Mauritius, China central banks to launch a regional Renminbi Clearing Centre

The Financial Services industry has demonstrated strong resilience with a growth rate of 4.2 % last year, according to Finance Minister Renganaden Padayachy.

In his budget 2022/2023, he announced that the Bank of Mauritius, together with the Bank of China, will launch a regional Renminbi Clearing Centre this year.

The Bank of China is a Chinese majority state-owned commercial bank headquartered in Beijing and the fourth largest bank in the world. The Bank of China was founded in 1912 by the Republican government as China’s central bank, replacing the Qing Dynasty’s Ta-Ching Government Bank

He also announced that the BoM will collaborate with the National Payments Corporation of India for the issuance of ‘RuPay’ cards and Indian QR Code in Mauritius.

A National Payment Card will also be introduced for customers and the Financial Services Commission will revamp its framework to enable Re-Insurance companies to set up operations in Mauritius

He also announced the introduction of a domestic minimum top-up tax to ensure that resident companies of large multinationals are taxed at a minimum rate of 15 %, he said.