09.04.06
Central Bank of Seychelles
The Central Bank of Seychelles defines monetary policy of Seychelles and influences all spheres of countrie’s economy. Such financial regulating authority became necessary with the growth of Seychelles economy, evidenced by large foreign exchange earnings and rapid development of the banking system.
The objectives of the CBS include regulating of the issue, supply and availability of money, international exchange, promoting internal and external monetary stability, price stability and the maintenance of both domestic and external value of the Seychelles currency. The bank is also providing financial conditions needed for the orderly and balanced economic development of Seychelles, to much extent by advising the Seychelles Government on banking, monetary and financial matters.
The Central Bank of Seychelles was formed from the institution of the Seychelles Monetary Authority, which had been the bank of issue since 1978 and until that date. Gradually the Seychelles Monetary Authority started to function very much like the central bank, and its conversion into the Central Bank of Seychelles was very logical. By 1982 the Monetary Authority had taken full responsibility for everyday operations of the main central government accounts. The establishment of Central Bank of Seychelles was provided by the Central Bank of Seychelles Act, which was enacted on December 29, 1982 and came into effect on January 1, 1983.
Beside the Central Bank, there are two more government banks in Seychelles, and five major commercial banks.
Seychelles Offshore Companies » BMI Offshore Bank launches operations in Seychelles said,
September 23, 2008 at 4:53 pm
[...] license to operate was received by BMIO from the Central Bank of Seychelles in March [...]