International Women’s Day 2021 ‘CBS has witnessed first-hand how women have had to juggle work and other responsibilities’ – CBS Governor Abel |08 March 2021

Governor Abel

As customary on March 8, Seychelles joins the world to celebrate the International Women’s Day. This year’s theme chosen by the United Nations is ‘Women in leadership : Achieving an equal future in Covid-19 world’. Since the beginning of last week, Seychelles NATION in collaboration with other ministries, has been portraying successful and resilient women. As of today, Seychelles NATION in collaboration with the Ministry of Youth, Sports & Family will feature bios of women frontliners in the fight against Covid-19.

Women in Seychelles are surely the backbone of the society and have been in the forefront of this pandemic, be it in the health, economic and social sector. Today we speak to the Governor of the Central Bank of Seychelles Caroline Abel.

How has your experience as a frontline worker been? (economic-wise)

Governor Abel: Central Banks globally have always taken the lead on economic and financial matters during times of crisis, and this has not been an exception in the face of the Covid-19 pandemic. As such, the Central Bank of Seychelles (CBS) has been at the forefront of policy actions and measures in response to the unprecedented pandemic. 

While Seychelles has faced several challenges in the past, including the 2008 economic crisis, which led to the implementation of a series of reforms, countering the adverse impacts of the Covid-19 pandemic is by far one of the most challenging situations faced by our small island nation.

The CBS has had the crucial role of keeping a close view of the entire economy, having to adapt and even expand its mandate, think outside of the textbook and be practical in its approach to be able to react swiftly and boldly to implement effective measures in the face of the continuously changing financial landscape. All of these have been done to ensure the stability of the financial system and restore confidence to the extent possible in the domestic economy. 

Stakeholder and public engagements have also been vital during the unfolding of this crisis. On that aspect, CBS has been consistent in its communication with its stakeholders and the general public. Keeping the population updated on the developments and providing guidance on altering our behaviours to adjust to the new realities and assist the country’s economic recovery has been of paramount importance. There have been instances where the messages that needed to be communicated were harsh. Still, as an institution that upholds the values of transparency and accountability, it was important for these messages to be transmitted in our quest to achieve the desired outcome.

On the whole, I would say being in the frontline has not been something that CBS has experienced solely at an institutional level. We have also been called upon and responded to provide guidance and support whenever this has been required at a national level. In addition, we have shared our experience with other institutions – one example is assistance provided to other frontliners to develop their business continuity plans.

What have you gained from this experience?

Governor Abel: As already mentioned, this is not the first crisis that CBS has had to work through as the institution responsible for safeguarding financial stability, albeit it is more challenging. One thing that I believe has transpired from this experience is the need to be ready for any eventuality. As individuals, even as organisations, we often pay little attention to foreseeing things that may disrupt the way we live and function and being prepared to adapt and live through any new realities. 

One of the buzzwords that Covid-19 has brought to our vocabulary is the ‘new normal’ with workplaces, businesses, the government, schools and everyone having to find ways to continue with their activities – what we call business continuity. However, not all companies and institutions were quite prepared with a tested operational continuity plan in place. 

For CBS, transitioning to this new reality was greatly assisted with enacting its Business Continuity Plan (BCP), which has been developed and tested over the last decade. Nevertheless, Covid-19, which has brought unprecedented challenges, has shown that such a plan needs to be dynamic, continuously updated and tested to consider new realities.For those who do not have such an operational resilience strategy, this should be the learning experience.

For CBS, the situation has provided greater insight into the preparedness of institutions falling under its regulatory purview. Work is already being done to ensure that the identified deficiencies are rectified.

On a larger scale, there are also lessons to be learnt at an individual level. For many years CBS has been advocating the messages of budgeting and saving for a rainy day, and the importance of this education cannot be overemphasised today. The CBS will continue with its financial education initiatives where there are other areas of focus, such as the need to modernise the payment systems and more importantly, for the population to adopt new technologies, something that has become more prominent with the rise of Covid-19 where limited physical interactions have been strongly emphasised.

What is the proudest moment while working in this trying time? And the challenges?

Governor Abel: The Covid-19 pandemic is an unprecedented situation that has undoubtedly challenged the health and the social and economic aspects of our lives at an individual, institutional and country level. 

For CBS, given its role as the guardian of the economy, the staff have had to work tirelessly, sometimes long hours, and make sacrifices to ensure that the institution can respond to the exigencies of the crisis. On top of this, work routine has changed with most staff working from home, limiting the spontaneity and collaboration that usually occurs in an office setting. The use of more technology has had to be employed for staff members to stay connected, ease communication, and deliver on their respective roles. 

Despite these trials, it has been heartwarming to see the various challenges have been turned into possibilities. Staff have showcased resilience and have adapted to the situation to deliver a high standard of work. I would say that the proudest moment while working in these trying times is to see the level of commitment and productivity that has been maintained and the collective and collaborative spirit where we have put our minds, hands and hearts together for the greater good of the country.

Do you feel that women have played a significant role in helping to fight against Covid-19? Explain.

Governor Abel: I firmly believe that in more ways than one, working alongside their male counterparts, women in Seychelles and across the globe have played a crucial role in fighting against Covid-19. 

With the Covid-19 pandemic being a health crisis first and foremost, women nurses and doctors have been at the forefront, working long and intense hours to provide care to those infected, continuously educating the population on preventing further transmission and now administering vaccines.

We also have women at the helm of institutions or in leadership positions who have been part of the decision-making process to provide adequate and timely response to address the impact of Covid-19, on various fronts at a national level.

Women are also breadwinners for their families. Many have had to continue working even during times of restrictions, leaving their families while having to take every precaution to keep their family safe. In light of the economic hardships, many women may also have faced situations where their businesses have not been performing well. Some may have had to endure a pay cut or lost their jobs, but still have had to find alternative means to support their families.

With the new normal, work from home has also been a new reality for many workers, both men and women. With a 65 percent women workforce– a good proportion of whom are mothers– CBS has witnessed firsthand how they have had to juggle work and other responsibilities. Taking care of the household and home-schooling with the schools being closed as part of measures to reduce Covid-19 transmissions, has also become another new normal for working mothers, showing the extent of the role women are playing to help fight against Covid-19.