Mike Tirant is the new second deputy governor of the Central Bank of Seychelles (CBS) for a six-year mandate with effect as of August 15.

President Wavel Ramkalawan presented Tirant with his instrument of appointment in a ceremony held at State House on Friday morning.

Tirant, who joined CBS in 2004 as an assistant accountant is replacing Jennifer Sullivan, who held the position for the last six years. He holds a first degree in Accounting and Finance from the University of Manchester and his masters from the University of Leicester.

"Once I had completed my studies for my degree, I was approached by CBS employees who asked me to join the institution, which I did not hesitate to do," Tirant told reporters.

"I learned a lot in that position and over the years that I have worked for the institution I held it until I was appointed as a head of the Banking Services division," he added.

When asked why he accepted this latest promotion as second deputy governor, Tirant explained he did so because the CBS culture is for employees to take any opportunity presented to help the institution move forward.

"Since the board of directors and the governor think I have the ability to successfully fill in the role with their full support, I feel that now is the time when I can also help raise others in the bank as well to continue the good work the governor has already started," he added.

Tirat said, "It was not a difficult decision to make to take the challenge, as I see this role provides room for further development, and I am always ready to learn more despite knowing it will not be an easy task."

Prior to the recent amendments made to the CBS Act, all three members of the senior management's contracts ended on the same day - which Abel said was identified as a weakness.

"We did make it known that it would take some time before the post would be filled to ensure there was continuity in the Central Bank's management as the institution is one that is very important to the country, we had to make sure that this was not affected," explained Abel.

The amendment makes provisions for the three positions to be filled at different times, although the length of their appointments remains for six years, with the possibility for renewal.

CBS is one of the institutions in the country where the workforce is entirely made up of Seychellois.