See also:
» 08.12.2010 - Piracy costs Seychelles millions
» 02.02.2010 - Seychelles appoints ambassadors to boost tourism
» 17.12.2009 - Seychelles appeals for small islands' right to exist
» 03.12.2009 - Seychelles rejects financial piracy allegations
» 09.11.2009 - W/B helps Seychelles out of economic deep end
» 23.10.2009 - Seychelles takes additional measures against piracy
» 09.12.2008 - Calls for national unity govt in Seychelles
» 16.10.2007 - Seychelles launches ICT policy

China wholesale online through

Houlihan's coupons

Finn autentiske matoppskrifter fra hele verden på
Gazpacho Børek Kartoffelsalat Taboulé Gulasj Albóndigas Cevapi Rougaille Japrak sarma Zwiebelbrot Klopse Giouvetsi Paella Pljeskavica Pica pau Pulpo a la gallega Flammkuchen Langosj Tapenade Chatsjapuri Pasulj Lassi Kartoffelpuffer Tortilla Raznjici Knödel Lentejas Bœuf bourguignon Korianderchutney Brenneslesuppe Proia Sæbsi kavurma Sardinske calamares

Autentiske matoppskrifter fra hele verden finner du på
Réunion Portugal Aserbajdsjan Serbia Tyskland Seychellene Bosnia Spania Libanon Belgia India Kroatia Hellas Italia Ungarn Komorene Georgia Mauritius Østerrike Romania Frankrike

Economy - Development

Seychelles Central Bank governor resigns

afrol News, 25 October - Francis Chang-Leng has this week offered his resignation as Governor of the Seychelles Central Bank to President James Michel, who has accepted it. The resignation comes as the IMF moves in to restructure the island state's ailing economy.

Mr Chang-Leng's retirement marks the end of a 30-year career in the civil service, of which 24 years have been spent with the Central Bank including being its general manager from 1995 to 2001, when he was promoted to the position of Governor and principal secretary at the Ministry of Finance.

It has been reported in the Seychelles government newspaper 'Nation' that Mr Chang-Leng had cited health problems in his letter of resignation. There are however speculations that connect his resignation to the current recession in Seychelles, which has led government to seek help from the International Monetary Fund (IMF).

Under the Central Bank of Seychelles Act 2004, the Central Bank governor is appointed by the President of the Republic, but thereafter operates independently of the executive arm of government.

This coming week, President James Michel is expected to address the Seychellois nation on his reform programme after intense negotiation with the IMF and World Bank. One of the expected measures is for the country's currency - the Seychelles Rupee - to be floated, which is expected to bring an immediate drop in its current value.

Seychelles, one of Africa's richest nations with citizen welfare comparable to Europe, has accumulated an unsustainable debt over the last decade, now amounting to an estimated US$ 800 million; equalling almost 175 percent of GDP. The government has had to seek debt restructuring from its debtors, who in turn demanded an economic reform agreement with the IMF.

The crisis, which already was being noted under President Michel's predecessor Albert Rene, was initiated by exaggerated government spending and a high dependence on the moody tourism sector. It was exacerbated by very high oil and other commodity prices, which caused a depletion of foreign currency reserves and made further debt down-payment impossible.

- Create an e-mail alert for Seychelles news
- Create an e-mail alert for Economy - Development news

    Printable version

On the Afrol News front page now

Rwanda succeeds including citizens in formal financial sector

afrol News - It is called "financial inclusion", and it is a key government policy in Rwanda. The goal is that, by 2020, 90 percent of the population is to have and actively use bank accounts. And in only four years, financial inclusion has doubled in Rwanda.

Famine warning: "South Sudan is imploding"

afrol News - The UN's humanitarian agencies now warn about a devastating famine in Sudan and especially in South Sudan, where the situation is said to be "imploding". Relief officials are appealing to donors to urgently fund life-saving activities in the two countries.
Panic in West Africa after Ebola outbreak in Guinea

afrol News - Fear is spreading all over West Africa after the health ministry in Guinea confirmed the first Ebola outbreak in this part of Africa. According to official numbers, at least 86 are infected and 59 are dead as a result of this very contagious disease.
Ethiopia tightens its already strict anti-gay laws

afrol News - It is already a crime being homosexual in Ethiopia, but parliament is now making sure the anti-gay laws will be applied in practical life. No pardoning of gays will be allowed in future, but activist fear this only is a signal of further repression being prepared.
Ethiopia plans Africa's biggest dam

afrol News / Africa Renewal - Ethiopia's ambitious plan to build a US$ 4.2 billion dam in the Benishangul-Gumuz region, 40 km from its border with Sudan, is expected to provide 6,000 megawatts of electricity, enough for its population plus some excess it can sell to neighbouring countries.

front page | news | countries | archive | currencies | news alerts login | about afrol News | contact | advertise | español 

©  afrol News. Reproducing or buying afrol News' articles.

   You can contact us at