Private Sector Credit Surges 18 Percent in July as Fitch Upgrades Seychelles Rating
VICTORIA, Seychelles — Credit to the private sector rose by 18 per cent in July 2025, bringing the total to R6.877 billion, compared with July 2024. The increase was largely driven by loans issued in Seychelles rupees, the Central Bank of Seychelles (CBS) announced at a press conference on Wednesday morning. Second Deputy Governor Mike Tirant said the development reflected a stronger domestic economy and improved confidence in the banking sector.
Mr Tirant was joined by Secretary of State for Finance Patrick Payet and Principal Secretary for Finance Astride Tamatave to discuss the country’s recent upgrade in the Fitch sovereign credit rating from ‘BB-‘ to ‘BB’ with a stable outlook. The CBS noted that the inflation rate has also stabilised, standing at -1.8 per cent in August 2025, compared with the same period last year, and averaging -1.9 per cent over the past twelve months.
Loans issued in foreign exchange fell to 14 per cent, amounting to approximately R1.3 billion. Domestic electricity tariffs remained unchanged for the third quarter of 2025, helping to keep inflation low. Foreign currency inflows into the economy since the start of 2025 were 19 per cent higher than during the same period last year, reflecting the recovery in the tourism sector in the second and third quarters. Net international reserves stood at US$715.4 million as of September 5, 2025, compared with US$735 million recorded in December 2024.
