Central Bank of Seychelles explained

Bank Name:	Central Bank of Seychelles
Bank Name In Local:	Banque centrale des Seychelles Labank santral Sesel
Headquarters:	Victoria, Seychelles
Coordinates:	-4.6233°N 55.4539°W
Ownership:	100% state ownership^[1]
President:	Caroline Abel
Leader Title:	Governor
Bank Of:	Seychelles
Currency:	Seychellois rupee
Currency Iso:	SCR
Reserves:	530 million USD

The Central Bank of Seychelles (French: Banque centrale des Seychelles, Seychellois Creole: Labank santral Sesel), is the central bank of Seychelles. It was officially established on 1 January 1983, with the dissolution of its precursor, the Seychelles Monetary Authority.^[2]

Location

The offices of the bank are housed in the Central Bank Building on Independence Avenue in Victoria, the capital city of Seychelles. The three-storey building is fully air-conditioned and has of office and storage space.^[3]

History

In 1974, the Currency Commission of the Seychelles was formed. In 1978, the Seychelles Monetary Authority was established, which in 1983 was transformed into the Central Bank of Seychelles (CBS). Up until 1982, the accounts of the Government of Seychelles were managed by Barclays Bank International. On 29 December 1982 that responsibility was transferred to CBS by passing the "Central Bank of Seychelles Act 1982". An amended "Central Bank of Seychelles Act 2004" provided for the autonomy of the bank within the Seychellois government structure.^[4]

Governance

The affairs of the bank are supervised by an eight-person board of directors, chaired by the bank governor. As of April 2020, the following eight individuals comprised the board.^[5]

1. Caroline Abel: Governor and Chairperson
2. Christopher Edmond: First Deputy Governor
3. Jenifer Sullivan: Second Deputy Governor
4. Errol Dias: Director
5. Bertrand Rassool: Director
6. William Otiende Ogara: Director
7. Frank Ally: Attorney General, Director
8. Sherley Marie: Director.

Governors

The table below illustrates the names of the various Governors of the Central Bank of Seychelles, from its inception, on 1 January 1983.^[6]

Governors of the Central Bank of Seychelles Since Inception! Rank !! Governor !! From !! Until !! Notes

1	Guy Morel	January 1983	September 1991
2	Aboo Aumeeruddy	September 1991	April 1995
3	Norman Weber	May 1995	April 2001
4	Francis Chang-Leng	May 2001	October 2008
5		November 2008	March 2012
6		March 2012	present

See also

• Economy of the Seychelles
• List of banks in Seychelles
• List of central banks of Africa
• List of central banks

External links

• • SWFI profile

Notes and References

1. Web site: Weidner . Jan . The Organisation and Structure of Central Banks . Katalog der Deutschen Nationalbibliothek. 2017. PDF.
2. Web site: The History of the Central Bank of Seychelles . 5 April 2020 . 5 April 2020 . Central Bank of Seychelles . Central Bank of Seychelles . Victoria, Seychelles.
3. Web site: Central Bank of Seychelles . The Central Bank Building . Central Bank of Seychelles . 5 April 2020 . 5 April 2020 . Victoria.
4. Web site: History Of The Bank . 5 April 2020 . Central Bank of Seychelles . 5 April 2020 . Central Bank of Seychelles . Victoria.
5. Web site: Board Members of Central Bank of Seychelles . Central Bank of Seychelles . 5 April 2020 . Central Bank of Seychelles . 5 April 2020 . Victoria.
6. Web site: Seychelles Nation Archives . Exhibition traces evolution of central banking in Seychelles . 28 November 2013 . Seychelles Nation . Seychelles Nation . 5 April 2020 . Victoria.