01.13.12
Posted in Business and Economy, International Organisations, Seychelles banking, Tourism industry at 6:46 pm by Robert Klien
The International Monetary Fund (IMF) has approved the 4th review of the Seychelles Extended Fund Facility (EFF) and will release USD 4.8 million. This was announced by Central Bank governor Pierre Laporte and principal secretary for Finance Ahmed Afif in a press conference held on January 12.
It was said that the IMF board is satisfied with the review carried out by its staff in November 2011 as “Seychelles has met all the benchmarks of its economic review programme under the EFF”.
According to Laporte and Afif, the IMF board has expressed concern about the potential impact on the tourism sector because of what is happening in Europe, which is the jurisdiction’s main tourism market, as well as because Air Seychelles has stopped direct flights to Europe.
In March 2012, the IMF mission is expected to return for the 5th review under the programme and then Seychelles is planning to have met set targets.
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12.05.11
Posted in Business and Economy, Financial Services, Offshore Banking, Seychelles banking at 4:10 pm by Robert Klien
At the 17th anniversary lecture of the Central Bank of Seychelles (CBS), Seychelles has been praised as having the potential to become the financial technology hub for African countries.
The event’s guest speaker, Arun Jain, chairman and chief executive of Polaris Financial Technology Ltd., a leading global financial technology company, said: “Being an archipelago in the African continent with a small population, Seychelles has the natural advantage for creating a niche for itself in the financial technology space. It has the potential to become the Financial Technology Hub for African countries and extend its expertise to neighbouring countries and position itself as a global financial technology stronghold. The late adoption of automation will be a boon for Seychelles since they will get the most advanced technology unlike some developed countries which still run on legacy systems.”
Other guests at the event were Seychelles’ President James Michel, the Governor of CBS Pierre Laporte, and the chairman of the Seychelles Bankers Association Michael Benstrong, who is also the managing director of the Seychelles Savings Bank.
Mr Jain addressed ministers, foreign dignitaries, bureaucrats, bankers, businessmen and academicians speaking on the theme of “Technological Innovations Driving Financial Services”.
He stressed the role of
- Smarter Identity – Single Identity for every citizen which could be used for
(a) banking transactions,
(b) social commerce transactions,
(c) government to citizen transactions;
- Smarter Infrastructure – Shared Financial Technology Infrastructure where all banks invest as shareholders and pay-per-use to drive efficiency.
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08.31.11
Posted in Seychelles banking at 3:35 pm by Robert Klien
With a view to ease electronic payment, firms having transactions with government-budgeted agencies are being urged to provide proper banking details.
This was said on August 30 by director budget management in the Ministry of Finance and Trade, Damien Thesée, at a press conference. The event took place at the Central Bank of Seychelles (CBS).
Christophe Edmond, the head of banking services division and Mike Tirant, director banking, currency and payment system services in the CBS, was also present at the press conference.
According to Mr Thesée, the Finance Department and the CBS introduced a system whereby payments to these clients can be made directly into their accounts as opposed to issuing of cheques. He said: “Government agencies submit their requests to the treasury and we process and make payments to the businesses’ commercial banks accounts.” This system gives provides the customers with a faster and more efficient service.
He said that the new system has also significantly reduced the number of customers who have to queue up in the CBS banking area. The system whereby payments were made only on week days and whereby cheques had to be cleared in banks in 3 days has been eliminated. However, it is important that customers understand this system will only work if they provide correct banking details (account number and name).
Mr Edmond noted that they are working with commercial banks in order to ensure improving and modernising their payment system as electronic transfer is less risky.
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03.19.11
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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06.28.10
Posted in Offshore Banking, Seychelles banking, Seychelles government at 2:14 pm by Robert Klien
A further cut in interest rates on various types of loans and advances will be made by the Seychelles Savings Bank. The new rates will come into effect from July 1.
Nevertheless, savers will still benefit from existing rates because there will be no reduction in interest rates on all types of deposits.
As mentioned by President Michel in his National Day speech, the prime lending rates (PLR) on housing loans and commercial loans will be reduced to 6% and 7% respectively.
It is worth noting that this will be the 4th reduction in lending rates during the last 9 months, the 1st taking effect on October 1, 2009, followed by one on December 1, 2009, and the 3rd on March 15, 2010.
According to the bank, during this period the maximum benefit was passed on to borrowers in the commercial sector, which has seen a huge reduction of 10%, from a PLR as high as 17% in September to 7% from July 1.
The bank expects the cut in interest rates to encourage people to borrow money at a more affordable rate, which should result in accelerated economic activity and benefit everybody in the long run.
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06.24.10
Posted in Offshore Banking, Seychelles banking at 3:41 pm by Robert Klien
With a view to raise capital and to accelerate lending, the Development Bank of Seychelles (DBS) has announced its plans to launch 2 bond issues for a total amount of R100 million.
It should be noted that this followed recent President’s and the bank’s board announcements that the government was considering ways of stimulating the economy by means of lowering interest rates.
Lending rates have been already slashed by the Development Bank from 15% to 10% as from April 1. The new bond issue will allow it to cut rates further.
In its press release, the Bank said that the 2 bonds will be issued for a value of R50 million each and will be launched on July 1. The 1st will be a 2-year bond with an interest rate of 5% per annum, while the 2nd will be a 3-year bond at 5.5% per annum. Both bonds will be available from July 1. Both residents and non-residents will be allowed to by the bonds. Issued singly or jointly, they will be transferable through the Central Bank of Seychelles at any time before they mature.
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04.26.10
Posted in Financial Services, Offshore Banking, Seychelles banking at 3:17 pm by Robert Klien
A number of incidents have taken place where the owners of bank cards have lost their money after requesting its transfer over the phone. That is why the Seychelles Bankers’ Association warned customers to be careful regarding this.
Mohinder Singh Phogat, The chairman of the Seychelles Bankers’ Association, said that there are types of cards the owners of which can ask through e-mail or telephone for transferring money but, in the absence of the card, they give their card and pin numbers over the phone.
There have been cases when fraudsters have stolen cards and requested such transactions in order to contact recipients of the money asking them to transfer the money elsewhere. In this process the money gets lost. Phogat said that experienced operators like major hotels are familiar with the checks necessary to avoid such fraud while smaller establishments are sometimes likely to become victims of the fraud.
The Seychelles Bankers’ Association is urging bank customers to adhere to guidelines that are given by the banks with a view to avoid being defrauded in scams.
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03.26.10
Posted in Seychelles banking, Seychelles government at 4:57 pm by Robert Klien
On March 25, President James Michel visited the Central Bank of Seychelles. Mr Michel said that it is an example of how an institution can empower young Seychellois in playing a key role in the economy of the jurisdiction.
As regards wide acclaim that the Seychelles rupee has received from foreign investor guides and media, Mr Michel said that the employees of the Central Bank should go on developing their competence to help the bank carry out its mission of a better economy in a competitive environment. The President said that the global recognition of rupee as a strong performer, which was reported in the international media, reflects the success of the economic reforms initiated by him in 2008.
Also, Mr Michel noted that Seychelles has been a leader in many fields such as in the environment and human resources development.
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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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