PREFACE The Statistical Bulletin is a publication by the through which it will disseminate information on a monthly basis. One of its main objectives is to provide the public with economic and financial data about the Seychelles economy. The main data sources are the Central Bank, the Ministry of Finance, Trade & Investment (MOFTI) and the National Bureau of Statistics. The statistics in this document cover a period of thirteen months. As of January 2013, Monetary Aggregates include Seychelles Credit Union and Bank Muscat International. The manuals used in this bulletin are Monetary & Financial Statistics Manual (MFSM) 2000 and Balance of Payments Manual (BPM6)
TABLE OF CONTENTS List of Tables and Charts Table No. Title Page 1.1 Inflation 1 2.1 External Reserves 2 3.1 Central Bank Survey 3 4.1 Other Depository Corporations Survey (ODC) 4 4.2 Depository Corporations Survey 5 5.1 Money Market Interest Rates 6 6.1 Average Effective Interest Rates of ODC 7 7.1 Monthly Average Exchange Rates 8 7.2 End of Period Exchange Rates 8 8.1 Volume of Foreign Exchange Transactions (SCR) 9 8.2 Volume of Foreign Exchange Transactions (USD) 9 9.1 Credit to the economy by sector 10 10.1 Balance of Payments 11 11.1 Government Finance Statistics 12 12.1 Stock of Public Debt 13 13.1 General Financial Soundness Indicators of ODC 14 13.2 Capital Adequacy and Asset Quality Indicators of ODC 15 13.3 Earnings, Liquidity and Sensitivity to Market Risk of ODC 16 14.1 Notes and Coins in circulation 17 15.1 Bankers Clearing House Activities 18 15.2 Payment System Instrument Activities 18 16.1 Tourism Indicators 19
Chart No. Title Page 1.1 Inflation 1 2.1 CBS External Reserves 2 3.1 Reserve Money 3 4.1 Monetary Aggregates 5 5.1 Treasury Bills Rate 6 6.1 Interest Rates 7 7.1 Monthly Average Exchange Rates 8 8.1 Volume of Foreign Exchange Transactions 9 9.1 Credit to the economy by sector 10 10.1 Stock of Government Securities 13 11.1 General Financial Soundness Indicators of ODC 14 11.2 Capital Adequacy and Asset Quality Indicators of ODC 15 11.3 Earnings, Liquidity and Sensitivity to Market Risk of ODC 16 12.1 Notes and Coins in circulation 17 13.1 Bankers Clearing House Activities 18 14.1 Tourism Income 19
TECHNICAL NOTES Due to the rounding of figures, the sum of separate items may not always add up to the total shown. Abbreviations used in this bulletin SCR = Seychelles Rupee CBS = RM = Reserve Money DC = Depository Corporations ODC = Other Depository Corporations DAA = Deposit Auction Arrangement RRA = Reverse Repo Agreement NIR = Net International Reserves Govt. = Government NPI = Non Profit Institution GFS = Government Finance Statistics SCU = Seychelles Credit Union BMI = Bank Muscat International - = Nil > = Greater than = Less than or equal to M-o-m = Month on month Y-o-y = Year on year.. = Negligible
EXPLANATORY NOTES Terminologies used in this bulletin: Other Depository Corporations = Financial corporations which have liabilities in the form of deposits or financial instruments (principally commercial banks) Money Aggregates = Measures of different categories of money supply Deposit Auction Arrangement = An open market instrument used by the Central Bank to absorb liquidity Reverse Repo Agreement = A formal legal agreement under which the Central Bank sells securities to commercial banks at a specific price, with an understanding to repurchase the same securities at the original selling price at a particular future date Net International Reserves = Foreign assets less external liabilities being held by the Central Bank. In the context of IMF-supported program, Net International Reserves targets are to be met at the end of every quarter M1 = The