Foreign Exchange Fix: Governor Says ‘We’ll Act When Needed

Mauritius’ central bank, the Bank of Mauritius, places great importance on the domestic foreign exchange market. The regulatory body monitors the market’s daily operations closely, according to Governor Harvesh Seegolam.

Seegolam made this statement during a protocol session at the “Digital Finance in Africa” conference, organized by the Regional Centre of Excellence and the Organisation for Economic Co-operation and Development (OECD), at the Meridien hotel on June 20th.

When asked by a journalist about the bank’s intervention in the foreign exchange market, Seegolam replied, “We will intervene when needed.” He emphasized that the total FX inflows in 2023 compared to 2019 indicate that the situation is returning to normal. The level is roughly the same, he added.

The years 2020 to 2022 were subject to shocks, which affected the incoming currency figures, Seegolam explained. However, he assured that the start of this year indicates a gradual return to normalcy.

In terms of tourist receipts, the gross revenue for 2019 stood at Rs 64 billion. This figure increased to Rs 81.3 billion for the 2022-23 fiscal year.

Source: Defi Media