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Rupee Devalued

Seychelles hoteliers have an issue with exchange rates

Wolfgang H. Thome, eTN  Feb 17, 2010

Three individual hoteliers and hotel managers raised their concern with this correspondent during a recent visit to the Seychelles, when discussing investments and capital expenditure to keep their hotels in top shape.

It appears that last year the Seychelles Rupee had been devalued to the tune of around US$1 equalling 16 SRs, but meanwhile this has been clawed back to a 1:11 ratio. The devaluation was seen as a major bonus for tourist visitors, as locally paid extras were suddenly more affordable in terms of their own home currencies and, therefore, an added incentive to holiday in the Seychelles.

The appreciation trend, the three independently claimed, had a major impact on their ability to channel earnings back into product development, refurbishments, and upgrades, as every US dollar they earn now translates into substantially less in terms of local currency being credited on their accounts, compared to a year ago. Hence, some of the hoteliers met are advocating to return the Seychelles Rupee back to the lower transaction rates of last year to not only add value for tourist visitors but also boost their bank balances in Rupee terms.

Seychelles hoteliers have an issue with exchange rates
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