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Bhadain warns against ‘forex hoarding’, looming ‘economic catastrophe’

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Bhadain warns against 'forex hoarding', looming 'economic catastrophe'

Reform party leader Roshi Bhadain has warned of forex hoarding after the Bank of Mauritius sold USD200 million (equivalent to Rs 8.6 billion) on the domestic market.

Speaking to Defi Media, Bhadain said the intended move to contain the depreciation of the rupee could backfire.

“Many will now rush to buy the dollars. They know the dollar will appreciate again. They hope to make a profit. There is a real risk of hoarding,” he said.

He denounced that Rs 160 billion were drawn from the reserves of the Bank of Mauritius (BoM).

“They are using money they do not have. These are loans taken from international agencies,” he claimed.

Bhadain also warned against the soaring public debt, which could reach 106% by June.

“They (the government) are lying openly about a situation this is already very dangerous. We run the risk of ending up like Sri Lanka,” he argued.

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The information and opinions expressed in our published works are those of authors/sources believed to be reliable. NewsMoris makes no representations as to accuracy, completeness, suitability, or validity of any information expressed.