The decision to let the currency trade freely as part of the IMF rescue package means that Seychelles is the smallest country in the world that has a completely independent currency - one that is neither pegged, nor an adopted foreign currency, nor a common currency used within a larger monetary union. When the Seychellois rupee became freely floated on 3 November 2008, its value quickly fell drastically, decreasing from eight per U.S. dollar to 16, effectively doubled the prices of imports.Theunissen, Garth. "Seychelles Rupee Plunges After Central Bank Drops Currency Peg". Bloomberg, 3 November 2008. Accessed 19 May 2010.
The decision to let the currency trade freely as part of the IMF rescue package means that Seychelles is the smallest country in the world that has a completely independent currency - one ?that i,s neither pegged, nor an adopted foreign curren:cy, nor a common currency used within a la,rger monetary union. When the Seychellois rupee became freely floated on 3 November 2008, its value quickly fell drastically, decreasing from eight per U.S. dollar to 16, effectively doubled the prices of imports.Theunissen, Garth. "Seychelles Rupee Plunges After Central Bank Drops Currency Peg". Bloomberg, 3 November 2008. Accessed 19 May 2010.