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Mauritius Investment Corporation posts losses of Rs537 million

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The Mauritius Investment Corporation (MIC) has posted losses of Rs 537.76 million for the year ending June 30, 2021, Defi Media reported, citing the Bank of Mauritius’s Annual Report ending June 30, 2021.

The newspaper said the BoM posted net profits of Rs394.39 million, resulting in a net loss Rs 143.36 million at June 30, 2021 for the Group (BoM and MIC).

As at November 19, 2021, the MIC disbursed a total of Rs 13.79 billion.

Sectors which were supported by the MIC are Restaurants and hotels (Rs 15.967 billion), Manufacturing sector (Rs 2 billion), Arts, entertainment and recreation (Rs 140 million), Real estate (Rs 200 million), Agriculture, forestry and fishing (Rs 10.4 billion), Construction (Rs 275 million) and others (Rs 1.25 billion).

Citing the report, Defi Media also highlighted that the BoM is maintaining its measures to support the banking sector and the economy for the second year in a row.

The measures, it said, include a unique exceptional contribution of Rs 60billion to the government.

During the year under review, an amount of Rs 55 billion was “written off” from the reserves of the BoM (Special Reserve Fund: Rs 52 billion, and General Reserve Fund: Rs 3 billion), while the balance of Rs 5 billion has been recorded as “financial assets held at amortized cost” on the Bank’s balance sheet to be settled afterwards.

The Bank of Mauritius increased its capital on July 31, 2020, from Rs 2 billion to Rs 10 billion by a transfer of Rs 8 billion from the Special Reserve Fund.

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