FSA brings in R20 million in foreign exchange for the second quarter |31 July 2020

Dr Fanny and Ms Laporte during the press conference (Photo: Anel Robert)

The Financial Services Authority is injecting foreign exchange worth R20 million as dividend into the economy.

It was Financial Services Authority (FSA) chief executive, Dr Steve Fanny, who made the announcement during a press conference yesterday morning at the authority’s headquarters, Bois de Rose

Talking to the press, Dr Fanny noted that FSA has made a R20 million dividend contribution to the government for the revenue of the second quarter.

“We are all living in the new normal and the economy is on shaky grounds so we don’t really see many organisations making a contribution towards government’s dividend going to R40 million,” said Dr Fanny.

Early this year, FSA made its first dividend payment totalling R25 million. Dividend is paid every three months to the government after all expenses are paid.

The CEO noted that FSA is one of the main organisations bringing foreign exchange in the country, adding that the pandemic has shown us the importance of diversifying a country’s economy and not relying on one main source of income such as the case for Seychelles which relies mainly on the tourism industry.

Dr Fanny said the fact that International Business Companies (IBCs) continue to renew their company licences, this shows that they still have confidence in our financial jurisdiction despite the Covid-19 pandemic.

He said the FSA is so far getting 60% rate of renewals while incorporation is trailing from 40% to 50% and the future looks unprecedented.

Ina Laporte, the chairperson of the Seychelles International Financial Services Association (Sifsa), added that FSA is an organisation where they up skill staff and expand their capabilities. She added that they have room to hire new workers but have yet to hear anything from the Seychelles Employee Transition Scheme (Sets).

She also touched on the fact that FSA doesn’t get the acknowledgement it deserves as it has contributed millions in foreign exchange.

“With tourism down and the agricultural and fishing sector barely pulling in, FSA has made tremendous amount of contribution towards the country but the government is still refusing to acknowledge the importance of our sector,” said Ms Laporte.

Christophe Zialor