Seychelles Rupee

Overview

The Rupee is the official currency of Seychelles. Within the native Creole Seychellois (Seselwa) dialect, it's known the roupi. The Rupee uses the symbols SR, SCR, and SRe.

Economy

• The primary industry in Seychelles is tourism, employing ~30% of the workforce on the island. Tourism has seen dramatic growth in the past few decades, baed on the opening of the Seychelles International Airport in 1971, and several government programs aimed at growing the sector.
• Agricultural products have declined from ~33% of employment in the 1960s, to roughly 3% today. Primary agricultural products are sweet potatoes, vanilla, coconuts, and cinnamon.
• Chief exports of the country are fish, copra, cinnamon, and vanilla.

History

• The Seychelles Rupee was introduced in 1914, circulating alongside the Mauritian rupee, which had previously replaced the British Pound.
• The 1914 issuing of the Rupee came only in the form of banknotes for 50 cents, 1, 5, and 10 Rupees.
• Coins were first introduced in 1939, at values of 10 and 25 cents, ½ and 1 Rupee.
• Upon independence in 1976, the Seychelles Monetary Authority took control of paper currency and issued new 10, 25, 50, and 100 rupee notes.
• Until 2008, the value of the Seychelles Rupee was tied to a basket made up of 59% Euros, 31% British Pounds, and 10% US Dollar. The Rupee was freely floated on November 2, 2008, and lost 43% of its value in the first day of trading.