Central Bank of Seychelles

The Central Bank of Seychelles is the country's monetary authority, established on January 1, 1983, as the successor to the earlier Seychelles Monetary Authority, itself preceded by a Currency Commission formed in 1974. It is headquartered on Independence Avenue in the capital, Victoria, in a three story building with roughly 3,500 square metres of office and storage space. The bank manages monetary policy and issues the Seychellois rupee, and it is wholly state owned. Before the central bank's creation, Barclays Bank International managed the government's accounts, a role transferred to the new institution in December 1982. An eight member board chaired by the governor runs the bank, including two deputy governors and six other directors; Caroline Abel has served as governor since March 2012. Reported foreign reserves total roughly 530 million US dollars.