The Central Bank of Seychelles is the central bank

Central bank

A central bank, reserve bank, or monetary authority is a public institution that usually issues the currency, regulates the money supply, and controls the interest rates in a country. Central banks often also oversee the commercial banking system of their respective countries...

 of the Indian Ocean

Indian Ocean

The Indian Ocean is the third largest of the world's oceanic divisions, covering approximately 20% of the water on the Earth's surface. It is bounded on the north by the Indian Subcontinent and Arabian Peninsula ; on the west by eastern Africa; on the east by Indochina, the Sunda Islands, and...

 island nation of Seychelles

Seychelles

Seychelles , officially the Republic of Seychelles , is an island country spanning an archipelago of 115 islands in the Indian Ocean, some east of mainland Africa, northeast of the island of Madagascar....

. The offices of the bank are located in Victoria, the nation's capital, with the Governor of the bank being Mr. Pierre Laporte and Ms. Caroline Abel being the Deputy Governor.

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.

Up until 1982 the accounts of the Government of Seychelles were managed by Barclays Bank International; on December 29 of that year that responsibility was transferred to the central bank by the "Central Bank of Seychelles Act".

The "Central Bank of Seychelles Act 2004" provided for the autonomy

Autonomy

Autonomy is a concept found in moral, political and bioethical philosophy. Within these contexts, it is the capacity of a rational individual to make an informed, un-coerced decision...

of the bank within the Seychelles government.

External links

• Central Bank of Seychelles