Regulatory Alerts2010-02-21
Advances to Parastatal
The Central Bank of Seychelles directs all banks to confirm that parastatal organizations have obtained the necessary dispensation or approval from statutory debt management committees before granting advances. This directive operationalizes the Public Debt Management Act 2008, which shifts oversight of parastatal borrowing to specialized committees and exempts such advances from mandatory Central Bank referral. Accordingly, the previously applicable circulars BS14 and BS19 are repealed, streamlining lending procedures for financial institutions.
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