most liquid measure of money supply consisting of currency with public and transferable deposits Quasi Money = Fixed Term Deposits + Savings Deposits; also known as near money and is normally comprised of the least liquid components of money such as call and fixed term deposits held at other depository corporations M2 = Comprising of M1 + Quasi Money M3 = The broadest measure of money, comprising of money aggregate M2 and foreign currency deposits of residents only. CBS Overnight Facility = Short term liquidity facility at 1.50% above interbank lending rate Authorised Dealers = Licensed Commercial Banks and Bureaux de Change Regulatory Capital = The amount of risk capital held by financial institutions (such as other depository corporations) which enable them to survive against unexpected losses Non-performing loans = The amount of loans in arrears for more than three months Broad liquid asset = Cash, Other depository corporations balances, Balances with CBS and Government securities Liquid Assets = Assets that can easily be converted into cash and incurring minimum losses High Value Cheques = Cheques valued at more than SCR 100,000 Data series may differ from previous publications due to revisions Due to rounding off, some figures may not necessarily add up
Summary of selected indicators Economic Indicators Inflation (%) 12-month average 4.8 4.5 4.3 4.1 3.8 3.4 3.2 3.0 2.8 2.6 2.4 2.1 1.9 Year-on-year 3.6 3.4 3.4 3.2 2.3 2.2 2.2 1.4 1.1 1.5 0.8 0.6 0.8 Money (SCR Million) 1/ Reserve Money 3,259 3,304 2,124 2,793 2,712 2,417 2,553 2,529 2,533 2,742 2,483 2,477 2,401 Broad Money (M3) 9,091 9,281 9,340 9,508 9,544 10,134 10,314 10,118 10,234 10,112 10,304 10,601 10,734 Effective Average Interest Rate (%) Savings Deposit 1.45 1.45 1.45 1.45 1.45 1.46 1.26 1.26 1.23 1.20 1.88 1.88 2.82 Lending 11.68 11.74 11.59 11.41 11.48 11.47 11.49 11.54 11.40 11.41 11.82 11.85 11.96 Treasury Bills 1/ 91-day 2.50 1.32 0.93 0.92 0.90 0.82 0.85 1.01 1.08 1.75 3.08 3.31 11.11 182-day 2.57 1.72 1.35 1.33 1.44 1.44 1.43 1.50 1.60 1.86 3.54 4.39 13.97 365-day 2.98 1.92 1.68 1.80 1.57 1.72 1.73 2.05 2.10 2.50 4.00 5.09 14.91 External Reserves (USD Million) 1/ Gross International Reserves 389 398 425 435 444 455 467 482 473 475 472 467 459 Net International Reserves 304 314 334 344 350 360 368 383 374 377 374 369 358 Net Reserves in months of imports 2/ 2.7 2.8 3.0 3.0 3.1 3.2 3.2 3.4 3.3 3.3 3.3 3.2 3.1 Average Exchange Rate (SCR per currency) USD ($) 12.04 12.06 12.06 12.08 12.16 12.15 12.19 12.19 12.24 12.26 12.67 13.06 13.78 EUR ( ) 16.39 16.29 16.51 16.50 16.59 16.81 16.84 16.81 16.71 16.68 16.88 16.95 17.47 GBP ( ) 19.28 19.34 19.67 19.86 20.05 20.09 20.23 20.45 20.54 20.84 21.04 21.26 22.03 Government Financial Statistics (SCR Million) Primary Balance (including grants) -5-5 61 175 63 80 103 132 74 86 72 87-19 % of GDP.... 0.4 1.0 0.3 0.4 0.6 0.7 0.4 0.5 0.4 0.5-0.1 Public Debt ( SCR Million) Total Public Debt 8,619 9,944 10,284 10,222 10,005 10,311 10,477 10,766 10,872 10,839 11,079 11,452 12,274 External Debt 5,628 5,627 5,764 5,793 5,788 5,794 5,603 5,803 5,832 5,754 6,029 6,243 6,529 % of GDP 36.6 36.6 38.3 31.8 31.8 31.8 32.1 31.8 31.3 31.6 33.1 33.8 34.9 Domestic Debt 2,992 4,317 4,520 4,429 4,218 4,516 4,874 4,963 5,041 5,085 5,050 5,210 5,745 % of GDP 29.0 29.5 30.8 25.1 23.9 25.2 27.3 27.8 28.2 28.4 28.3 29.1 31.7 Financial Sector Indicators Capital Adequacy and Asset Quality Indicators (%) Regulatory capital to risk weighted assets 26.7 26.8 26.7 27.6 27.2 26.7 25.5 24.6 24.6 24.8 24.5 22.4 21.5 Non performing loans to gross loans 9.6 10.0 9.4 10.9 10.5 10.3 8.2 8.4 6.3 7.3 7.5 8.3 8.2 Liquidity and Probability (%) Broad liquid