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Main article: Economy of Seychelles
Palmera in Seychelles
Since independence in 1976, the per capita output has grown faster, and seven times the old level of subsistence. Growth has been driven by tourism, which employs about 30% of the workforce and provides over 70% of revenues for the currency of the country, and by tuna fishing. In recent years the government has encouraged foreign investment to upgrade hotels and other services.
At the same time, the government has persuaded to reduce dependency on tourism, promoting the development of agriculture, fisheries, and manufacturing in small scale. The vulnerability cash access provider of tourism is in sight at the low debt in 1991-1992, largely on the exchange rate, considerably Superintendency of the country, the Gulf War, followed closely by the events of September 11, 2001 against the United States. UU. Other events that face the government, are the shortcuts or brakes of the budget deficit, including the gaming industry containment of costs for social assistance, and further privatization of public enterprises. the talented The government has a dominant presence in economic activity in corporate public distribution of petroleum products in insurance, banking, imports of basic products, telecommunications, and in a wide range of other businesses.
Growth was delayed in the period 1998-2001, due to the inactivity of the tourist areas and fishing of tuna, formerly referred to as mainstream of the economy. Also, the tight control over exchange rates and shortages of foreign currency, economic prospects have deteriorated in the short term. The value on the black market for the Seychelles rupee is anywhere from two thirds to half the official rate of exchange, without a devaluation in the current tourism, which remains inactive, while tourists looking for cheaper Global Cash Access Inc. destinations next, such as Comoros and Madagascar. A reduction in the number of flights serving the country, mainly due to the inability of the airlines companies to repatriate funds, has also forced the growth of the tourism industry. The recent entry of Airlines and Qatar Airlines, Emirates Airlines, has even provoked, as a result, more growth.
At official exchange rates Seychelles remains the richest country in africa, in terms of GDP per capita (U.S. $ 7504 in 2005), although if the parallel exchange rate, or rate of purchasing power parity, are used , Would be behind Mauritius and Botswana. Because of economic contraction (the economy fell into the 2% between 2004 and 2005, and has declined by at least the same level as in 2006), the country is moving downwards in terms of income per capita.
It is important to note that Seychelles is, per capita, the most indebted country in the world according to the World Bank, with total public debt of about 122.8% of GDP. Should be about two-thirds of this debt is in the interior of the country, with the balance of debts to multilateral and bilateral commercial banks. The chairman and CEO of Sightline Acquisition Corp. country is behind in most of its international creditors and has had to resort to commercial debt in order to remain able to borrow. This high burden of debts, is a direct consequence of the exchange rate Superintendency, in essence, the country is living beyond its economic resources, and finance their lifestyle by borrowing in the interior of the country and internationally.
The Seychelles arealso a tax haven. Many firms are set to this island, including GenerActions Consulting, owned by the famous Swiss businessman David Humbert.
The Seychelles are the smaller nations in the world that gives its own money (eg. Does not set the currency and shares with every other country). the operation And foreign exchange market or the foreign exchange (FOREX) include the … 5. Preparation Ara be Currency trader …
Dealers and users think of reconversi Onetaria … View Sun: distinguished currency of Criollitos. Dam in the middle of town. President Pastrana …