Bank of Mauritius sells USD100m to fight forex shortage

The Bank of Mauritius (BoM) intervened on the Domestic foreign exchange market on Wednesday and sold an amount of USD100 million dollars at a rate of Rs 43.80/USD

Explaining the move, the BoM said the this latest intervention “aims at further containing inflation in the country.”

The intervention comes after persistent claims by private sector operators of acute shortages of forex.

The BoM had sold USD 40 million on the domestic market on 26 October 2022. 

Since the outbreak of the COVID-19 pandemic, the BOM has intervened on the domestic foreign exchange market for a total of USD 3.5 Billion.

“The Bank continues to closely monitor the domestic foreign exchange market and reassures the market and the public at large that it stands ready to intervene on the market as and when required,” it said.

The Governor was expected to be meeting with CEOs and Treasurers of banks on Thursday to further analyse the evolution of the FX market.

Source: Bank of Mauritius