assets to total liabilities 60.2 60.4 60.6 61.3 59.9 59.7 60.9 62.9 63.2 64.4 64.2 57.9 60.8 Return on assets 2.3 2.5 2.1 3.0 2.7 2.3 2.8 1.9 2.0 2.7 3.1 2.1 3.9 Sensitivity to Market Risk (%) Total long position in foreign exchange to capital 10.0 9.0 10.9 6.8 9.5 3.5 4.2 3.6 5.9 7.2 2.5 6.1 7.6 Total short position in foreign exchange to capital -4.8-3.1-2.0-1.2-6.1-6.0-6.2-6.9-5.8-5.5-1.4-1.9-2.7 Banking and Currency Indicators Circulation of Notes and Coins Total currency in circulation (SCR Million) 821 824 900 879 880 894 908 914 903 897 912 925 958 M-o-M change in Total currency in circulation (%) 4.2 0.3 9.2-2.3 0.1 1.6 1.6 0.7-1.3-0.6 1.6 1.5 3.5 Banker's Clearing House Activities Number of cheques 68,740 61,243 66,805 63,236 58,541 63,849 66,343 66,767 54,789 74,241 62,824 66,300 70,658 Value of cheques (SCR Million) 1,206 1,107 1,325 1,309 1,166 1,224 1,360 1,318 1,596 2,141 1,788 1,840 2,112 Payment System Instrument Activities Debit cards in circulation 58,612 60,505 60,965 60,777 58,154 59,100 59,007 60,075 60,885 58,528 61,564 62,411 63,053 SWIFT messages sent to participants 7,535 7,833 11,180 5,163 6,620 7,778 8,305 8,230 6,393 10,151 7,905 7,860 9,805 1/End of period 2/ Based on latest available import data
Table 1.1 Inflation Percentage (%) 12-month average 4.8 4.5 4.3 4.1 3.8 3.4 3.2 3.0 2.8 2.6 2.4 2.1 1.9 Month-on-month 0.1 0.0 0.1 0.3-0.3 0.5 0.1-0.4 0.2 0.2-0.1 0.0 0.2 Year-on-year 3.6 3.4 3.4 3.2 2.3 2.2 2.2 1.4 1.1 1.5 0.8 0.6 0.8 Source: National Bureau of Statistics Chart 1.1: Inflation Source: National Bureau of Statistics Page 1
Gross International Reserves Net International Reserves Table 2.1 External Reserves USD Million 389 398 425 435 444 455 467 482 473 475 472 467 459 304 314 334 344 350 360 368 383 374 377 374 369 358 Gross Reserves in months of imports 3.5 3.6 3.8 3.8 3.9 4.0 4.1 4.2 4.1 4.2 4.1 4.1 4.0 Net Reserves in months of imports 1/ 2.7 2.8 3.0 3.0 3.1 3.2 3.2 3.4 3.3 3.3 3.3 3.2 3.1 1/ Reserves in terms of total prospective imports of goods and services for the coming year Chart 2.1: External Reserves Target (NIR) Target Target Target (NIR) Q4 Q1 Q2 Q3 Q4 (NIR) (NIR) Q4 Q3 Q4 Q1 Q1 Q4 Q2 Q2Q1 Q3 Q3 Q2 Q4 Q3 USD Million 224.0 238.0 236.0 234.0 312.0 USD USD Million Million 224.0 217.0 224.0 238.0 224.0 236.0 238.0 234.0 236.0 312.0 234.0 Target Target(NIR) Q3 Q3 Q4 Q4 Q1 Q1 Q2 Q2 Q3 USD Target(NIR) Million 234.0 234.0 Q4 312.0 312.0 Q1 329.0 329.0 Q2 340.0 340.0 Q3 350.0 Q4 USD Million 312.0 329.0 340.0 350.0 350.0 Page 2
Table 3.1 Central Bank Survey 1/ SCR Million Reserve Money 3,259 3,304 2,124 2,793 2,712 2,417 2,553 2,529 2,533 2,742 2,483 2,477 2,401 Currency in Circulation 821 824 900 879 880 894 908 915 903 897 912 925 958 ODC Reserves at CBS 2,437 2,480 1,224 1,914 1,832 1,523 1,645 1,614 1,630 1,845 1,571 1,551 1,443 Net Foreign Assets 4,188 4,309 4,580 4,758 4,825 5,017 5,125 5,307 5,186 5,276 5,497 5,701 5,822 Net Domestic Assets -42-139 -414-472 -351-705 -1,036-1,265-1,276-1,373-1,389-1,594-1,996 Net Claims on Government -42-139 -414-472 -351-705 -1,036-1,265-1,276-1,373-1,389-1,594-1,996 Government Deposits 1,227 1,324 1,599 1,657 1,536 1,890 2,221 2,450 2,461 2,558 2,574 2,779 3,181 Government Credit 1,185 1,185 1,185 1,185 1,185 1,185 1,185 1,185 1,185 1,185 1,185 1,185 1,185 Other items net, of which: 887 867 2,042 1,493 1,762 1,894 1,536 1,513 1,376 1,161 1,625 1,631 1,425 Open Market Operations 382 371 1,570 908 1,199 1,298 980 923 853 504 753 545 545 Deposit Auction Arrangement 382 371 1,570 908 1,199 1,298 980 923 853 504 753 545 545 1/ End of period data Chart 3.1: Reserve Money Position Target (RM): Q3 Q1 Q2 Q3 Q4 SCR Million 2,288.0 2,739.0 2,651.0 2,642.0 2,442.0 Page 3
