CENTRAL BANK OF SEYCHELLES ACT, 2004

(Act 12 of 2004)

ARRANGEMENT OF SECTIONS

PART I - PRELIMINARY

Sections

1. Citation

2. Interpretation

PART II – ESTABLISHMENT, AUTONOMY, OBJECTIVES AND FUNCTIONS OF THE BANK

3. Establishment of the Central Bank of Seychelles

4. Objectives of the Bank

PART III – BOARD OF DIRECTORS, HEAD OFFICE AND BRANCHES

5. The Board of Directors

6. The Governor, Deputy Governor, Members

7. Disqualifying, removal, resignation etc. of member

8. Rules

9. Proceedings of the Board

10. Avoidance of conflict of interests

11. Confidentiality

12. Protection of acts in good faith

13. Head office of Bank etc.

PART IV – CAPITAL, PROFITS AND RESERVES

14. Authorised capital of the Bank

15. Profits

16. General Reserve

PART V – SEYCHELLES CURRENCY

17. Unit of currency

18. Legal tender

19. Bank sole authority

20. Issue of notes and coins

21. Design etc. of currency

22. Proceedings relating to currency notes and coins

23. Demonetisation

24. No right to recover value of lost or mutilated notes or coins

PART VI – OFFICIAL FOREIGN RESERVES,

FOREIGN EXCHANGE RATE REGIME AND

FOREIGN EXCHANGE OPERATIONS

25. Official foreign reserves

26. Rates of exchange

27. Transactions of the Bank

28. Revaluation Reserve Account

PART VII – RELATIONS WITH BANKS AND OTHER FINANCIAL INSTITUTIONS

29. Deposits with and lending by the Bank

30. Clearing and payment systems

31. Monetary reserve requirements

PART VIII – COLLECTION OF INFORMATION AND STATISTICAL DATA

32. Bank’s power to collect information

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. Appointment of Exchange Controller

36. International cooperation

37. Mutual consultation

38. Advice and report by the Bank

39. Consultation on budget

40. Advances to Government

41. Purchase of treasury bills etc.

42. Debt securities issued by the Bank

43. Bank’s market operations

PART XI – OTHER ACTIVITIES

44. Activities Bank may engage in

PART XII – BUDGET AND ACCOUNTING

45. The budget of the Bank

PART XIII – INTERNAL AUDIT

46. Internal audit

PART XIV – AUDIT OF ACCOUNTS

47. Audit of accounts of the Bank

48. Reports for public information

PART XV – TAXES, REGULATORY POWERS AND APPEALS

49. Exemption from taxes

50. Regulations

51. Repeal of Cap 26