03.19.11

Seychelles’ Government to speed up bank transfers

Posted in Seychelles banking, Seychelles government at 3:44 pm by Robert Klien

The government of Seychelles has announced its intention to speed up the system of payments for goods and services by transferring the money it owes directly into suppliers’ bank accounts.

This move will be carried out by the government through the Ministry of Finance and in collaboration with the Central Bank of Seychelles. The introduction of the new method is part of its plan to modernise and improve on service delivery.

The new method is planned to be in operation by June 1. This move will do away with government cheques and their 3-day clearing process, as well as abolish the weekly payment schedule. With the new system in place, creditors will not have to queue at the Treasury in order to collect payments and remittance advices. It will apply to contractors, suppliers, businesses and individuals for services rendered or goods sold to a particular ministry, department or budget-dependent agency.

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