STB and CBS collaborate to monitor the impact of COVID-19 on tourism | 04 May 2020
The Seychelles Tourism Board (STB) is conducting an important survey in collaboration with the Central Bank of Seychelles (CBS) to assess the impact of the COVID-19 pandemic on the tourism industry.
The STB’s Strategic Planning and Market Intelligence section, consisting of Adrian Nanty and Jean-François Figaro, are working alongside the CBS team to ensure that relevant data is collected from local tourism establishments.
The section’s director, Mr Nanty, says this is a very important study for both STB and CBS, to better understand the potential stress that the COVID-19 situation is putting on the industry, hence it is vital that all local tourism establishments participate actively to assist the team in gathering comprehensive and accurate data.
“For CBS, the survey aims to gather valuable insight on the financial repercussions the pandemic is having and will continue to have on tourism-related businesses, primarily tourism accommodations establishments. This includes assessing the ability of local establishments to cover existing debts and the flexibility of credit-granting institutions to support their clients,” says the CBS Governor, Caroline Abel.
Tourism being the country’s main economic pillar, the halt in passenger flights as a result of measures taken to prevent the spread of COVID-19, means a decline in not only visitor arrivals but also tourism earnings. CBS’ preliminary estimate shows that the annual growth in tourism earnings is to contract by 70 per cent in Euro terms compared to 2019.
“Travel may have come to a standstill, with no incoming flights, but that does not mean that our work has stopped, as much has been invested in this industry, which has long been our bread and butter. We have a duty to keep abreast of developments within the industry at all times and STB will continuously monitor the impact of the current pandemic and offer its support while working diligently to help the industry to bounce back after the crisis,” says STB’s chief executive Sherin Francis.
The survey to assess the financial impact on tourism establishments is the fourth such study conducted by STB since initial travel restrictions were put in place in February and there will be further studies to keep up-to-date with developments.
Joint press communiqué from STB and CBS