Arnaud Lagesse asks BoM to strike the “right balance” in exchange rates

In an interview with Defi Media Arnaud Lagesse, CEO of IBL Group, discussed the company’s 20% increase in revenue compared to the previous year.

He attributed the performance to factors including inflation and currency depreciation.

Lagesse, who returned to his role after announcing retirement, emphasised IBL’s growth strategy and regional ambitions.

He also assumed the position of Vice President of Business Mauritius, underscoring the importance of public-private sector dialogue.

IBL’s financials showed revenues of Rs 54.1 billion and profits of Rs 4.89 billion as of June 30, 2023.

Lagesse noted the impact of inflation on the distribution sector and mixed effects of currency depreciation on different segments.

Regarding the Bank of Mauritius’ rupee appreciation policy, Lagesse expressed hope in finding a balance between competitiveness and consumer interests.

“I simply hope that the Central Bank will strike the right balance in the exchange rates between the rupee, the dollar, and the euro, ensuring that all parties – exporters, importers, and consumers alike – benefit from it.”

Regarding the recent fuel price hike, Lagesse acknowledged its potential impact on operations and expressed hope that it was justified by the rise in crude oil prices.

He refrained from taking a specific stance on the matter.

Lagesse added that the company was actively expanding sugarcane cultivation and industrial zones, countering a competitor’s shift towards real estate.

He expressed concern about the neglect of small sugarcane planters and its impact on the sector.

Source: Defi Media