11.02.09
Posted in Business and Economy, Seychelles banking at 12:03 pm by Robert Klien
On November 3, the Central Bank of Seychelles (CBS) will host a special event in its series of anniversary lectures at the International Conference Centre.
This year’s lecture is titled “Seychelles’ economic reforms, one year on – what the future holds”.
The event will be a round-table discussion of the reform programme started in November 2008. At the event, the results that have been achieved so far will be outlined. Also, the challenges that have arisen and the outlook for future reforms that will come will be discussed. After the discussion, the participants may ask questions to the speakers.
The panel of the speakers will include:
• Moderator Peter Sinon,
• principal secretary for finance Ahmed Afif,
• CBS governor Pierre Laporte,
• Seychelles Bankers’ Association Jocelyn Ah Yu,
• Seychelles Chamber of Commerce and Industry Dr V. Ramados,
• Lungos (civil society) the Rev Christine Benoit,
• Seychelles Polytechnic Sheera Philoe,
• manufacturing sector Aubrey Lucas,
• fishing sector Beatty Hoareau,
• small business Santasha Hoareau.
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10.13.09
Posted in Business and Economy, Seychelles banking at 1:44 pm by Robert Klien
On October 12, a team led by Central Bank governor Pierre Laporte explained the requirements of the Foreign Exchange Act for those who use both the rupee and foreign currency in order to complete their transactions.
At a meeting that was held at the International Conference Centre, the Central Bank representatives answered questions of a 150-strong audience. Most of the visitors came from the tourism industry. This meeting was organised in order to explain, in a transparent manner, the provisions of the law after as far as, according to Laporte, many people had called the Central Bank asking to clarify certain aspects of the Foreign Exchange Act.
Laporte stressed that hotels must not set their own exchange rates, so, customers will know how much approximately they will be expected to pay for goods and services.
According to Laporte, goods and services should be advertised in rupees. However, there is an exception for adverts that appear abroad or on the Internet where they may be meeting both local and overseas clients. In the above-mentioned cases both the rupee and another currency are allowed.
Also, Laporte said that even though the demand for the local currency is increasing and many old notes are being withdrawn, the Central Bank of Seychelles does not intend to print any new notes over the next 2-3 years. The jurisdiction has enough notes that are not in circulation.
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05.31.09
Posted in International relations, Offshore Banking, Seychelles banking, Seychelles government, Tourism industry at 10:24 pm by Robert Klien
On May 28, Prince Alwaleed bin Talal of Saudi Arabia visited President James Michel at State House. The Prince and the President held talks in the presence of Nouvobanq managing director Ahmed Saeed and Minister for National Development Jacquelin Dugasse.
It should be noted that Prince Alwaleed bin Talal was talking about investing in the tourism industry in Seychelles. He told the media that the jurisdiction to a great extent depends on tourism, and that he would be visiting shortly the Four Seasons. He also mentioned the Raffles hotel on Praslin to be inaugurated in the end of next year as it is important for economic and tourism development.
Prince Alwaleed told President Michel that he is looking forward to having more projects in tourism in the jurisdiction.
Saudi Arabian delegation arrived to Seychelles from Mauritius and went home after a few hours.
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03.03.09
Posted in Business and Economy, Offshore Services, Seychelles banking, Seychelles offshore jurisdiction at 11:18 am by Robert Klien
In the end of January, at a meeting, the Seychelles Bankers’ Association (SBA) appointed a new chairman with immediate effect. The managing director of Barclays Seychelles Loganaden Sidambaram was appointed to this position, so he will replace R. C. Behl.
The other officer holders that were appointed are treasurer Michael Benstrong of the Seychelles Savings Bank and auditor Ahmad Saeed of Nouvobanq.
In 2009, the SBA will be aimed at mounting a communication campaign in order to shed more light on the roles and responsibilities of commercial banks towards their customers and the general public.
