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Mauritians abroad sending lesser money back home

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Mauritians abroad sending lesser money back home

Mauritians abroad are sending back lesser cash to the island, according to latest figure released by the Bank of Mauritius.

From Rs742million in 2019, inward remittances dropped to Rs616 million in 2020 (-17%) and to Rs575million in 202 (-6.7%).

Those living in France are the top contributors to remittance inflows – despite a 27% drop (from Rs 178million in 2020 to Rs130million).

Mauritians living in the UK sent Rs82million in 2021 compared to Rs Rs80 million in 2020.

Mauritians sent Rs 65 million from the USA.

On the other hand, foreign workers transferred Rs 2.2 billion out of Mauritius in the Q1: 2022 against Rs 2.01 billion for the same period last year.

Most cash went to Bangladesh (Rs954 million) and India (Rs908 million). The Malagasies were third with Rs 85 million.

On July 5, the Bank of Mauritius intervened again on the domestic foreign exchange market and sold a total amount of USD15.0 million at the rate of Rs45.30/USD.

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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.