CBS consults stakeholders on implementation of the private sector relief scheme |28 May 2020

The Central Bank of Seychelles has started a series of meetings with various stakeholders, including private sector representatives, on the private sector relief scheme that has been set up to assist micro, small and medium enterprises (MSMEs) facing revenue constraints due to COVID-19.

In the first round of meetings yesterday, businesses gave their feedback and concerns with regards to the scheme launched last week, which is being implemented by seven banks and the Development Bank of Seychelles. Under the scheme, funds can be borrowed in the form of loans or overdraft facilities with a fixed interest rate of 1.5% per year, as well as a six-month moratorium and maximum repayment period of three years for loans.

The private sector, through the Seychelles Chamber of Commerce and Industry (SCCI), has put forth a number of recommendations relating to the tenor of the loan, moratorium period, guarantee and collateral. There is also a proposal for an extension of the scheme to assist large businesses.

These were highlighted during the third consultative session between the government and private sector on Tuesday, where the Central Bank of Seychelles (CBS) governor Caroline Abel and first deputy governor Christophe Edmond were also present.

In view of the ongoing consultations and technical work being undertaken throughout this week, CBS did not hold its previously announced press conference yesterday (Wednesday May 27, 2020) to address the implementation of the private sector relief scheme and will also not hold the weekly update on the foreign exchange reserves policy and strategy on Friday May 29, 2020.

Both press conferences will be held next week.

Press release from the Central Bank of Seychelles