As if the 2007 downturn was not enough for the poor ordinary Seychellois slogging out a living day in and day out.
As if the declaration of Bankruptcy in 2007 was not enough and the years on years of IMF Administration for the Seychelles economy.
As if the doubling of available beds in the country from 6000 to 12400 is not enough to bankrupt all the investors of the Tourism Industry.
As if the numerous catamarans running beds and banking money overseas is not enough to bleed Seychelles.
Houdini Exchange Rates
This week the Seychelles Rupee devalued against the US Dollar since December by near 20 percent. Against the Euro it strengthen though we do not have Euro. It seems the Central Bank is playing with exchange rates.
The increase is near 30 percent strengthen of the Rupee against the Euro. Madness. This makes hotel operations 30 percent more expensive. It makes Seychelles 30 percent more expensive for inbound travelers.
Fitch Rating Down Grade
Fitch down graded the Seychelles Rupee to B negative, meaning it expects further devaluation.
When is the Central Bank going to take steps to stabilize the markets?
Answer: After we collapse and Ramgoolam lends us some money.
Remember: if Seychelles is not cost effective for a holiday, people will not turn up.
Surprise!
Sesel Pou Seselwa
May God Bless All Freedom loving Seychellois!
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