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02.05.09
Posted in Business and Economy, Foreign investments, Seychelles banking, Seychelles offshore jurisdiction at 5:50 pm by Robert Klien
The high inflation that hit Seychelles in November 2008 was caused by one-off factors and December figures will most likely show similar trends. Nevertheless, prices in Seychelles are expected to come down soon.
On January 19, Central Bank governor said that inflation figures for December are not yet available. Central Bank governor Pierre Laporte was summing up the main messages at a press conference with Finance Minister Danny Faure and principal secretary in the ministry Ahmed Afif.
According to unofficial indications, generally, December prices remained at the same level as in November. Laporte noted that the reasons for high inflation in November were such factors as the exchange rate depreciation, new taxes (GST), and speculative factors. He also noted that the Central Bank is keeping liquidity tight, so, inflation should start coming down soon.
Laporte said that the Central Bank was aware of the hardship on the population and businesses that were caused by higher interest rates on loans but he noted that they were expected. According to the Central Bank governor, “However, there are indications that the interest rates could have reached its peak as evidenced by more competitive bidding on government treasury bills. With more competition for these securities and inflation likely to start falling soon, interest rates should follow”.
It is important that the higher interest rates could attract more foreign investment to Seychelles, one of the leading offshore jurisdictions of the region.
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08.19.08
Posted in Offshore Banking, Offshore Services, Seychelles banking, Seychelles offshore jurisdiction at 10:24 am by Robert Klien
In July, BMI Offshore Bank (BMIO) has announced that its offshore banking operations in Seychelles have been officially launched.
BMI Offshore Bank is a joint venture between Bahrain-based BMI Bank and Seychelles-incorporated Nouvobanq. Managed by BMI Bank, the venture will deal with offshore banking and private banking services and provide access to trust and investment services for corporate and private customers who reside abroad.
To celebrate the launch, a special ceremony was held. The event was attended by Government officials, key businessmen related to the offshore industry, Chief Executive Officer of BMI Bank Andrew Bainbridge, Wholesale Banking Director of BMI Bank Karl Stumke and other bank representatives, media and guests.
Chief Executive Officer of BMI Bank, Andrew Bainbridge, said that the launch of the first offshore bank in the Seychelles is an important move. BMI Bank was established with a vision to form a universal bank with presence in selected emerging markets and this move is the way to achieve it. He also said that BMIO will be supported by the head office in Bahrain in order to run a successful banking operation in Seychelles.
Initially, BMI Offshore Bank will offer deposits and investments on varying terms, transactional banking from current and call accounts, and internet banking facilities. Then, new products including Debit and Credit cards, loan financing, trust business and a range of other investment products will be introduced.
A license to operate was received by BMIO from the Central Bank of Seychelles in March 2008.
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06.15.08
Posted in Business and Economy, Financial Services, Seychelles banking at 6:19 pm by Robert Klien
In order to increase investment flexibility, the Central Bank of Seychelles has announced the introduction of a new service.
The new service allows to sell and buy government-issued bonds. Those who hold government bonds will now be able to sell these bonds to the Central Bank of Seychelles before the bonds reach their maturity. This will allow them to access funds that would have been tied up otherwise. Then, the bonds bought by the Central Bank of Seychelles will be sold to people.
According to Central Bank governor Francis Chang Leng, before this new initiative has been launched people holding bonds faced the difficult prospect of trying to find a buyer if they wished to sell the bonds. This difficulty even increased if they wanted to sell large amounts of bonds. “The introduction of the Central Bank secondary market for bonds offers a fast, efficient and guaranteed market for people wishing to sell bonds and an easy access point for people who wish to use an investment in government bonds as an alternative to saving their money in the bank.â€
Bond holders who intend to use the new service will have to visit the Central Bank of Seychelles, where they will be able to cash either in the full value of their bonds or a percentage of them.
The Central Bank will charge an administrative fee of 0.25% on the face value of the bonds in order to finance the new service.
