Seychellois Rupee (SCR)

Basic Concepts of the Seychelles Rupee

The Seychelles Rupee is the legal tender of the Republic of Seychelles, ISO 4217 code SCR, symbol writing SR or Re/Rs. Issued and managed by the Central Bank of Seychelles, the country's central bank, it is based on the decimal system, with 1 rupee equaling 100 cents.

Countries and Regions of Use

The Seychelles Rupee is the sole legal tender of the Republic of Seychelles, an archipelagic nation in the Indian Ocean, and circulates on all 115 islands of the country, including the main islands of Mahé, Praslin and La Digue. It can only be used outside the country at some international airport exchange points.

Currency units and denomination system

The current coinage consists of 1, 5, 10, 25 cents and 1, 5, 10 rupees, and the banknotes are in denominations of 25, 50, 100, 500 rupees. 2022's new banknotes have additional security features, and all denominations are printed with Seychellois-specific flora and fauna, such as sea coconuts, tortoiseshells, and so on.

Historical Background and Development

The Seychelles rupee replaced the Mauritian rupee as legal tender in 1914, and was initially pegged to the British pound sterling.The sterling link was maintained after independence in 1976, and was changed to a peg to the US dollar in the 1980s.Exchange rate liberalization reforms were implemented in 2019, and there is now a managed floating exchange rate regime.

Exchange rate and economic characteristics

The Seychelles rupee exchange rate is significantly influenced by tourism and fisheries exports. As the currency of a small open economy, its value is closely correlated with fluctuations in the euro and the U.S. dollar.The exchange rate in 2023 was approximately 13.5 Seychelles rupees per U.S. dollar, and the central bank maintains exchange rate stability through foreign exchange interventions.

Design features and anti-counterfeiting technology

The design of the currency highlights the marine ecological theme, and the banknotes are made of a polymer base material equipped with anti-counterfeiting technologies such as holographic strips, micro-text and fluorescent patterns. The edges of the coins are uniquely shaped to reflect the positioning of Seychelles as the "Pearl of the Seas".