About the AUD/SCR rate
The AUD/SCR rate is how many SCR one Australian dollar buys. It moves constantly with interest-rate expectations, commodity prices and global risk sentiment - see what moves the rate. Tradergy shows the mid-market reference rate and does not forecast where it’s heading. For the 52-week highs and lows and a daily table, see the AUD/SCR rate history.
Related views of this rate: the reverse rate, SCR → AUD, is on the receiving Seychellois rupee view, and sending Australian dollars to Seychelles is covered on the AUD → SCR transfer page. Every AUD pair sits on the convert hub, and to work in more than one currency at once there is the currency converter.
What Seychelles did in November 2008
Seychelles changed its exchange rate regime on three days' notice. The International Monetary Fund's December 2008 report records that the de facto regime was a peg to a single currency until a managed float was announced on 31 October 2008, effective 3 November, at which point the remaining restrictions on payments and transfers for current international transactions subject to Fund jurisdiction were eliminated. Seychelles accepted the obligations of Article VIII at the same time.
The state it moved from was acute. The Fund describes a balance of payments and public debt crisis that culminated in the middle of 2008 with the near-exhaustion of foreign reserves and missed payments on public debt, and attributes the economic dislocation, the parallel exchange market and pervasive dollarisation to a pegged exchange rate incompatible with fundamentals sitting on top of a complex system of exchange restrictions and controls. The reform package was heavily front-loaded, with the bulk of the fiscal adjustment and other key measures taken in the fourth quarter of 2008, supported by a two-year Stand-By Arrangement of SDR 17.6 million.
Eighteen years on the framework is an interest rate one. The Central Bank runs a Monetary Policy Rate with a standing facility corridor around it, holding the rate at 2.0 per cent in the first quarter of 2024 and reducing it to 1.75 per cent in the second, with the deposit and credit facilities at 0.25 and 3.25 per cent and the minimum reserve requirement at 13 per cent throughout. Its reserves are accumulated through foreign exchange auctions, and it names tourism as the country's primary source of foreign exchange earnings.
Sources: International Monetary Fund, Seychelles (Country Report No. 08/365) · Central Bank of Seychelles, Annual Report 2024