Regulatory Alerts2013-12-10
Central Bank of Seychelles Circular on Foreign Exchange Transaction Rates
The Central Bank of Seychelles requires all financial institutions to apply international cross rates for foreign currency conversions, including transactions between identical currencies. This mandate prohibits the alternative practice of routing conversions through Seychelles Rupees using sequential buying and selling rates. Issued under the Financial Institutions Act 2004, the directive standardizes pricing mechanisms and ensures consistent application across the national financial sector.
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