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Tuesday, March 5, 2024

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Harvesh Seegolam: Sanctions Against Commercial Banks Have Paid Off

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The commercial banks sanctioned by the Bank of Mauritius (BoM) for engaging in “unhealthy speculation on the foreign exchange market” have already paid their fines. This is the announcement made by BoM Governor Harvesh Seegolam to the press on Wednesday 26 April.

According to him, there has been an improvement in the foreign exchange market in Mauritius since the sanctions. “I see that the currency market is functioning in a more orderly manner,” he said.

He also stated that the BoM’s digital currency should be a reality by November this year. The project, he said, is at an advanced stage. The central bank has received support from the International Monetary Fund and the World Bank in setting up the project.

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