Economics

What is the Currency of the Seychelles?

The official currency of the Seychelles is the Seychellois rupee.

The official currency of the Seychelles is the Seychellois rupee. In the country's local language, it is more commonly called the roupi. One rupee is made up of 100 subunits known as cents. The currency is assigned the code SCR internationally. Other abbreviations used to denote the currency are SRe and SR. The institution responsible for issuing currency in the nation is the Central Bank of Seychelles.

Foreign Exchange

The most popular foreign currency rate of exchange against the Seychellois rupee is the euro to SCR rate. The institutions authorised to exchange currency in the country are banks, official exchange bureaus and hotel cashiers. It is illegal to exchange money with other dealers who are not legalised. Establishments in the country also accept internationally recognized and accepted currencies especially the British pound, euro and United States dollar.

Exchange rates change day to day, and the inflation rate of the currency is valued at approximately 7.5%. Currently, the rate of exchange of the rupee against the euro is 1 SCR to 0.063 EUR, or 100 SCR to 6.3 EUR. Exchange rate against the United States dollar is 1 SR to 0.074 USD, or 100 SR to 7.4 USD.

History of the Currency

Colonial Era

Use of the rupee in Seychelles started during its colonial period. The country’s colonial Governor Charles O’Brien enacted a Paper Currency Ordinance in 1914, which sought to establish mechanisms for issuing of currency in the country. Emergency issues of bills in values of 10, 5 and 1 rupee, as well as 50 cents, were produced by the government that year. In 1918, the government started producing standard issues of notes. The first standard issue bills were in denominations of 1 rupee and 50 cents. In 1928, bill with values of 50, 10 and 5 rupees were issued. In 1951, coins with a value of 50 cents and 1 rupee replaced bills of the same value and 1968 saw the introduction of notes worth 100 and 20 rupees. 1n 1972, coins with a value of 5 rupee replaced bills of the same value.

After Independence

The first series of banknotes in independent Seychelles were issued by its Monetary Authority in 1976. The bills were produced in denominations of 100, 50, 25 and 10 rupees. They replaced banknotes issued by the previous colonial government and they featured James Mancham, the nation’s first president. The design of the series was changed in 1979 and in the same year the country’s central bank took over issuance of the currency. Notes of rupee were introduced in Seychelles in 2005. The newest series of banknotes introduced in the country in 2016 are centred on the theme of the nation’s distinct biodiversity.

Security Features

Banknotes issued as of 2011 with values of 500, 100 and 50 rupees feature a holographic patch and not the foil sailfish that appeared on previously issued notes. The holographic sailfish is silver on 50 rupee bills and gold on 100 and 500 rupee banknotes. These bills also feature fluorescent security threads and are protected by the outstanding Gemini technology of De La Rue.

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