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Sunday, April 21, 2024

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Bank Of Mauritius Governor Issues Severe Warning Against Currency Speculators

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The Governor of the Bank of Mauritius Harvesh Seegolam, met the press yesterday to shed light on the Mauritian rupee. He issued a stern warning against economic operators who are withholding the country’s currency with the idea that the rupee will continue to depreciate. He was very frank and direct with these economic operators and insisted on the need for these actors to “play the game”. We will take necessary sanctions against commercial banks and traders who want to create artificial shortage of foreign exchange,” said Harvesh Seegolam about the instability in the exchange rate market. He described the position of some commercial banks and economic operators as unpatriotic and announced that actions, even sanctions, will be taken by the regulator against banks that do not respect the code of ethics.

The director of the Central Bank announces sanctions against all those who, according to him, put pressure on the rupee, and who create speculation in the market. “The Central Bank has intervened to the tune of 10 million dollars yesterday in the domestic foreign exchange market on Friday,” he added.

Harvesh Seegolam announced that the current level of foreign currency in the market has reached that of 2019.  In addition, he expects an inflation rate of about 6% by the end of 2023.

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