Table 4.1 Other Depository Corporations Survey 1/ SCR Million Net Foreign Assets 2,617 2,742 2,725 2,797 2,830 3,173 3,362 2,692 2,663 2,581 2,665 2,975 3,000 Domestic Assets 6,207 6,343 6,442 6,357 6,242 6,535 6,812 6,923 7,038 7,205 7,239 7,447 7,764 Claims on private sector 3,406 3,436 3,412 3,408 3,463 3,493 3,514 3,554 3,656 3,723 3,832 3,934 4,061 Claims on public entities 315 311 304 302 295 292 289 281 276 270 269 261 278 Claims on Government, net 2,487 2,596 2,726 2,647 2,484 2,749 3,010 3,088 3,106 3,212 3,137 3,251 3,425 Holdings in National Currency 121 109 143 148 158 159 155 173 104 115 115 126 131 Deposits included in Broad Money 8,390 8,566 8,584 8,777 8,823 9,399 9,561 9,377 9,435 9,330 9,507 9,802 9,907 Transferable deposits 2,282 2,309 2,433 2,446 2,398 2,552 2,519 2,520 2,542 2,579 2,445 2,449 2,478 Fixed Term deposits 1,237 1,220 1,185 1,194 1,191 1,199 1,217 1,202 1,188 1,206 1,230 1,222 1,187 Savings deposits 1,978 2,036 2,018 2,056 2,102 2,092 2,102 2,123 2,135 2,119 2,131 2,136 2,111 Foreign Currency Deposits 2,893 3,001 2,948 3,081 3,132 3,555 3,722 3,533 3,570 3,426 3,702 3,995 4,131 Other items, net 434 519 584 377 249 309 614 238 267 456 397 620 857 1/ End of period data Page 4
Table 4.2 Depository Corporations Survey 1/ SCR Million Net Foreign Assets 6,805 7,052 7,305 7,554 7,655 8,189 8,488 7,999 7,849 7,857 8,162 8,677 8,821 Central Bank 4,188 4,309 4,580 4,758 4,825 5,017 5,125 5,307 5,186 5,276 5,497 5,701 5,822 Other Depository Corporations 2,617 2,742 2,725 2,797 2,830 3,173 3,362 2,692 2,663 2,581 2,665 2,975 3,000 Domestic Assets 6,165 6,204 6,028 5,886 5,891 5,830 5,776 5,657 5,762 5,832 5,849 5,853 5,768 Claims on private sector 3,406 3,436 3,412 3,408 3,463 3,493 3,514 3,554 3,656 3,723 3,832 3,935 4,061 Claims on public entities 315 311 304 302 295 292 289 281 276 270 269 261 278 Claims on Gov't, net 2,445 2,457 2,312 2,175 2,132 2,044 1,974 1,822 1,830 1,839 1,748 1,657 1,429 Monetary Aggregate (M3) 9,091 9,281 9,340 9,508 9,544 10,134 10,314 10,118 10,234 10,112 10,304 10,601 10,734 Monetary Aggregate (M2) 6,198 6,280 6,392 6,427 6,412 6,579 6,591 6,585 6,664 6,686 6,602 6,606 6,603 Monetary Aggregate (M1) 2,982 3,024 3,189 3,176 3,119 3,288 3,272 3,261 3,341 3,361 3,241 3,248 3,305 Currency with public 700 715 757 731 722 736 753 741 799 782 797 799 827 Transferable deposits 2,282 2,309 2,433 2,446 2,398 2,552 2,519 2,520 2,542 2,579 2,445 2,449 2,478 Quasi Money 3,216 3,256 3,203 3,251 3,293 3,291 3,319 3,324 3,323 3,325 3,360 3,358 3,298 Fixed Term deposits 1,237 1,220 1,185 1,194 1,191 1,199 1,217 1,202 1,188 1,206 1,230 1,222 1,187 Savings deposits 1,978 2,036 2,018 2,056 2,102 2,092 2,102 2,123 2,135 2,119 2,131 2,136 2,111 Foreign Currency Deposits 2,893 3,001 2,948 3,081 3,132 3,555 3,722 3,533 3,570 3,426 3,702 3,995 4,131 Other items, net 3,880 3,975 3,993 3,932 4,001 3,885 3,950 3,539 3,377 3,577 3,707 3,929 3,855 Memorandum items: Monetary Base/ Reserve Money 3,259 3,304 2,124 2,793 2,712 2,417 2,553 2,529 2,533 2,742 2,483 2,477 2,401 1/ End of period data Chart 4.1: Monetary Aggregates Page 5
Table 5.1 Money Market Interest Rates 1/ Percentage (%) Interbank Lending 5.50 5.50 4.60 2.90 2.90 2.90 2.70 2.80 2.80 2.70 2.35 2.40 2.45 CBS Overnight Facility 7.00 7.00 6.10 4.40 4.40 4.40 4.20 4.30 4.30 4.20 1.75 1.75 1.75 Treasury Bills Rate 91-day 2.50 1.32 0.93 0.92 0.90 0.82 0.85 1.01 1.08 1.75 3.08 3.31 11.11 182-day 2.57 1.72 1.35 1.33 1.44 1.44 1.43 1.50 1.60 1.86 3.54 4.39 13.97 365-day 2.98 1.92 1.68 1.80 1.57 1.72 1.73 2.05 2.10 2.50 4.00 5.09 14.91 Deposit Auction Arrangement Rates (DAA) 2/ 7-day - 0.20 0.30 0.39 0.42 0.39 0.38 0.34 0.36 0.35 1.50 1.50 3.50 14-day - 0.39 0.45 0.47 0.49 0.54 0.50 0.47 0.49 0.50 1.55 1.55 3.55 1/ End of period data 2/ As of 1st August 2014, interest rate on short-term DAA has been fixed by CBS Chart 5.1: Treasury Bills Rate Page 6
