Regulatory Alerts2010-03-21
Opening and Operations of Accounts for Bureaux de Change
The Central Bank of Seychelles requires commercial banks to open non-refusable foreign currency accounts in US dollars, British pounds, and euros for bureaux de change. Banks retain discretion over outgoing transfers and cash deposit tariffs while providing Rupee point-of-sale terminals upon request. Furthermore, bureaux de change deposits are temporarily exempted from minimum reserve requirements until fully held in foreign currencies, with any future directive modifications subject to prior consultation.
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