The annual report of the Bank of Mauritius for the year 2021-2022 was released on Wednesday. It shows that the Bank of Mauritius made a profit of Rs 299.3 million for the financial year in question. But the Bank of Mauritius has interests in other organisations. One is the Mauritius Investment Corporation, in which it owns 100% of the shares. MIC recorded a profit of Rs 368.2 million. However, the Bank of Mauritius also has shareholdings in MIC Smart City Ltd and Airport Holdings Ltd. For the former, the losses are Rs 2.4 million. For the latter, the losses are in the order of Rs 1.5 billion. As a group, the losses of the Bank of Mauritius as a group amount to Rs 811.7 million. This is worse than the previous year when, in total, the Bank of Mauritius’ accounts showed a profit of Rs 452 million.
In his message in the Central Bank’s annual report for the financial year 2021-2022, Harvesh Seegolam defends the creation of the company. “The creation of the MIC remains a decisive tool in our ambition and efforts to rescue the economy and help preserve the livelihoods of hundreds of thousands of citizens,” he says.
He adds that by creating a national investment portfolio and providing critical financial support to systemic companies in difficult times, the Bank of Mauritius, through the MIC, has helped to ensure that key economic factors are met. He goes further: “MIC has helped ensure that key economic sectors maintain their capacity. Our actions have protected, among others, the tourism industry from the pitfalls of a country that would not be able to accommodate tourists. He adds that going forward, the MIC will continue to uphold its constitution to support the diversification and resilience of the economy. It will also help the BoM to maintain its financial stability.
Rs 52.1 billion investment for MIC
By the end of June 2022, the Mauritius Investment Corporation had approved investments totalling Rs 52.1 billion. 40 entities have benefited from Rs 46.1 billion. Figures revealed in the Bank of Mauritius’ annual report. In his message, Governor Harvesh Seegolam said the MIC had gained value on its investments in financial assets. On the other hand, the government has returned Rs 5 billion of the Rs 60 billion it got from MIC.
Read the full report here: Bank Of Mauritius Annual Report 2022