Table 6.1 Average Effective Interest Rates of Other Depository Corporations Percentage (%) Savings Deposit 1.45 1.45 1.45 1.45 1.45 1.46 1.26 1.26 1.23 1.20 1.88 1.88 2.82 Fixed Term Deposits Local Currency 3.32 3.14 2.86 2.76 2.75 2.71 2.68 2.65 2.57 2.45 2.59 2.63 2.85 7 days 1.21 1.25 1.24 1.04 1.10 1.08 1.12 1.23 1.11 0.99 1.10 1.08 1.08 > 7 days 3 months 2.90 2.89 2.11 2.26 2.37 2.44 2.45 2.38 2.24 2.01 2.18 2.30 2.42 > 3 months 6 months 3.07 2.85 2.58 3.01 2.99 2.89 2.75 2.54 2.46 2.34 2.46 2.50 2.67 > 6 months 12 months 4.25 3.69 3.56 2.94 2.80 2.76 2.70 2.75 2.72 2.67 2.95 3.00 3.58 > 12 months 5.14 5.02 4.79 4.56 4.51 4.40 4.36 4.35 4.31 4.25 4.26 4.26 4.49 Foreign Currency 1.15 1.28 1.19 1.22 1.29 1.00 1.13 1.15 1.10 1.17 1.08 1.01 1.28 7 days 1.00 - - 0.99 - - - 0.01 0.01 0.02 - - - > 7 days 3 months 0.91 0.97 0.93 0.90 0.91 0.90 0.99 0.97 1.01 1.00 0.97 0.95 0.95 > 3 months 6 months 1.08 1.37 1.13 1.32 1.34 1.21 1.78 1.88 1.89 1.95 1.63 1.11 1.15 > 6 months 12 months 1.41 1.43 1.35 1.55 1.55 1.51 1.51 1.53 1.21 1.51 1.24 1.65 1.66 > 12 months 1.37 1.36 1.36 1.35 1.35 1.35 1.35 1.36 1.38 1.36 1.55 1.36 1.38 Average Lending Rate 1/ 11.68 11.74 11.59 11.41 11.48 11.47 11.49 11.54 11.40 11.41 11.82 11.85 11.96 1/ Includes both rupee and foreign currency loans Chart 6.1: Interest Rates Page 7
Table 7.1 Monthly Average Exchange Rates 1/ SCR per currency USD ($) 12.0386 12.0553 12.0619 12.0835 12.1647 12.1546 12.1862 12.1877 12.2443 12.2617 12.6699 13.0598 13.7813 EUR ( ) 16.3935 16.2857 16.5113 16.4980 16.5948 16.8146 16.8413 16.8103 16.7093 16.6767 16.8820 16.9532 17.4716 GBP ( ) 19.2843 19.3448 19.6730 19.8644 20.0533 20.0900 20.2293 20.4491 20.5415 20.8388 21.0408 21.2571 22.0326 1/ Average exchange rates of authorised dealers Table 7.2 End of period Exchange Rates 2/ SCR per currency USD ($) 12.0496 12.0501 12.0758 12.1859 12.1222 12.1394 12.2519 12.2009 12.1284 12.3057 12.9760 13.4083 14.0454 EUR ( ) 16.5204 16.3734 16.5560 16.4958 16.6820 16.7462 16.8737 16.7274 16.7569 16.5520 17.0658 17.0312 17.6804 GBP ( ) 19.1935 19.5057 19.8355 20.0608 20.1426 20.0470 20.3512 20.3744 20.8234 21.0523 21.3559 21.5966 22.3382 2/ End of period exchange rates of authorised dealers Chart 7.1: Monthly Average Exchange Rates Page 8
Table 8.1 Volume of Foreign Exchange Transactions SCR Million Total Purchases 548 504 598 570 507 582 572 568 480 615 507 578 583 USD ($) 164 152 206 165 172 202 182 194 221 219 203 213 213 EUR ( ) 357 337 373 388 321 357 373 347 243 371 286 320 354 GBP ( ) 20 11 10 12 8 17 13 21 10 17 10 24 11 Others 7 3 8 4 5 6 5 6 8 8 8 21 5 Total Sales 572 546 535 716 610 585 598 616 597 685 655 668 711 USD ($) 392 381 339 489 397 417 390 386 407 424 454 445 485 EUR ( ) 110 86 108 145 112 100 132 142 116 171 109 124 136 GBP ( ) 22 17 28 35 36 23 25 32 24 30 32 45 22 Others 48 61 60 47 65 45 51 56 50 60 60 55 68 Net Purchases -24-41 63-146 -104-2 -26-48 -117-70 -148-90 -128 Note: This does not include Central Bank transactions or transactions between authorised dealers Table 8.2 Volume of Foreign Exchange Transactions USD Million Total Purchases 46 42 50 47 42 48 47 47 39 50 40 44 42 Total Sales 48 45 44 59 50 48 49 51 49 56 52 51 52 Net Purchases -2-3 5-12 -9 0-2 -4-10 -6-12 -7-9 Note: This does not include Central Bank transactions or transactions between authorised dealers Chart 8.1: Volume of Foreign Exchange Transactions Page 9
