Regulatory Alerts2012-11-21
Transition Period for the Implementation of Section 7 of the Foreign Exchange Act 2009
The Central Bank of Seychelles has granted providers of goods and services a transition period until 30 September 2009 to adjust all price advertisements in Seychelles to the local currency, with full compliance required by 1 October 2009. While prices targeting foreign markets may remain in foreign currency, all domestic payments must be made in Seychelles rupees using the Central Bank's published average traded exchange rate unless otherwise stipulated by law or contract. Only banks and bureaux de change are authorized to set exchange rates, and any other entity doing so contravenes the Act and may face fines up to R400,000 or imprisonment for up to one year.
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