RegAlert

Rule · CBS · 10 Dec 2013

Central Bank of Seychelles Circular on Foreign Exchange Transaction Rates

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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.

SeychellesCentral Bank of Seychelles

CENTRAL BANK OF SEYCHELLES

P. O. Box 701, Victoria, Seychelles

Telephone: [+248] 428 20 00
Fax: [+248] 432 36 65
E-mail: enquiries@cbs.sc

Ref: FSS/FIA/4
Date: December 6, 2013

To all Financial Institutions

Rates on Foreign Exchange Transactions

In line with section 9 of the Financial Institutions Act 2004, financial institutions are hereby required to apply international cross rates for foreign currency transactions involving conversion from one currency to another currency (e.g. US Dollar to Pound Sterling) or foreign currency transactions involving similar currency (e.g. US Dollar to US Dollar).

The conversion from one currency into Seychelles Rupees at the Buying Rate and then to another currency using the Selling Rate is not permitted.

We thank you for your co-operation in ensuring adherence to this circular.

C. Abel (Ms)
Governor

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RegAlert holds no document that amends or replaces this one. This is not a check that it is in force: confirm with the regulator.

Financial Institutions Act 2004Not in RegAlertFinancial Institutions Act 2004 — Not in RegAlertCentral Bank of SeychellesCircular on Foreign Exchange …2013-12-10 · this documentCentral Bank of Seychelles Circular on Foreign Exchange Transaction Rates (2013-12-10)
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Issued under
  • Financial Institutions Act 2004Not in RegAlert

    “In line with section 9 of the Financial Institutions Act 2004, financial institutions are hereby required to apply international cross rates”

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Source: Central Bank of Seychelles — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works

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