Strengthening Seychelles’ Financial Sector Through Strategic Capacity Building

In a recent panel discussion, the Central Bank of Seychelles outlined the nation’s ongoing journey to reform its monetary and financial sectors while highlighting the pivotal role of international training and technical assistance in their progress.

Seychelles began comprehensive financial sector reforms in 2008 as part of an IMF-supported program aimed at modernizing its regulatory framework and monetary system. This overhaul included transitioning to a market-based monetary policy, with recent moves such as adopting an interest-rate-based framework to guide the domestic market. Throughout this evolution, technical support and targeted training from global organizations have equipped the Bank’s staff with expertise in areas like monetary policy, forecasting systems, and liquidity management. These skills are applied directly in daily operations and help ensure financial data collection aligns with international standards.

The country has also updated its supervisory practices to meet global benchmarks. As Seychelles adopts a risk-based approach to regulating financial institutions and addresses new challenges—such as climate-related financial risks and cybersecurity threats—ongoing capacity building remains essential. Recent workshops and collaborations have provided staff with advanced tools to improve oversight and resilience, particularly as digital innovations reshape the sector. That said, the small size of the local talent pool means the financial sector is heavily reliant on international training programs to build and maintain critical skills.

This continued investment in human capital, supported by organizations dedicated to financial sector development, is vital for Seychelles to navigate evolving economic challenges and seize new opportunities, ensuring the nation’s financial stability and growth in a rapidly changing world.