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New legal framework underway for Mauritius Central Bank

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Several changes are expected in the financial sector by the end of the year. The Bank of Mauritius (BoM) will have a new legal framework – this is expected to be presented to the Cabinet by October.

Monetary policy will also be subject to new regulations while the digital currency pilot project will be launched by the end of the year.

These developments were announced by Governor Harvesh Seegoolam during the Central Bank’s 55th anniversary. Central Bank governors from Africa, the Middle East and Europe attended the event.

The BoM Governor also announced the development of a roadmap in collaboration with commercial banks.

Also present at this ceremony, PM Pravind Jugnauth expressed his optimism about the country’s recovery in

the aftermath of the COVID-19. According to Jugnauth, the reserves of the Bank of Mauritius have increased from USD3.8 billion in 2014 to USD7.3 billion in July 2022.

Two commemorative gold coins were launched during the event. One is a Rs 2,000 coin and the other is a Rs 2,500 coin.

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