President Ramkalawan receives CBS annual report 2020 |31 March 2021

Governor Abel hands over a copy of the CBS annual report to President Ramkalawan (Phoot: Joena Meme)

President Wavel Ramkalawan has received a copy of the Central Bank of Seychelles’ annual report 2020.

It was the Governor of CBS, Caroline Abel, who presented President Ramkalawan with a copy of the report yesterday morning at State House.

The performance of our economy, the two credit lines made available for businesses, the management of international reserves, an overview of the operational activities, and the work and mandates of the different sections within CBS were some key points in the report that were discussed by President Ramkalawan and Governor Abel.    

The report has been prepared by the Office of the Auditor General Seychelles with the support for the last three years by audit firm Deloitte & Touche based in South Africa.

A copy was also presented yesterday to the National Assembly.

Governor Abel noted that the presentation of the report to the President and to the National Assembly before putting it in the public domain is an obligation the CBS has under its act that in any year, by March 31, an annual report has to be submitted on the affairs of the bank, mainly related to policy decisions including actions taken and also terms of its operation.

Although not an obligation under its act, Governor Abel also submitted to President Ramkalawan a report on activities regarding the management of its international reserves by CBS throughout the year. The National Assembly also received a copy of that report.

Governor Abel said that the bank has since 2020 been very active in using its international reserves to support the country’s economy among which include assisting the Seychelles Petroleum Company (Seypec) for the import of fuel and the Seychelles Trading Company (STC) for the import of essential commodities.

“The President is happy with the way CBS is operating and has on top of that urged us to continue with our engagement to educate the public on the country’s finance and finance in general and on the economy,”, Governor Abel said.

She added that the engagement with the different strata in society, especially with the most vulnerable, will continue.

She stated that CBS wants everyone to participate and contribute to the country’s economy.

“We had an engagement with a group of hearing impaired last Saturday where we got to discover that in banks, apart from bank officer who knows sign language, deaf people like to look for words coming from the mouth to understand what is going on with regard to their banking transactions.

“To think of it, in our current health situation, it is difficult for them, now, to understand the other person who is wearing a mask. This situation has made us seen things differently and we have to look for solutions to help the most vulnerable,” Governor Abel said, highlighting the fact that if such a session had not taken place, it would not have been known what the most vulnerable in society are faced with.

The reports will be discussed in more detail in a future session with the press and they will also be made available for the public on the CBS website.

Patrick Joubert