Household debt rises by Rs1.6 Billion in one Year

A recent report of the Bank of Mauritius has revealed that household debt in Mauritius has increased by Rs1.661 billion over the past year.

As of September 2023, households in the country owed Rs157.41 billion, with Rs110.52 billion for mortgage loans.

Commercial banks granted loans worth Rs393.68 billion to companies and individuals, while loans given to companies in the Global Business sector brought the total amount of loans to Rs464.7 billion.

The rise in household debt can be attributed to several factors, including the cost of living, higher loan or credit card interest rates, and the COVID-19 pandemic, which has led to job losses and greater financial instability for many households.

Source: Defi Media