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Tuesday, April 23, 2024

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The BoM Sold Another $100 Million On The Foreign Exchange Market

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The Bank of Mauritius (BoM) has once again intervened in the foreign exchange market. On Wednesday, it sold $100 million at Rs 43.65 each at its third intervention in a month. This means that for November, the Central Bank has, so far, sold $300 million. It sold 100 million at Rs 43.80 per dollar on 9 November and then sold another $100 million at Rs 43.70 each on 16 November. Since January, the Bank of Mauritius has sold a total of $770 million in the foreign exchange market.

This intervention is in line with the BoM policy to monitor the evolution of the domestic foreign exchange market closely and continuously. Since the outbreak of the COVID-19 pandemic, the Bank has intervened market to ensure the smooth flow of foreign currencies into the local market whenever required. Very important to note that there are no foreign exchange controls in Mauritius. Since the outbreak of the pandemic in March 2020 when the economy was at a standstill up to now.

Perhaps, we can expect fewer interventions of the BOM on the forex market next year as the economy is on a recovery trend and tourism is regaining its momentum and is heading for sustained growth. So, it is expected that forex will be flowing in.

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