Table 9.1 Credit to the Economy by Sector 1/ (SCR Million) Total Credit (SCR Million) 3,406 3,436 3,412 3,408 3,463 3,493 3,514 3,554 3,656 3,723 3,832 3,935 4,061 Agriculture and horticulture 24 23 18 25 22 23 22 25 26 26 28 29 31 Fisheries 16 10 15 20 24 23 27 27 29 28 29 31 38 Building and construction 387 391 388 248 242 243 253 256 260 257 273 281 300 Manufacturing 38 34 34 65 62 66 61 58 58 55 53 48 52 Real Estate 414 426 423 517 526 530 514 529 580 603 630 556 561 Tourism Facilities 536 535 549 630 652 637 633 642 641 645 644 722 745 Wholesale and Retail Trade 211 212 202 261 279 286 302 296 308 304 337 348 345 Transportation 173 175 180 160 167 165 167 164 165 154 159 167 176 Private Households and NPI's 736 750 747 786 799 811 821 843 858 896 908 911 929 Mortgage Loans 440 447 453 413 416 417 420 425 428 434 438 447 454 Others 430 432 403 284 274 293 295 290 303 322 334 396 430 Memorandum Items Credit in Seychelles Rupees 2,778 2,805 2,782 2,744 2,795 2,802 2,816 2,848 2,905 2,962 3,022 3,070 3,169 Credit in Foreign Currency 628 631 630 664 668 691 697 706 751 761 810 865 892 1/ End of period data Credit to the Economy by Sector (Percentage) Total Percentage (%) 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Agriculture and horticulture 0.7 0.7 0.5 0.7 0.6 0.7 0.6 0.7 0.7 0.7 0.7 0.7 0.8 Fisheries 0.5 0.3 0.4 0.6 0.7 0.7 0.8 0.8 0.8 0.7 0.7 0.8 0.9 Building and construction 11.4 11.4 11.4 7.3 7.0 6.9 7.2 7.2 7.1 6.9 7.1 7.1 7.4 Manufacturing 1.1 1.0 1.0 1.9 1.8 1.9 1.7 1.6 1.6 1.5 1.4 1.2 1.3 Real Estate 12.2 12.4 12.4 15.2 15.2 15.2 14.6 14.9 15.9 16.2 16.4 14.1 13.8 Tourism Facilities 15.7 15.6 16.1 18.5 18.8 18.2 18.0 18.1 17.5 17.3 16.8 18.3 18.3 Wholesale and Retail Trade 6.2 6.2 5.9 7.7 8.1 8.2 8.6 8.3 8.4 8.2 8.8 8.8 8.5 Transportation 5.1 5.1 5.3 4.7 4.8 4.7 4.8 4.6 4.5 4.1 4.1 4.2 4.3 Private Households and NPI's 21.6 21.8 21.9 23.1 23.1 23.2 23.4 23.7 23.5 24.1 23.7 23.2 22.9 Mortgage Loans 12.9 13.0 13.3 12.1 12.0 11.9 12.0 12.0 11.7 11.7 11.4 11.4 11.2 Others 12.6 12.6 11.8 8.3 7.9 8.4 8.4 8.2 8.3 8.6 8.7 10.1 10.6 Chart 9.1: Credit to the Economy by Sector Page 10
Table 10.1 Balance of Payments (1) USD Million 2013 2014 Q2 Q3 Q4 Q1 Q2 Current account -34-109 -72-68 -55 Trade balance -98-148 -114-114 -111 Exports of goods (f.o.b) 144 131 158 139 151 Imports of goods (f.o.b) 241 280 272 253 262 Services, net 81 56 53 69 76 Exports of services 138 118 129 131 135 of which: Tourism Earnings 99 80 84 85 90 Imports of services 57 62 77 61 60 Primary Income, net -16-28 -12-19 -17 Compensation of employees -1-2 - -1-1 Investment income -15-26 -12-18 -16 Secondary Income, net -1 11 2-4 -3 of which: General government, net 9 21 11 6 6 of which : Other sectors, net -10-10 -9-10 -8 Capital account 31 16 6 6 27 Financial account, net 5-79 -72-30 19 Direct investment, net -28-45 -61-43 -40 In Seychelles 32 46 62 45 44 Abroad 4 1 1 1 4 Portfolio investment, net - -2 3 23-55 Assets - -2 3 23-55 Liabilities - - - - - Other investment, net 4-59 -46-39 101 Assets 64 4-71 15 1 Liabilities 60 63-25 53-100 Net errors and omissions 8 14-6 31 46 Overall balance -30-27 -32-28 -12 Financing 30 27 32 28 12 Reserve 30 27 32 28 12 Arrears - - - - - Memorandum items: Trade Balance (f.o.b.). (merchandise exports less imports) -98-148 -114-114 -111 Stock of Reserves (Gross) (US$ million) 343 389 425 455 473 Stock of Reserves (Gross) (Months of imports) 3.1 3.5 3.8 4.0 4.1 Exchange Rate (Rupee/US$; period average) 11.7752 11.9869 12.0513 12.1338 12.2035 1/ Data may differ from previous publications due to revisions Page 11
