Regulatory Alerts2012-11-21
Foreign Exchange Act 2009 Implementation Guidelines
The Central Bank of Seychelles enacted the Foreign Exchange Act 2009 to eliminate currency controls for residents and non-residents while mandating that all local service payments accept Seychelles Rupees. The law restricts continuous foreign exchange trading to licensed Banks and Bureau de Change, requiring unlicensed enterprises to conduct only one-off, non-profit transactions. Furthermore, all domestically advertised goods and services must be priced in Seychelles Rupees, with licensed operators authorized to set independent exchange rates and charge minimal commissions.
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