welfare costs and further privatisation of public enterprises. The government has a pervasive presence in economic activity, with public enterprises active in petroleum product distribution, banking, imports of basic products, telecommunications and a wide range of other businesses. According to the 2013 Index of Economic Freedom, which measures the degree of limited government, market openness, regulatory efficiency, rule of law, and other factors, economic freedom has been increasing each year since 2010. The national currency of Seychelles is the Seychellois rupee. Initially tied to a basket of international currencies, it was unpegged and allowed to be devalued and float freely in 2008 on the presumed hopes of attracting further foreign investment in the Seychelles economy. Seychelles has emerged as the least corrupt country in Africa in the latest Corruption Perception Index report released by Transparency International in January 2020. Tourism In 1971, with the opening of Seychelles International Airport, tourism became a significant industry, essentially dividing the economy into plantations and tourism. The tourism sector paid better, and the plantation economy could expand only so far. The plantation sector of the economy declined in prominence, and tourism became the primary industry of Seychelles. Consequently, there was a sustained spate of hotel construction throughout almost the entire 1970s which included the opening of Coral Strand Smart Choice, Vista Do Mar and Bougainville Hotel in 1972. In recent years the government has encouraged foreign investment to upgrade hotels and other services. These incentives have given rise to an enormous amount of investment in real estate projects and new resort properties, such as project TIME, distributed by the World Bank, along with its predecessor project MAGIC. Despite its growth, the vulnerability of the tourist sector was illustrated by the sharp drop in 1991–1992 due largely to the Gulf War. Since then the government has moved to reduce the dependence on tourism by promoting the development of farming, fishing, small-scale manufacturing and most recently the offshore financial sector, through the establishment of the Financial Services Authority and the enactment of several pieces of legislation (such as the International Corporate Service Providers Act, the International Business Companies Act, the Securities Act, the Mutual Funds and Hedge Fund Act, amongst others). In March 2015, Seychelles allocated Assumption Island to be developed by India. Owing to the effects of COVID-19, Seychelles shut down its borders to international tourism in the year 2020. The nation is slated to