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Tag "bank of mauritius"

Private Banking in Mauritius gets big boost with two stand-alone private banks

The financial sector in Mauritius has been deepened with the addition of two new banks, Warwyck Private Bank Ltd and Banque Richemount Limited, which are the first stand-alone, full-fledged private banks to be licensed in Mauritius. The Bank of Mauritius on Friday granted banking licences to the two banks to undertake private banking business in Mauritius. The two new banks are expected to offer specialised services and financial advice exclusively

Mauritius banking sector stayed strong in 2013, notes IMF

Mauritius banking system remains well-capitalized, profitable, and resilient to shocks, according to IMF directors at the recently concluded Article IV consultation with Mauritius. However, they observed that persistent excess liquidity in the banking system has encouraged riskier lending, and to address this issue, they recommended closer collaboration between the government and the central bank. It may be noted that there were instances of open disagreements between the Bank of Mauritius

Maurice Ile Durable gets boost; polymer notes shortlisted for Currency Awards

On the occasion of Earth Day today, it is interesting to reflect on how the new polymer notes released by the central bank of Mauritius are helping in the island’s go green initiative. Besides being more practical for an island economy since they are waterproof, these durable notes also ensure that exhaustible resources such as paper are not wasted. In addition, these notes are bringing renown to the island nation

Mauritius sees gross international reserves rise to Rs 112.02 billion in March

Gross international reserves hit Rs 112.02 billion in March 2014, increasing by Rs 1.81 billion over the previous month, according to data released yesterday by the central bank of Mauritius. Bank of Mauritius stated that the gross international reserves of Mauritius maintained their upward trajectory last month, increasing by Rs 7.5 billion for the first quarter of 2014 to establish a record level of Rs 112.02 billion at the end

Mauritius must raise interest rates to contain inflation: Central Bank Governor

In the latest flare-up in the row between the central bank and the government, the Governor of the Bank of Mauritius stressed that Mauritius must raise interest rates if it intends to achieve the year-end inflation target of four per cent. Talking to Reuters, Bheenick expressed concern over the leap in consumer prices over the past three months and the fact that Mauritius being, import-dependent, could expect greater external pressure

Mauritius: France overtakes South Africa as largest FDI source market

In what may come as a surprise to those industry watchers who expect the share of a struggling EU to come down in the island economy and yield place to emerging economies in Asia and Africa, France has overtaken South Africa as the largest source market for Foreign Direct Investment into Mauritius. A report released by the Central Bank of Mauritius showed that South Africa has had a radical decline

Mauritius offers new three-year Treasury Notes

The Bank of Mauritius (BOM) will sell new benchmark Three Year Government of Mauritius Treasury Notes (GMTN) through an auction on Wednesday, April 09, 2014, for a nominal amount of Rs 1.3 billion due for settlement by the next Friday. It may be noted that, earlier this year, to counter excess liquidity, BOM, together with the Finance Ministry, set a target to mop up the excess money floating in the

Mauritius receives FDI of Rs 9.5 billion in 2013

Mauritius recorded foreign direct investment (FDI) of Rs 9.5 billion for the 12 months ended 31 December 2013, according to data released by the Bank of Mauritius on March 14, 2014. It may be noted that Mauritius had attracted a towering Rs 20.4 billion worth of FDI in 2012 and cumulative FDI of Rs 88.4 billion was channeled into the island economy between 2007 and 2013. In 2013, ‘Real Estate’

Gross reserves hit record level of Rs 108.4 billion: Bank of Mauritius

A statement published by the central bank on Friday indicated that the gross reserves of the Bank of Mauritius (BoM) hit a record level of Rs 108.4 billion at the end of February, boosting the Gross Official International Reserves of the country to Rs 110.2 billion. The Gross Reserves of the BoM rose from Rs 102.7 billion in January to Rs 108.4 billion last month, in one of the strongest

Bheenick: Mauritius monetary policy committee needs to be more independent

Mauritius central bank governor Rundheersing Bheenick demanded a revision in the law governing the composition of the Monetary Policy Committee (MPC). Unlike the situation in most developing economies, the MPC in Mauritius comprises a majority of external members who outnumber bank members, the governor pointed out. Recently, the MPC voted to hold the key repo rate steady at 4.65%, even as its members were divided, triggering a public rift between

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