Table 11.1 Government Finance Statistics SCR Million 1/ The primary balance is obtained by excluding interest payments from the overall balance Source: Ministry of Finance, Trade & Investment Budget Actual Budget Actual Budget Actual Budget Actual Revenue & Grants 1,689 1,651 1,299 1,330 1,722 1,535 1,488 1,504 Total Revenue 1,642 1,558 1,204 1,292 1,529 1,494 1,416 1,485 Tax 1,280 1,242 1,060 1,150 1,346 1,339 1,248 1,324 Non-Tax 362 316 145 142 183 154 168 160 Grants 47 93 94 38 193 41 72 19 0 0 0 0 0 0 Expenditure and Net Lending 1,939 1,718 1,404 1,130 1,511 1,243 1,527 1,367 0 0 0 0 0 0 Current Expenditure 1,399 1,240 1,202 1,032 1,151 1,045 1,240 1,178 0 0 0 0 0 0 Primary Current Expenditure 1,224 1,122 1,094 915 1,085 989 1,022 1,066 Wages and salaries 304 312 326 327 320 311 315 329 Goods and services 456 405 339 258 329 306 298 338 Interest due 175 118 108 117 66 56 217 112 External 29 34 6 58 25 21 62 62 Domestic 146 84 102 59 41 36 156 50 Transfers 462 401 422 323 423 366 402 396 Social programme of Central Govt. 109 87 79 46 90 69 88 88 Transfers to public sector from Central Govt. 241 196 210 154 201 169 181 177 Benefits and approved programs of SSF 111 118 133 123 133 127 133 131 Benefits Payment of SPF - - - - - - - - Other 2 3 7 7 13 6 7 3 0 0 0 0 0 0 Capital Expenditure 490 466 169 77 327 170 254 181 0 0 0 0 0 0 Total Expenditure 1,889 1,706 1 1 - - - - 0 0 0 0 0 0 - Net lending 48 7 22 5 22 5 22-0 0 0 0 0 0 0 Contingency 1 5 11 15 11 22 11 8 0.0 0.0 Primary balance, Accrual basis (GFS) 1/ 2013 Q4 Including grants -74 51 2 318 277 348 178 249 In percent of GDP (%) - - - 1.8 - - - - Excluding grants -122-42 -92 280 84 307 106 230 In percent of GDP (%) - - -0.5 1.5 - - - - 0 0 Overall balance, Accrual basis (GFS) -249-67 -106 201 211 292-39 137 In percent of GDP (%) - - -0.6 1.1 - - - - 2014 Q1 2014 Q2 2014 Q3 Page 12
Table 12.1 Stock of Public Debt SCR Million Total Public Debt 8,619 9,944 10,284 10,222 10,005 10,311 10,477 10,766 10,872 10,839 11,079 11,452 12,274 External Debt 5,628 5,627 5,764 5,793 5,788 5,794 5,603 5,803 5,832 5,754 6,029 6,243 6,529 Bilateral 1,656 1,656 1,658 1,661 1,657 1,660 1,611 1,663 1,672 1,643 1,714 1,732 1,788 Multilateral 1,198 1,198 1,329 1,331 1,344 1,344 1,296 1,336 1,357 1,329 1,381 1,480 1,544 Commercial 2,774 2,773 2,776 2,801 2,787 2,791 2,696 2,804 2,803 2,782 2,934 3,031 3,197 Domestic Debt 2,992 4,317 4,520 4,429 4,218 4,516 4,874 4,963 5,041 5,085 5,050 5,210 5,745 Government Securities 2,243.8 3,523.1 3,687.1 3,594.8 3,388.0 3,696.8 4,062.8 4,138.9 4,222.7 4,264.8 4,222.7 4,392.3 4,941.2 Treasury Bills 2,045 3,329 3,493 3,401 3,199 3,077 3,219 3,306 3,308 3,338 3,286 3,451 3,985 Treasury Bonds 199 194 194 194 189 620 844 833 915 927 937 941 956 Government Stocks - - - - - - - - - - - - - Treasury Deposits - - - - - - - - - - - - - Other Loans 748 794 833 834 830 819 811 824 818 820 827 817 804 Memorandum Items External Debt as % of GDP 36.6 36.6 38.3 31.8 31.8 31.8 32.1 31.8 31.3 31.6 33.1 33.8 34.9 Domestic Debt as % of GDP 29.0 29.5 30.8 25.1 23.9 25.2 27.3 27.8 28.2 28.4 28.3 29.1 31.7 Source: Ministry of Finance Chart 10.1: Stock of Government Securities Source: Ministry of Finance Page 13
Table 13.1 General Financial Soundness Indicators of Other Depository Corporations SCR Million Total deposits liabilities 14,745 14,781 14,660 14,848 15,014 15,789 15,288 14,718 14,702 14,540 14,737 14,834 15,153 Total assets 17,331 17,413 17,245 17,475 17,733 18,424 17,903 17,273 17,297 17,165 17,287 17,389 17,818 Loans & advances 4,399 4,417 4,384 4,370 4,416 4,434 4,455 4,486 4,584 4,646 4,750 4,846 4,984 Equity Capital 1,680 1,701 1,671 1,708 1,742 1,749 1,643 1,564 1,591 1,607 1,642 1,497 1,487 Non performing loans (NPLs), gross 421 441 411 478 463 456 365 376 286 341 354 402 409 Actual Provisions (Specific) 151 161 161 164 165 165 164 165 164 166 173 179 186 Figures are unaudited Chart 11.1: General Financial Soundness Indicators of Other Depository Corporations Page 14
