Mauritian Importers Advocate Diversification Amidst Dollar Shortage

In a desperate plea echoing across the island nation, Mauritian importers are calling for a radical shift away from the almighty dollar. Faced with crippling shortages of the US currency, they are urging the embrace of alternative currencies, a move they say is crucial for survival.

Jayen Veerapen, director of J.M.Veerapen, minced no words when addressing the gravity of the situation:

“Whatever currency a country is willing to accept, we’re all for it!”

But, he cautioned with urgency ringing in his voice:

“Only if we have enough of those currencies in Mauritius to pay our suppliers.”

Currently, he lamented, this is simply not the case with the dollar. “We still have problems with the supply of dollars.

On top of that, we also have a shortage of euros in the market.

This currency shortage is becoming very problematic.”

Sonny Wong, Chief Operating Officer at Innodis, mirrored this despair, his words painting a grim picture of a crisis that refuses to abate.

“The currency shortage persists,” he stated, his disappointment palpable.

“Unfortunately, the situation has not necessarily improved.”

At Innodis, the lack of dollars is being taken with the utmost seriousness, as is the probable appreciation of the greenback and the ongoing trade wars, Wong gravely informed.

“Following the current situation, operators must carefully balance their currency portfolios in order not to be too dependent on the dollar at this time,” he warned.

Innodis is already taking matters into its own hands.

“We import products from several countries, and we are trying to move from the US dollar to the Australian dollar,” Wong revealed, highlighting the shift.

“Especially as we buy a lot of commodities from Australia and New Zealand. We also have a partnership with the South Africans where we pay in rands. And with Europe, we pay in euros.”

The message is clear: Mauritius teeters on the brink. Unless swift action is taken to diversify currency holdings, the island’s importers, and indeed its economy, face a perilous future.

Source: Defi Media