Regulatory Alerts2012-11-21
Foreign Exchange Act 2009 Frequently Asked Questions
The Central Bank of Seychelles issued these guidelines to clarify compliance requirements under the Foreign Exchange Act 2009 for businesses and consumers. Authorized dealers exclusively set exchange rates, dual pricing is prohibited for local advertising, and residents cannot be refused payment in Seychelles Rupees. The Central Bank enforces these provisions through published daily rates and imposes fines up to R400,000 or imprisonment for non-compliance.
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