Bureau de change service crucial to global financial context |09 January 2021
As the country observes its second phase of restrictions aimed at stopping the spread of the Covid-19 pandemic, the numerous bureaux de change (BDCs) across the country have this time been permitted to keep their doors open to offer services to the public.
According to the banking and financial market regulator, the Central Bank of Seychelles (CBS), all BDCs, both Class A and Class B, will operate from 8am to 1.30pm on weekdays, and from 8am to 12pm on weekends. BDCs seeking to reduce their hours of operation and to keep some of their branches closed must seek approval from CBS.
“Last year, bureaux de change were not permitted to operate and they were not considered as essential services. This year, the modality on how businesses operate is different. We know that bureaux de change, even if used by the local public, are of use mainly to foreign workers, who make use of the services to remit their salaries to their families. In the global context, it is important that these people do not lose access to financial services,” CBS Governor Caroline Abel said.
“Last year, when bureaux de change were not included on the list of essential services, we received an international communiqué that we should not hinder foreign workers from accessing financial services, despite the measures in place for employers to facilitate such transfers. As you know, not all employees have a bank account and therefore this led to some difficulties,” Governor Abel added.
BDC’s were among the categories of business to shut in April 2020 when the restriction on movement order was enforced as a precautionary measure against the spread of the Covid-19 virus.
In addition to changes in the operating hours of BDC’s, the main branch of all banks, Development Bank of Seychelles (DBS) and Seychelles Credit Union (SCU) will remain open from 8.30am to 12.30pm on weekdays, and are to remain closed on Saturdays.
Customers are encouraged to use digital platforms to effect transactions.
Laura Pillay