Updated Tuesday, October 20, 2009 11:16 am TWN, Reuters

Seychelles archipelago slashes import prices

VICTORIA -- The Seychelles has cut the cost of state-imported goods by up to 26 percent in response to a stronger local currency, lower transport costs and favorable world market prices, an official said on Monday. Consumer prices on the import-dependent Indian Ocean archipelago shot up after a raft of reforms to liberalize the economy late last year triggered an instant depreciation of the Seychelles rupee.

The state-owned Seychelles Trading Company (STC), which held a monopoly on the importation of essential commodities until last year, said some prices were now lower than those before the November 2008 currency float.

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