The services sector contributed about 58 percent of the GDP and employed 33.6 percent of economically active population in 1997. The banking system in the republic is underdeveloped and notorious for its corruption scandals. In 1999 there were several arrests in Belgium when some individuals tried to cash in false bonds. After the arrests the government was forced to dismiss the governor of the Banco Central de São Tomé e Príncipe, the bank's administrator, and its administrative board.
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