As a secondary market will be introduced, bond holders will be allowed to exchange their bonds for currency, which will increase their financial liquidity. Nevertheless, the overall level of liquidity will not change because the bonds will stay in circulation.
Central Bank governor Francis Chang Leng hopes that the introduction of the secondary market for bonds will increase people’s familiarity with trading in bonds and other investments, and with “providing an additional interest-earning opportunity for savers looking for the best return on their moneyâ€.
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05.31.08
Posted in Financial Services, Offshore Services, Seychelles banking, Seychelles offshore jurisdiction at 2:09 pm by Robert Klien
According to the press release published on May 20, 2008, Bahrain-based BMI Bank appointed Frank Hoareau as the Managing Director of BMI Offshore Bank Limited, its new Offshore banking business in Seychelles.
Andrew Bainbridge, Chief Executive Officer of BMI, welcomed Frank Hoareau and noted that he brings extensive experience and knowledge of the offshore industry and banking. Bainbridge also said that the Bank is confident it will build a thriving business and capitalize on the many exciting opportunities in the Seychelles market as Seychelles is an attractive location for this venture that is supported by legal and regulatory framework and continuing economic progress.
It should be noted that Frank Hoareau is well-known in Seychelles financial circles and he is familiar with the Ministry of Finance and the Central Bank, where he held a senior position before joining Barclays offshore.
In March 2008, BMI received its offshore banking license and is planning to open for business in the 3rd quarter of 2008.
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04.18.08
Posted in Double Taxation Agreements, Financial Services, Offshore Services, Seychelles IBC, Seychelles banking, Seychelles companies, Seychelles offshore jurisdiction at 3:01 pm by Robert Klien
Publishing Seychelles Strategy for 2017 has been announced previously.
It has also been already told that the mission stated in the above-mentioned document was doubling the Seychelles GDP by 2017, which is to be achieved by focusing on developing the offshore financial services industry, fisheries and tourism expansion programmes, and the growth of other economic sectors.
However, it is worth covering another important aspect of Seychelles Strategy 2017. The strategy emphasizes the importance of the active promotion of the menu of offshore services on offer including IBC registration, special licence companies, mutual funds, and insurance captives. On of the strategic objectives regarding this is promoting corporate culture and developing the financial sector by means of setting up a stock exchange that will serve as an important mechanism to enhance Seychellois stakeholding in fisheries and tourism.
Innovation in business practice is to be encouraged and customer service delivery standards are to be raised to strengthen the industry.
As Seychelles is going to develop as a financial jurisdiction, its potential of developing a reputable offshore banking sector will be exploited.
According to Seychelles Strategy 2017, the impetus to offshore banking development could be the country’s double taxation avoidance (DTA) agreements signed with 10 countries. Through Seychelles-incorporated offshore companies, international investors will be encouraged to invest in Seychelles’ DTA partners, and the jurisdiction is to benefit from banking services on these transactions. Of course, where appropriate, local legislation should be updated.
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03.02.08
Posted in Seychelles banking, Seychelles offshore jurisdiction at 6:00 am by Robert Klien
In the middle of February, the Development Bank of Seychelles (DBS), a joint venture between the Government of Seychelles and financial organizations (Agence Française de Development, European Investment Bank, DEG, Nouvobanq) that was created in 1977 and started its operations at the Supreme Court building in February 1978, was celebrating its 30th anniversary with a series of activities.
DBS hosted a 3-day exhibition at its offices along Independence Avenue starting from February 12.
According to Mary de Comarmond, a spokesperson for DBS, the bank hoped to showcase its progress. To do this, it highlighted some of the main projects it has financed.
To mark the anniversary, the Development Bank of Seychelles contributed 2 sponsored articles on some of the bank’s achievements that appeared in the Seychelles Weekend Nation on February 16.
The bank started off by granting 108 loans in 1978. It has grown to the extent that in 2007 alone, it funded more than 270 projects giving priority to viable projects contributing to the improvement of Seychelles’ sustainable economic development.
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