14.5 percent against the dollar and by 6.9 percent against the euro since the beginning of the year.
"The Central Bank is very concerned about the rapid depreciation of the domestic currency, particularly in recent weeks, given that it is translated into higher inflation," Abel said.
Inflation in Seychelles' economy was as high as 8.9 percent in June, but the International Monetary Fund said it was expected to decelerate due to monetary tightening measures.
The country, a net importer, has also been hit by the financial crisis in Europe, traditionally a key market for its tourism industry.
Abel said the bank was already using liquidity-absorbing instruments to withdraw excess cash from the market.
"The Central Bank stands ready to use the instruments at its disposal to ensure that its primary objective is not jeopardised."
The International Monetary Fund sees Seychelles' economy growing by 3 percent this year from an estimated 4.9 percent in 2011, after strong growth in tourist arrivals from new markets offset a drop-off in visitors from Europe.
The IMF had a previous growth forecast of 2.8 percent for this year. (Reporting by George Thande; Writing by Yara Bayoumy)

Extracted from Link: http://http://af.reuters.com/article/seychellesNews/idAFL6E8IJEE620120719

55 comments:

Anonymous said...

Central Bank must intervene else we will end up like Zimbabwe.Antoher step that must be taken by Central Bank is- prescription which preserves the orginie values of currency through the life time or circulation is to fiance new product with noteswhich are not subject to intrests,the vualue of which is fixed drectly to the relatedasstes by paying off the note atb the rate of depreciation or consumption(which must be understood to be equivalent).
Only by prescription is there no inflation or deflation,becuase the circulation is constantly equal to the remaining vaLUE OF THE ASSET. Nor is there a need to alterate"monitarystandard"(which only intends to ensure ineffectively against a contary,defective system,that the money can be redeemed)because at all times and for very case of sucha mathematicalperfect economy.etc..

Jeanne D'Arc

Anonymous said...

This idiot monkey Michel make every thing fuck up in Seychelle no else,Seselwa have to get reed of this monkey, then you will stop paying debt.Michel is trying to play poor wearing cheap shirt like chinese but we know you are benefeting from those foreigners and you have a account in Basel Switzerland.

Anonymous said...

Seychelles falling apart and Michel does nothing!

Thought it was easy and you could remain arrogant did you?

Anonymous said...

Michel cannot do anything for he knows nothing, and contary to the mystical King MIDAS in Greek mythology,who has the power to turned anything he touched into gold,all the Butcher touches turned into Shit.And it does seem to me there is anyone in the PP with genuine and serious solutions on how to tackle the problem .Moreover,they so arrogant that they think that if they donot knoe anything,automatically any other Seychellois knows nothing,for they are the demi-god who have all the naswers.If they cannot therefore no one lese can.

My adivce to PP goons.Why desolve your failed and incapable govenremnt and put in place a unity governemnt ,which will also act as a transitioanl govenrement in order to stabilize things before we end up like Zimbabwe.

Jeanne D'Arc

Anonymous said...

I hope Caroline Abel knows what she is doing. She did not exude confidence on television last night.

Anonymous said...

Good point.

Caroline Abel the Governor of the Central Bank looked very scared, and was saying what someone else told her to do, most likely Pierre Laporte, after reading this article.

Then balancing the scam of the for -ex dealers.

But the problem is larger then that.

Anonymous said...

Good point.

Caroline Abel the Governor of the Central Bank looked very scared, and was saying what someone else told her to do, most likely Pierre Laporte, after reading this article.

Then balancing the scam of the for -ex dealers.

But the problem is larger then that.

Anonymous said...

IT IS TIME FOR MICHEL TO RESIGN DUE TO THE FAILURE TO ACHIEVE THE GOALS HE SETS FOR SEYCHELLES WITHIN THE PERIOD THAT HE PROJECTED.

CHIMP :) :) :)

Anonymous said...

Gill, these double postings are from you. Why anonymous ?

Anonymous said...

Double postings either because he is an alcoholic and hi has the shakes so he double clicks when he's meant to click only once!

or

He clicks twice out of sheer desperation.
JAM a fer li FOU!!!

Anonymous said...

CHIMP/STUPIDO/MICROBCACA

Are you Gill's monkey that he keeps mentioning tous les jours?

Or are you his pet dog?

I need to know whether to address you as: Nice doggy doggy, come here pwheuw pwheuw pwheuw!

Or if I have to go: OU! OU! OU! OU!
(Monkey noise)

Anonymous said...

Yes two double post on Abel are mine.

Sorry, forgot to put my name.

Now put yours.

