The President of the Republic, Mr. Wavel Ramkalawan, received the 2023 Financial Stability Report this afternoon at State House. The report was presented by Ms. Caroline Abel, Governor of the Central Bank of Seychelles and Chairperson of the Financial Stability Committee, in compliance with Section 11(1) of the Financial Stability Act, 2023.

She was accompanied by other committee members, including CBS’ First Deputy Governor, Mr. Brian Commettant; Secretary of State in the Ministry of Finance, National Planning, and Trade, Mr. Patrick Payet; Chief Executive Officer of the Financial Services Authority, Mr. Randolf Samson; and Director of the Financial Intelligence Unit, Mr. Richard Rampal.

Upon receiving the official document, the President expressed his appreciation to Governor Abel and the other committee members for their hard work and dedication to their important responsibilities. “Once again, thank you for the submission of the report. Any document that takes into account the financials of the country is crucial, and I continue to count you all as the technical team for the required guidance and support,” said President Ramkalawan.

The 2023 Financial Stability Report aims to enhance awareness of financial stability and the importance of safeguarding domestic financial systems. It provides an overview of various financial and non-financial risks that could potentially impact the entire financial system and economy. The report highlights the measures regulators are taking to mitigate these risks and outlines the development of the financial stability framework. Additionally, it summarizes key banking, non-banking, and macroeconomic performance indicators for the year ending December 2023.

Notably, the 2023 Financial Stability Report is the first edition presented since the enactment of the Financial Stability Act in December 2023, which marked a significant step in strengthening the financial stability governance framework. The Act outlines key areas such as the financial stability mandate, designated powers, roles and responsibilities of stakeholders, coordination mechanisms, accountability, and information exchange, which collectively form the basis of an effective governance framework.