This is important to ensure compatibility with the laws and rules of WTO as well as adherence to the commitments undertaken upon accession to WTO. A high-level technical working group will be set up to drive and guide the process. Seychelles has been a member of the WTO for seven years and is now in the process of reviewing its trade policy. Capital provides protection to depositors and other creditors, by acting as a buffer that absorbs losses, therefore reducing the probability of a bank failure.Ĭabinet approved the framework for undertaking the World Trade Organisation Trade Policy Review. Secondly, cabinet approved amendments proposed by the Central Bank to the definition of banks’ capital, in line with the international standard known as Basel III. Its role will be to monitor the financial system identifying risks and vulnerabilities and taking appropriate actions to reduce those concerns. A Financial Stability body will be set up comprising regulatory authorities in the financial sector. The offering memorandum spells out the private placement's objectives, risks, financials, and deal. President Wavel Ramkalawan chaired a scheduled meeting of the cabinet yesterday, Wednesday May 25, at which a number of policy memoranda were considered.Ĭabinet approved two measures which aim to promote financial stability and increase resilience to adverse shocks in the financial sector.Īs a first measure, cabinet approved the Financial Stability Framework which will be implemented under a law. An offering memorandum is a document issued to potential investors in a private placement deal. Presidency Cabinet considers a number of policy memoranda |
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