Central Bank of Seychelles Act, 2004
- Commenced on 28 December 2004
- [This is the version of this document as it was at 31 December 2015 to 8 April 2020.]
Part I – Preliminary
1. Short titleThis Act may be cited as the Central Bank of Seychelles Act, 2004.
2. InterpretationIn this Act—"authorised capital" means the authorised capital defined in section 14;[definition of "authorised capital" inserted by section 2(a)(i) of Act 8 of 2009 w.e.f. 1 June 2009]"the Bank" means the Central Bank of Seychelles established by section 3;"bank" means a bank as defined in the Financial Institutions Act;"the Board" means the Board of Directors of the Central Bank of Seychelles appointed under section 5;"Consolidated Fund" means the fund established by article 151 of the Constitution of the Republic of Seychelles;"Credit Information System" means the credit information system established under section 32A";[definition of "Credit Information System" inserted by section 2(a)(i) of Act 13 of 2011 w.e.f. 27 December 2011]"distributable earnings" means the realised income as determined pursuant to section 16;[definition of "distributable earnings" inserted by section 2(a)(ii) of Act 8 of 2009 w.e.f. 1 June 2009]"financial institution" means a financial institution as defined in the Financial Institutions Act and, for the purpose of this Act, all branches, agencies and offices of a financial institution in Seychelles are deemed to be one financial institution;"foreign currency" means the national currency of a foreign country that is fully convertible to other internationally accepted currencies;"Deputy Governors" means the First Deputy Governor and Second Deputy Governor of the Bank appointed under section 6;[definition of "Deputy Governor" repealed and substituted by definition of "Deputy Governors" by section 2(a)(ii) of Act 13 of 2011 w.e.f. 27 December 2011]"General Reserve" means the General Reserve established under section 15;[definition of "General Reserve" amended by section 2(a)(iii) of Act 8 of 2009 w.e.f. 1 June 2009]"Government agency" means a statutory corporation or a limited liability company of which the Government holds more than 51 percent of the issued share capital or which is controlled by another limited liability company of which more than 51 percent of the issued share capital is held by the Government;"Governor" means the Governor of the Bank appointed under section 6;"marketable securities" means securities matching the prevailing interest and tenure of outstanding government securities;[definition of "martketable securities" inserted by section 2(a)(iv) of Act 8 of 2009 w.e.f. 1 June 2009]"monetary liabilities" means notes and coins in circulation, liabilities issued by the Bank and deposits held by the Bank but excluding deposits of Government and international financial institutions;[definition of "total monetary liabilities" repealed and definition of "monetary liabilities" repealed and substituted by section 2(a)(iii) of Act 13 of 2011 w.e.f. 27 December 2011]"notes and coins" means currency notes and coins issued or deemed to have been issued by the Bank;"statutory capital" means an aggregate of the authorised capital and General Reserves.[definition of "statutory capital" inserted by section 2(a)(iii) of Act 8 of 2009 w.e.f. 1 June 2009]
Part II – Establishment, autonomy, objectives and functions of the Bank
3. Establishment of the Central Bank of Seychelles
4. Objectives of the Bank
4A. FunctionsThe Bank shall perform functions given to it under this Act, and such other functions as may be given to it by any other written law.[section 4A inserted by section 2(c) of Act 8 of 2009 w.e.f. 1 June 2009]
Part III – Board of Directors, head office and branches
5. The Board of Directors
6. The Governor, Deputy Governors, members[amended by section 2(e)(v) of Act 13 of 2011 w.e.f. 27 December 2011]
7. Disqualification, removal, resignation etc. of members
9. Proceedings of the Board
10. Avoidance of conflict of interests
12. Protection of acts in good faith
13. Head office and branches of Bank
Part IV – Capital, profits and reserves
14. Authorised capital of Bank
15. General Reserve
16. Distributable earnings
Part V – Seychelles currency
17. Unit of currencyThe unit of currency of Seychelles shall be the Seychelles rupee, which shall be divided into one hundred cents.
18. Legal tender
19. Bank sole authorityThe Bank shall have the sole right to issue legal tender notes and coins denominated in Seychelles rupee. No other person shall in Seychelles issue notes or coins or any documents or tokens which are likely to pass as legal tender.
