New foreign exchange law now in force, says CBS
03.09.2009
The Central Bank of Seychelles (CBS) this week issued a notice to the public advising that the Foreign Exchange Act 2009 is now in force.
Under this Act, approved by the National Assembly in June this year, all persons and operators other than financial institutions have to use the average traded exchange rate (buying rate) published by the CBS. These are published daily in the Seychelles Nation and on the CBS website.
People other than banks and financial institutions have to comply with this requirement immediately.
Another requirement of the law is that all invoicing and billing for goods sold and services rendered in Seychelles (except those established by other laws, for example offshore establishments) have to be in Seychelles rupees. This includes hotels, restaurants, car hire firms, port services etc.
Recognising that establishments need time to amend menus and billing systems, CBS governor Pierre Laporte said the bank has granted an extension until October 1 for all prices to be in rupees.
Anyone failing to comply with the requirements of the Foreign Exchange Act of 2009 could be fined up to R400,000.