CENTRAL BANK OF SEYCHELLES ACT, 2004

(Act 12 of 2004)

PART I – PRELIMINARY

1. This Act may be cited as the Central Bank of Seychelles Short title Act, 2004.

2. In this Act –

"the Bank" means the Central Bank of Seychelles established by section 3;

"bank" means a bank as defined in the Financial Institutions Act;

"the Board" means the Board of Directors of the Central Bank of Seychelles appointed under section 5;

"Consolidated Fund" means the fund established by article 151 of the Constitution of the Republic of Seychelles;

"financial institution" means a financial institution as defined in the Financial Institutions Act and, for the purpose of this Act, all branches, agencies and offices of a financial institution in Seychelles are deemed to be one financial institution;

"foreign currency" means the national currency of a foreign country that is fully convertible to other internationally accepted currencies;

"Deputy Governor" means the Deputy Governor of the Bank appointed under section 6;

"General Reserve" means the General Reserve established under section 16;

"Government agency" means a statutory corporation or a limited liability company of which the Government holds more than 51 percent of the issued share capital or which is controlled by another limited liability company of which more than 51 percent of the issued share capital is held by the Government;

"Governor" means the Governor of the Bank appointed under section 6;

"notes and coins" means currency notes and coins issued or deemed to have been issued by the Bank; and

"total monetary liabilities" means notes and coins in circulation together with deposits held by the Bank and repayable on demand.