While our people suffer from severe economic downturn, devaluation of rupee cost of living rise, that never stops, this is what you have to say?

Seselwa Unite!

Seselwa United Boycott!

Sesel Pou Seselwa!
Christopher Gill

Anonymous said...

I AM WHO I AM! THAT'S FOR ME TO KNOW AND FOR YOU TO FIND OUT. JUST TO LET YOU KNOW THAT YOUR GUESSES ARE WAY TOO COLD. THEY FREEZING IN ANTARCTICA.

YOU CAN CALL ME ANY NAME YOU CHOOSE TO BUT IT WOULD NOT CHANGE THE WAY I SEE THINGS. YOU CAN KILL EACH AND EVERYONE OF US BUT YOU CANNOT KILL THE IDEA OF FREEDOM.

YOUR INSULTS ARE NOT REDOING THE WRONGS OF THE PL REGIME. YOU SHOULD TRY APOLOGETICALLY AND ASK FOR FORGIVENESS FOR YOUR VICES AND DROP THE PERSONAL ATTACKS ON FREEDOM LOVING SESELWA.

MICROBIOME :) :) :)

Anonymous said...

Who let the dog out?

WOOF! WOOF! WOOF! WOOF WOOF!

Anonymous said...

If they dont stop!what we have to do,we have to take in the streets and make our voice heard around Victoria.

Anonymous said...

En, Pissedoff sa!

When you take to the streets will you bring your dog along?

Muzzle it o.k.?

Anonymous said...

I donot have a dog but a riffle.

Anonymous said...

Make sure you don't shoot yourself in the arse...errr foot with your rifle!

Anonymous said...

Not like the Michel who shot Francis Rachel.

Anonymous said...

Who shot Michel's son ? Was there anyone around ? So many murder mysteries implicating James Michel. Is he just unfortunate to be around when a killing or death takes place ?

Anonymous said...

I do not agree with Central Bank intervention: Abel has spooked the market. Forex sellers will hold back, the Rs will devalue further in one or two weeks. Things were going fine, the market was self regulating. As it was going the SR would have stabilized at around SR 15/16 which wld be the natural supply and demand value.
Vox

Anonymous said...

Vox
You made some good points.But what is sure street blackmarket with soon be opened and to that the Central bank front desk black market.Some there would be a competition between street black market and central bank black market.My prognostic,the street black market would in the end win.

Jeanna D'arc

Anonymous said...

Who shot Mickey?

Anonymous said...

PP and its monkeys in the Asembly passed a law that would allow police,NDEA to literally without control bug phones of persons they suspected of drug dealing.However,it must be mentioned that most of those monkeys in the assembly ignore Aticle 7 of our constitution in regards of protection of private life thus their unconditional vote wil give NDEA free hands to voilate furthermore individual liberties for there seems to be no standard and norms as well as any limit set that would regulate NDEA or police power on their intervention.Basically NDEA would do anything its want thus free hands to abuse our people civil liberties including the bugging of innocent juornalists,persons not supporting PP thugs or against pp thugish ideology.

We need clarification by PP and its monkeys.

Jeanne D'Arc

Anonymous said...

You have nothing to worry about if you have nothing to hide! Non?

Anonymous said...

It is about protection of private rights, a constitutional right not about hiding or whatever.

Jeanne D'Arc

Anonymous said...

Gill, I will start signing my posts when you give me an explanation for crossing the floor -- an explanation that I can believe. The ball is in your court, as they say.

Anonymous said...

Zot seynyer Zezi pa inn fatige dir zot ki son tonton ti pou bez asasinn li, ki zot le war, mark bal lo son boyo?

Anonymous said...

Si zot kwar mon manti,
si zot kwar mon lalang
get sa bann mark bal lo mon boyo...

Anonymous said...

Mark from sadomaso contact Manoo

Anonymous said...

Well at least we know he can still do it...and with women..

Anonymous said...

EVERYBODY DOES IT BUT NOBODY IS AS SICK AS THE DOCTOR.

Anonymous said...

He's only seen as sick because his video went public.

It would seem even sicker if we saw you all ler zot bez dan zot boyo!

Anonymous said...

NO WAY! THE MOFUCK IS SICK. MAYBE YOU HAVE THE SAME HOBBY BUT THAT DOESN'T SAY ENOUGH TO LEGITIMIZE THE DR'S ACTION.

CHIMP :) :) :)

Anonymous said...

D'AROS ISLAND SOLD OUT US$ 50 MILLION DOLLARS TO AN ARAB.WHERE IS THE DOLLARS pp?

Jeanne D'Arc

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