Seychelles: President Herminie Emphasises Monetary Stability as New Central Bank Governor Prepares to Take Office

Maintaining monetary and financial stability remains a key priority for Seychelles, President Dr Patrick Herminie emphasised during a meeting with the newly appointed Governor of the Central Bank of Seychelles (CBS), Ms Sarah Lloyd, at State House on Wednesday afternoon.

The President formally presented Ms Lloyd with her letter of appointment ahead of her assuming office on 1 November 2026.

During their discussions, the importance of maintaining a stable financial environment and the Central Bank's role in safeguarding the country's economy were highlighted. The meeting also placed particular emphasis on the institution's responsibility to preserve price stability and sustain confidence in the financial system.

Having already undertaken a preliminary visit and held discussions with the Central Bank team, Ms Lloyd expressed confidence in the institution's capabilities and looked forward to serving the country in her new role.

President Herminie underscored the importance of continuity in the Central Bank's work as Ms Lloyd prepares to assume leadership of the institution. He wished her success in carrying out her responsibilities.

Speaking to the press following the meeting, Ms Lloyd outlined her priorities, placing particular emphasis on further developing the financial services sector while preserving financial and price stability.

“Alongside the already established priorities of the institution, my focus will be on further deepening the financial services sector, while ensuring that we preserve the stability of our financial system and maintain price stability,” she said.

Addressing questions about the independence of the Central Bank, particularly in situations where its policy direction may differ from that of government, Ms Lloyd stressed the importance of protecting the institution's autonomy and maintaining its longstanding reputation for integrity.

She acknowledged that differences in policy direction could arise but noted that constructive engagement and mutual understanding would be essential in navigating such situations.

“The Central Bank of Seychelles has a history and legacy of being a strong institution that has always delivered with integrity and independence. Continuing to maintain that reputation will be paramount in fulfilling my duties,” she stated.

Ms Lloyd further explained that stakeholder engagement would play an important role in fostering a shared understanding of policy decisions, even where differences exist between the Central Bank and government.

She noted that greater appreciation of the reasons behind differing policy positions could help both institutions identify common ground, particularly as they ultimately work towards the same broader economic objectives.

However, she maintained that the independence of the Central Bank as an institution must remain protected.

Turning to her immediate priorities upon assuming office, Ms Lloyd said her first task would be to engage with staff across the institution to better understand their needs and how they could continue working together to deliver the Central Bank's services effectively.

“I think, as with any new role, my first priority will be to engage with all the staff and take an introductory approach to understanding their needs, ensuring that I know exactly what they require going forward and how we can continue working together,” she explained.

Reflecting on her decision to accept the appointment, Ms Lloyd described her return to the Central Bank as a particularly meaningful moment in her professional career.

Having begun her career at the institution in 2007, she spent approximately 12 years serving in various capacities before moving into commercial banking.

“Although I subsequently moved into commercial banking, accepting this role really felt like coming home,” she said, describing the Central Bank as the institution where she began a career of which she remains proud.

Ms Lloyd brings extensive experience in banking, financial risk management and economic research. Prior to her appointment, she served as Chief Risk Officer of Absa Bank Zambia PLC, a position she had held since March 2022. She previously occupied the same position at Absa Bank (Seychelles) Limited between February 2019 and March 2022.

Her career at the Central Bank began as a Research Assistant before she progressed to Economist and later Senior Financial Stability Analyst. During her tenure, she established and managed the Financial Stability Unit and represented Seychelles at regional and international forums.

She holds a Master of Science in Financial Economics from City University London and a Bachelor of Science in Banking and International Finance from Cass Business School.

Her appointment comes as the Central Bank continues its mandate of safeguarding monetary and financial stability, with Ms Lloyd identifying institutional independence and further development of the financial services sector among her priorities.