20. Issue of notes and coinsThe Bank shall—
21. Design etc. of currency
22. Proceedings relating to currency notes and coins
24. No right to recover value of lost or mutilated notes or coinsNo person shall be entitled to recover from the Bank the value of any lost, stolen, mutilated or imperfect note or coin or of any coin which has been illegally dealt with. The circumstances and conditions under which such value may nevertheless be refunded, as an act of grace, shall be determined by the Bank on the basis of equal and fair treatment.
Part VI – Official foreign reserves, foreign exchange rate regime and foreign exchange operations
25. Official foreign reserves
26. ***[section 26 repealed by section 2(b) of Act 25 of 2008 w.e.f. 3 November 2008]
27. Transactions of the Bank
28. ***[section 28 repealed by section 2(a)(i) of Act 12 of 2009 w.e.f. 20 July 2009]
Part VII – Relations with banks and other financial institutions
29. Deposits with and lending by the BankThe Bank may, on such terms and conditions as the Board may determine—
30. Clearing and payment systemsThe Bank may establish or assist banks and other institutions in establishing facilities for the clearing and settlement of payments, including payments by cheques and other payment instruments, and may issue such directions relating thereto as it deems appropriate.[section 30 amended by section 72 of Act 13 of 2009 w.e.f. 10 August 2009]
31. Monetary reserve requirements
Part VIII – Collection of information and statistical data
32. Bank’s power to collect information
32A. Credit Information SystemSubject to section 11(1), the Bank may establish facilities for the collection and consolidation of credit information or any other information which the Bank considers relevant in the assessment of the credit worthiness of customers of any participating institutions and disseminate such information among participating institutions as prescribed by regulations.[section 32A inserted by section 2(q)(iv) of Act 13 of 2011 w.e.f. 27 December 2011]
Part IX – Verifications, examinations and inspections
33. Verification of information
Part X – Relations with the Government and Government agencies
34. Functions as agent of Government
35. ***[section 35 repealed by section 2(a)(ii) of Act 12 of 2009 w.e.f. 20 July 2009]
36. International co-operationIn relation to international cooperation, the Bank—
37. Mutual consultationWithout prejudice to any other provision of this Act, the Government and the Bank shall consult each other on all economic and financial matters that may affect the discharge of their respective statutory functions.
38. Advice and report by the BankThe Bank shall render advice and furnish reports on economic and financial matters to the Government when required to do so and the Bank shall be entitled to receive from any public authority any economic and financial information the Bank may reasonably need for that purpose.
39. Consultation on budgetThe Government shall consult the Bank on the appropriations of the Government for each financial year and on any proposed legislation affecting the budget and the Bank.
40. Advances to Government
41. Purchase of treasury bills etcThe Bank may purchase or otherwise acquire treasury bills and other securities issued or guaranteed by the Government. Such purchases and other acquisitions by the Bank shall, however, be made only for monetary policy or capital maintenance purposes and only on the secondary market at market interest rates.[section 41 amended by section 2(o) of Act 8 of 2009 w.e.f. 1 June 2009]
42. Debt securities issued by BankThe Bank may issue in its own name, for monetary policy purposes, short term debt securities.
43. Bank’s market operationsThe Bank may operate in the market, in addition to its undertaking as agent for the Government under section 34(1)(b), by purchasing, selling or conducting any other financial transaction in the conduct of its monetary policy framework, such as outright (spot and forward) or under repurchase agreements, debt securities issued or guaranteed by the Government and debt securities issued by the Bank.
Part XI – Other activities
44. Activities Bank may not engage in
Part XII – Budget and accounting
45. The budget of the Bank
Part XIII – Internal audit
46. Internal auditAn internal audit division shall perform internal audit functions of the Bank which shall comprise—
Part XIV – Audit of accounts
47. Audit of accounts
48. Reports for public information
Part XV – Taxes, regulatory powers and appeals
49. Exemption from taxesThe Bank shall be exempt from stamp duty, business tax, trades tax, goods and services tax and all other taxes, fees and duties on its assets, documents, profits, operations and property.
50. RegulationsThe Bank in consultation with the Minister responsible for Finance may make regulations for carrying into effect the principles and provisions of this Act.[section 50 repealed and substituted by section 2(w) of Act 13 of 2011 w.e.f. 27 December 2011]
51. Repeal of Cap 26
History of this document
28 June 2021 amendment not yet applied
31 December 2015 this version
28 December 2004
Cited documents 0
Documents citing this one 8
- Seychelles Government Gazette dated 2019-07-22 number 52
- Seychelles Government Gazette dated 2021-04-23 number 34
- Seychelles Government Gazette dated 2023-01-09 number 2