Bank of Mauritius
Objects of the Bank
The primary object of the Bank is to maintain price stability and to promote orderly and balanced economic development in Mauritius. The Bank also regulates credit and currency in the best interests of economic development of Mauritius to ensure the stability and soundness of the financial system of Mauritius.
Functions and powers of the Bank
The Bank is entrusted with the responsibilities to: • conduct monetary policy and manage the exchange rate of the rupee
• regulate and supervise financial institutions under its purview, namely banks, non-bank deposit taking institutions, and money changers and foreign exchange dealers as well as ultimate and intermediate financial holding companies, incorporated in Mauritius which have, within their group at least one company which is a bank or a non-bank deposit taking institution licensed by the Bank of Mauritius
• regulate, license and oversee the payment systems, clearing houses and the issuance and quality of payment instruments
• maintain and manage the official foreign reserves of Mauritius
• collect, compile and disseminate on a timely basis monetary and related financial statistics • issue Mauritius currency banknotes and coins
• act as banker and adviser on monetary and financial matters to Government
• adopt policies to safeguard the rights and interests of depositors and creditors of financial institutions
• monitor system-wide factors that have the potential of impacting negatively on the financial conditions of financial institutions
• promote public understanding of the financial system
• maintain a Credit Information Bureau and a Credit Scoring Services Agency
• establish a Central KYC Registry for the purpose of collecting KYC records submitted to financial institutions by customers.
Additionally, the Bank is mandated under the National Payment Systems Act 2018 to regulate, oversee and supervise the national payment systems and payment systems being operated in Mauritius primarily for the purpose of ensuring their safe, secure, efficient and effective operation and accessibility to the public.
Monetary Policy The Bank of Mauritius Act 2004 provides for the establishment of a Monetary Policy Committee (MPC) responsible for the formulation and determination of monetary policy to be conducted by the Bank. The MPC meets on a quarterly basis since 2007 and interim MPC meetings are convened as and when the need arises. The MPC is chaired by the Governor, and comprises the two Deputy Governors, two members appointed by the Prime Minister and three other members appointed by the Minister of Finance, Economic Planning and Development.