Central Bank’s silence on balance sheet called ‘illegal’, sparks concerns

The non-publication of the Bank of Mauritius’ Balance Sheet has sparked serious questions on its transparency.

After the recommendations of the International Monetary Fund to disengage from the Mauritius Investment Corporation (MIC) were rejected by Finance Minister Renganaden Padayachy , the Central Bank is yet to demonstrate that it remains independent, Defi Media reported.

It cited Opposition Leader Xavier-Luc Duval as reiterating his earlier allegations that the Central Mauritius had breached Section 32 (5) of the Bank of Mauritius Act which requires that “the balance sheet of the central Bank to be made public as soon as possible at the end of each month.”

“This is illegal. The question has to be put to the Governor of the Bank of Mauritius as to why he has deliberately gone against the law,” Duval was cited as asking.

Also speaking to Defi Media, economist Vinaye Ancharaz claimed: “The Bank of Mauritius is not independent, but a puppet in the hands of the Minister of Finance.”

“If the Bank of Mauritius had nothing to hide, it would have published the balance sheet would have been published on time,” he argued, adding that the Central Bank is in an “embarrassing situation”.

According to the economist, the Central Bank no longer has enough funds to contain the “Rupee’s free fall”.

Jayen Teeroovengadum, also an economist, said the Central Bank is “disconnected to the Data World.”

The Bank of Mauritius has not yet commented.