MCB announces temporary suspension of minimum balance fee on resident’s forex account |04 February 2021
MCB Seychelles has announced a temporary suspension of minimum balance fee on foreign currency accounts for residents only.
This decision was announced through a notice to all customers from the bank. Seychelles NATION contacted the managing director of the Mauritius Commercial Bank (Seychelles) Ltd, Bernard Jackson, for more information on this decision.
“We were thinking about this measure for some months already as there are many small accounts that are practically inactive. Very often they are the accounts of expatriates who have left the country and did not close their accounts. Then they turn into abandon funds and our staff have to spend quite some time in verifying these accounts and transfer them to the Central Bank. Basically it becomes an administrative hassle for us. We introduced the minimum fee in order for the clients to maintain an activity on their account. But in view of the current adverse economic climate, we listened to our clients and the bank has decided to suspend the minimum balance fee applicable which was available from January 4. These concerns the foreign currency accounts of resident individuals, micro, small & medium enterprises (MSMEs) and corporates until further notice,” explained Mr Jackson.
The minimum balance fee shall remain applicable on non-resident individual and business foreign currency accounts.
Mr Jackson noted that clients should regularly check their website for details of the applicable and the thresholds from which these fees do not apply.
The bank also reserves the right to reinstate the minimum balance fee on resident foreign currency accounts based on its assessment of economic conditions.
Regarding disbursements of loans, the managing director of MCB clearly stated that “right now, we are not disbursing loans as the current situation is full of uncertainties. With the announcements of the government, we are not sure how the economy will be faring”.