The Seychelles Monetary Authority, established in 1978 as the bank of issue, became the Central Bank of Seychelles in 1983. Other government banks are the Seychelles Savings Bank and the Development Bank of Seychelles. Five major commercial banks operate in the Seychelles, namely Barclays, Nouvobanq, Banque Française Commerciale Océan Indien, Bank of Baroda, and Habib Bank. Development of an offshore banking center was announced in 1999.
The International Monetary Fund reports that in 2001, currency and demand deposits—an aggregate commonly known as M1—were equal to $220.5 million. In that same year, M2—an aggregate equal to M1 plus savings deposits, small time deposits, and money market mutual funds—was $607.0 million. The discount rate, the interest rate at which the central bank lends to financial institutions in the short term, was 1%.
There is no stock exchange in Seychelles.