Economic Monitoring Committee Confirms Stable Supplies and Reserves as Seychelles Monitors Global Developments
As global tensions raise concerns over potential disruptions to supply chains and markets, the Economic Monitoring Committee on Monday assured that Seychelles remains well-stocked with essential commodities and maintains stable financial reserves. The committee also outlined measures in place to safeguard the country’s economic stability.
The committee, established to coordinate a whole-of-government response, briefed members of the press at State House on the potential implications of the evolving international conflict and the steps being undertaken to protect national interests.
The meeting chaired by the Minister for Foreign Affairs and Diaspora, Barry Faure, brought together representatives of key institutions responsible for monitoring developments affecting the natonal economy.
During the briefing, the Minister for Finance, Trade and Economic Planning, Mr Pierre Laporte, confirmed that the situation in Seychelles remains stable, with sufficient supplies of essential goods and strong coordination between government agencies and the private sector.
On food security, Minister Laporte confirmed that the country has secured additional commodities to sustain national demand for approximately two extra months, with supply chains continuing to function normally.
In the fuel sector, stocks remain stable, the Minister added, with two shipments scheduled to arrive in March through the Seychelles Petroleum Company (SEYPEC). He noted that while global fuel prices may fluctuate due to international developments, Seychelles will adjust mechanisms to manage supply and mitigate potential impacts.
For her part, the Governor of the Central Bank of Seychelles (CBS), Ms Caroline Abel, highlighted that the country’s foreign exchange position remains stable, with reserves covering around four months of imports. The Governor indicated that the financial system continues to operate normally and remains capable of serving clients effectively. The Governor further noted that Foreign Exchange Bureau operations are adequately supplied.
The committee emphasised that there is no need for panic buying, as supplies remain sufficient. The Seychelles Trading Company (STC) has temporarily paused certain wholesale activities to prioritise retail operations, ensuring continued access to essential goods for the population.
The agriculture sector was also discussed, with the committee confirming that livestock feed supplies remain stable, supporting continued domestic production.
The Minister for Finance reiterated that price controls on essential commodities remain in force, and all merchants are expected to comply with the established regulations to protect consumers.
The meeting also addressed the potential implications for the tourism sector, a key pillar of the national economy. The Minister for Tourism, Mrs Amanda Bernstein, stated that the government is maintaining close collaboration with tourism stakeholders to ensure that visitors currently in the country can continue their holidays without disruption.
The Chief Executive Officer of Air Seychelles, Mr Sandy Benoiton, provided an update on air connectivity, highlighting the airline’s ongoing efforts to maintain direct links between Seychelles and Europe. The airline currently operates 11 flights to Europe, including services scheduled on Tuesday, Wednesday and Friday, supporting visitor arrivals and sustaining vital international connectivity.
The committee acknowledged that any potential impact on tourism arrivals will continue to be monitored closely, with updated statistics expected from the National Bureau of Statistics (NBS).
Through the Economic Monitoring Group, the government reaffirmed its commitment to working closely with stakeholders and the business community to ensure stability, maintain essential services and safeguard the wellbeing of the population. The committee will continue to provide updates and coordinate responses across government and key economic sectors.
