Exhibition traces evolution of central banking in Seychelles |28 November 2013

Guests viewing the exhibition

The Central Bank of Seychelles (CBS) yesterday launched an exhibition tracing the ‘Evolution of central banking in Seychelles’.

It was held at the International Conference Centre of Seychelles (ICCS) as part of the bank’s activities marking its 35th anniversary.

Present at the exhibition was Vice-President Danny Faure, Finance, Trade and Investment Minister Pierre Laporte, CBS governor Caroline Abel, the banking sector, the business community, past governors, board members and staff of CBS.

In a short opening speech to mark the occasion, Ms Abel traced the history of the bank which began in 1936 with the establishment of the Seychelles Currency Board, similar to that of other British colonies during that time.

“The rapidly-changing economic landscape of the late seventies and early eighties led to the creation of the Seychelles Monetary Authority (SMA) on December 1, 1978 which evolved into a fully-fledged Central Bank on January 1, 1983,” she said.

The CBS has had a total of six governors since it started in 1978. The first governor was the late Guy Morel, who led the CBS from January 1983 to September 1991. Others were Aboo Aumeeruddy (from September 1991 to April 1995), Norman Weber (from May 1995 to April 2001), Francis Chang-Leng (from May 2001 to October2008), Pierre Laporte (from November 2008 to March 2012) and Caroline Abel (from March 2012 to date.

“As we all know, governors differ in charisma but we possess one thing in common -- the resolve to work tirelessly to uphold the ideals of the bank which are strength, stability and the instinctive nature to serve and protect the economic interest of the country as enshrined in the CBS logo,” remarked Ms Abel.

The construction of the CBS building started in April 1982 and it was completed in 1983. The official opening was made by President France Albert Rene on June 4, 1984.
Speaking of the exhibition in a small interview, Ms Abel said that 35 years is seen as a historic milestone with all central banks worldwide.

“We at the CBS want to show the evolution and progress that has happened during the past 35 years and also take the opportunity to educate the public on what happens at the CBS as an institution as most people are not aware of its functions. That is because we are rarely in public,” she said.

She noted that stability in the financial system is one the bank’s major achievements for the past 35 years compared to that of financial crisis in other countries.

“For the past five years of economic reforms we have put in place lots of legislations and now we are introducing new products that will reinforce stability in the financial system,” she said.

As for the bank’s challenges, Ms Abel said that as the world is getting more complex and the services becoming more complex, the bank has to always be in the forefront to regulate those complicated challenges and this is why the CBS’ forthcoming annual lecture will be on ‘Buttressing Seychelles financial system’ as a way forward.

The CBS has a new project for the next three years with the World Bank and that is to draw up a national plan on the development of the financial services in Seychelles. The project will also involve other ministries and stakeholders.

The CBS exhibition is showcasing photos, articles on past and present such as the other financial institutions with Barclays being the first bank in Seychelles in 1959. This was followed by Credit Union in 1970, Habib Bank limited (1976), Development Bank of Seychelles (1977), Bank of Baroda (1978), Banque Française Commerciale de l’Océan Indien (1978), Seychelles Saving Bank (1981) but now rebranded as Seychelles commercial Bank in 2013, Bank of Credit and Commerce International (1986), Seychelles International Mercantile Banking (1991) now known as Nouvobanq, Mauritius Commercial Bank (2003) and Bank Muscat International Offshore in 2008 .

At the exhibition the public can also view commemorative coins dating back since 1976 and specimen notes dating back since 1980.
Also available are the bank’s annual reports of different years and video presentations.

Staff are also on hand for questions, explanations and clarications.
The exhibition will remain open until November29, 2013 from 9am to 3pm.
It is to be noted that the CBS’ anniversary lecture will be held tomorrow at the ICCS.