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Bank of Mauritius Intervenes: 50M Dollars to Stabilize Markets
The Bank of Mauritius (BoM) took decisive action on the foreign exchange market on Monday, July 8, selling $50 million at a rate of Rs 46.76 per dollar. The central bank’s move aimed to stabilize the currency and maintain market stability.
In a press statement, the BoM assured that it will continue to closely monitor the foreign exchange market and be prepared to intervene again if necessary.
This intervention is seen as a crucial step to address the shortage of foreign currencies that has been affecting operators and individuals for several months.
Notably, most foreign exchange transactions have been taking place at the “forward rate,” which has resulted in higher prices for foreign currencies.
As a result, the dollar is currently trading at Rs 47.20, the euro at Rs 51.57, and the pound sterling at Rs 60.89.
Source: Defi Media