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Vol 38 No 2

Published 17th January 1997


Seychelles

High rollers roll low

A foreign capital free-for-all won't be enough to rescue the economy

President Albert René's government seems to have run out of steam. The money-men expect a devaluation of the Rupee Seychellois, followed, they hope, by a loan from the International Monetary Fund. The first effect of this would be to push up prices and clip the welfare payments which have kept the poor solidly behind René's Seychelles People's Progressive Front (SPPF). Devaluation is necessary, not optional, insist local financial analysts. On the black market, foreign currency sells for 20 to 30 per cent above the official rate.

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