Circular to BDC Submission of FX Returns

CENTRAL BANK OF SEYCHELLES
P. O. Box 701, Victoria, Seychelles
Telephone: [+248] 428 20 00 Ref: RFG 9
Fax: [+248] 432 36 65
E-mail: enquiries@cbs.sc Date: March 01, 2022
To All Bureaux De Change
Submission of FX Returns
All Bureaux de Change are hereby advised that FX returns should be submitted to the Research and Statistics Division as follows:
Return Details Submission
FX1
Same day transactions Daily 3:00 p.m.
Transactions concluded after
3:00 p.m.
Next day 9:30 a.m.
FX2 FX to FX conversions
Daily 3:00 p.m. or
Next day 9:30 a.m.
Exchange rates
Indicative rates Daily 9:30 a.m.
Revisions during the day
(when applicable)
At the time of the revision(s)
FX Balances Balance as at COB
Daily 3:00 p.m. or
Next day 9:30 a.m.
FX3
Unmet FX demand
(when applicable)
3:00 p.m.
Please note that all returns should be submitted by email to the following address:
statistics@cbs.sc and as per the prescribed format, copies of which are enclosed for reference purposes. CBS would also like to inform all Bureaux de Change that the submission of periodic returns is in line with section 32(2) of the Central Bank of Seychelles Act, 2004, and a requirement of
section 40 of the Financial Institutions Act (FIA), 2004, as amended.

Any financial institution that fails, refuses or unreasonably delays to submit information or statistical data to the Central Bank pursuant to section 32(5) of the Central Bank of Seychelles Act, 2004, commits an offence and is liable, on conviction, to a fine of R20,000 and to imprisonment for six months. Furthermore, in accordance to section 63(2)(d) of the FIA, financial institutions are liable to a fine of R400,000 upon conviction, for failure to abide to the requirements of section 40 of the said Act. CBS trust in your cooperation in complying with this circular.
C. Abel (Ms)
Governor