Act 13 2020 - CENTRAL BANK OF SEYCHELLES (AMENDMENT) ACT

[9th April 2020] Supplement to Official Gazette 79 CENTRAL BANK OF SEYCHELLES (AMENDMENT) ACT, 2020 (Act 11 of 2020) I assent Danny Faure President 6th April, 2020 AN ACT to amend the Central Bank of Seychelles Act, 2004 (Cap 26). ENACTED by the President and the National Assembly. 1. This Act may be cited as the Central Bank of Short title Seychelles (Amendment) Act, 2020. 80 Supplement to Official Gazette [9th April 2020] 2. The Central Bank of Seychelles Act, 2004 is Amendment of Cap 26 amended as follows — (a) by inserting after the definition of “financial institution” the following definition — ““force majeure” includes — (a) an unforeseeable or unavoidable natural event, circumstance or cause; (b) a disaster as defined in the Disaster Risk Management Act, 2014 (Act 15 of 2014); (c) an external economic event, circumstance or cause; (d) a state of emergency declared under the Constitution; (e) a public health emergency declared under the Public Health Act, 2015 (Act 13 of 2015); or (f) the spread of an infectious disease affecting or likely to affect a substantial part of the population within a short period, which substantially and materially disrupts or is likely to substantially and materially disrupt the stability of the economy and financial system;”; (b) by inserting after section 29 the following section — Power to “29A.(1) Notwithstanding section make loans, 29(b), the Bank may, in the event of a advances and force majeure, make loans, advances rediscounts and rediscounts to banks and other financial institutions in Seychelles for periods not exceeding 3 years. [9th April 2020] Supplement to Official Gazette 81 (2) For the purpose of section 29 and 29(A)(1) “financial institution” includes credit unions and the Development Bank of Seychelles.” (c) by repealing section 40A(2); (d) in section 41 — (i) by renumbering section 41 as subsection (1) of that section; (ii) by inserting after subsection (1) so renumbered the following subsections — “(2) Notwithstanding subsection (1), in the event of a force majeure, the Bank may purchase or acquire treasury bills and other securities guaranteed by the Government. (3) The treasury bills or Government securities purchased or acquired pursuant to subsection (2) shall not be taken into account for the purpose of determining the limit on advances to Government under section 40(2). (4) The aggregate value of the treasury bills or Government securities purchased or acquired pursuant to subsection (2) shall not at any time exceed a limit to be prescribed by the Bank in consultation with the Ministry of Finance and published by notice in the Gazette. (5) The Bank may re-sell or hold, until their date of maturity, the treasury 82 Supplement to Official Gazette [9th April 2020] bills or Government securities purchased or acquired pursuant to subsection (2).”. I certify that this is a correct copy of the Bill which was passed by the National Assembly on 27th March, 2020. Mrs. Tania Isaac Deputy Clerk to the National Assembly