FM Warns Speculators: “Those Betting on the Rupee’s Value Will Lose”

Inaugurating a new branch of the Development Bank of Mauritius (DBM) in Rivière-des-Anguilles on Thursday, Finance Minister Renganaden Padayachy strongly criticized speculators and companies withholding foreign currencies. He cautioned them that the Bank of Mauritius had already initiated a rupee appreciation policy and those speculating would face consequences.

Minister Padayachy emphasized the central bank’s substantial reserves, allowing intervention to restore stability in the foreign exchange market. He decried the hoarding of foreign currencies as speculative and urged for economic patriotism, highlighting that Mauritius had overcome economic challenges, advising speculators not to delay and suffer losses.

Source: Defi Media