Regulatory Alerts2012-11-21
Foreign Exchange Act 2009 Explanatory Note
The Central Bank of Seychelles issued this explanatory note to clarify the Foreign Exchange Act 2009, which replaces the restrictive Exchange Control Act with a market-focused regulatory framework. The legislation mandates the Seychelles rupee as the primary domestic currency, designates licensed banks and bureaux de change as exclusive authorised dealers, and requires the use of published average exchange rates for foreign currency transactions. Businesses must advertise and settle domestic payments in rupees by October 2009, while exporters may receive convertible foreign currency and unlicensed individuals face penalties for sustained commercial currency exchange.
Share