Table 13.2 Capital Adequacy and Asset Quality Indicators of Other Depository Corporations Percentage (%) Regulatory capital to risk weighted assets 26.7 26.8 26.7 27.6 27.2 26.7 25.5 24.6 24.6 24.8 24.5 22.4 21.5 Non-performing loans to gross loans 9.6 10.0 9.4 10.9 10.5 10.3 8.2 8.4 6.3 7.3 7.5 8.3 8.2 Provision as % of non-performing loans 35.8 36.5 39.2 34.4 35.6 36.2 44.8 43.8 57.4 48.7 48.2 44.6 45.5 Net tangible capitalization ratio 9.8 9.9 9.8 10.0 10.0 9.6 9.3 9.2 9.3 9.5 9.6 8.7 8.5 Figures are unaudited Chart 11.2: Capital Adequacy and Asset Quality Indicators of Other Depository Corporations Page 15
Table 13.3 Earnings, Liquidity and Sensitivity to Market risk of Other Depository Corporations Percentage (%) Earnings & Profitability Return on assets 2.3 2.5 2.1 3.0 2.7 2.3 2.8 1.9 2.0 2.7 3.1 2.1 3.9 Return on equity 23.6 25.2 21.7 30.9 27.9 23.6 30.1 20.6 22.3 28.6 32.7 23.7 45.5 Liquidity Broad liquid assets to total liabilities 60.2 60.4 60.6 61.3 59.9 59.7 60.9 62.9 63.2 64.4 64.2 57.9 60.8 Sensitivity to Market Risk Total long position in foreign exchange to capital 10.0 9.0 10.9 6.8 9.5 3.5 4.2 3.6 5.9 7.2 2.5 6.1 7.6 Total short position in foreign exchange to capital -4.8-3.1-2 -1.2-6.1-6 -6.2-6.9-5.8-5.5-1.4-1.9-2.7 Net open position to capital 5.2 5.9 8.9 5.6 3.4-2.5-2.0-3.3 0.1 1.7 1.1 4.2 4.9 Figures are unaudited Chart 11.3: Earnings, Liquidity and Sensitivity to Market risk of Other Depository Corporations Page 16
Table 14.1 Notes and Coins in circulation 1/ SCR Million Total Currency in Circulation 821 824 900 879 880 894 908 914 903 897 912 925 958 Notes 783 786 861 840 841 855 869 875 863 858 872 885 918 Coins 38 38 39 39 39 39 39 39 40 40 40 40 40 Month-on-month change in total currency in Circulation (%) 4.2 0.3 9.2-2.3 0.1 1.6 1.6 0.7-1.3-0.6 1.6 1.5 3.5 Share of Total Currency in Circulation (%) Notes 95.4 95.4 95.7 95.6 95.6 95.6 95.7 95.7 95.6 95.6 95.7 95.7 95.8 Coins 4.6 4.6 4.3 4.4 4.4 4.4 4.3 4.3 4.4 4.4 4.3 4.3 4.2 1/ End of period data Chart 12.1: Notes and Coins in circulation Page 17
Table 15.1 Bankers Clearing House Activities Number of cheques 68,740 61,243 66,805 63,236 58,541 63,849 66,343 66,767 54,789 74,241 62,824 66,300 70,658 of which: Number of High Valued cheques 1,791 1,650 1,838 1,847 1,748 1,788 1,853 1,904 1,056 1,501 1,233 1,264 1,348 Value of cheques 1,206 1,107 1,325 1,309 1,166 1,224 1,360 1,318 1,596 2,141 1,788 1,840 2,112 of which: Value of High Valued cheques 724 667 835 847 747 760 602 831 658 958 773 789 838 Month-on-month change in values of cheques (%) 14.0-8.2 19.7-1.2-10.9 5.0 11.1-3.1 21.1 34.1-16.5 2.9 14.8 Table 15.2 Payment System Instrument Activities Number of debit cards in circulation 58,612 60,505 60,965 60,777 58,154 59,100 59,007 60,075 60,885 58,528 61,564 62,411 63,053 Number of Point of Sale 1,841 1,874 1,890 1,917 1,931 1,882 1,888 1,905 1,913 1,925 1,942 1,943 1,984 Number of SWIFT messages sent to participants 7,535 7,833 11,180 5,163 6,620 7,778 8,305 8,230 6,393 10,151 7,905 7,860 9,805 Value of SWIFT messages sent to participants (SCR Million) 1,421 1,631 1,994 633 721 953 636 637 854 831 763 893 844 Chart 13.1: Bankers Clearing House Activities Page 18
Table 16.1 Tourism Indicators Visitors Arrival 22,460 18,240 20,577 16,521 20,587 20,381 23,115 15,298 14,968 18,996 20,546 17,024 23,312 Average length of stay (nights) 9.3 10.0 9.9 10.9 9.0 10.0 10.9 10.7 9.7 10.4 11.0 10.2 9.3 Source: National Bureau of Statistics Chart 14.1: Tourism Indicators Page 19
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