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Bank of Mauritius

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Bank of Mauritius
HeadquartersPort Louis, Mauritius
Established1967; 57 years ago (1967)
Ownership100% state ownership[1]
GovernorRama Sithanen
Central bank ofMauritius
CurrencyMauritian rupee
MUR (ISO 4217)
Reserves7,910.1 million USD (2022)
Websitebom.mu

The Bank of Mauritius (French: Banque de Maurice) is the central bank of the Republic of Mauritius. It was established in September 1967 as the central bank of Mauritius. It was modelled on the Bank of England and was, in effect, set up with the assistance of senior officers of the Bank of England.

Amongst its responsibilities is the issuance of the Mauritian currency, the Mauritian rupee.

History

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In the 19th Century three separate commercial banks, now all defunct, operated under the Bank of Mauritius name.[citation needed]

The first Bank of Mauritius started operations in 1813 or so, but survived only until 1825.[citation needed]

The second Bank of Mauritius was a British overseas bank with two boards of directors, one in London and the other in Port Louis. It began operations in 1832 and favored the interests of the planter class. In 1838 traders established Mauritius Commercial Bank to give themselves an alternative source of credit as until its establishment the Bank of Mauritius had a monopoly on the island. The financial crisis of 1847 in London resulted in the collapse of the sugar market, and severe losses to both of Mauritius's banks. Bank of Mauritius ceased business in 1848, though the Mauritius Commercial Bank has survived to the present.[citation needed]

Local interests established the third Bank of Mauritius in 1894 to take over the local business of the failed New Oriental Bank Corporation. In 1911 the bank opened a branch in the Seychelles. However, in 1916 the Mercantile Bank of India (est. 1893) acquired the bank. HSBC in turn acquired the Mercantile Bank in 1959. Because of this history, HSBC refers to itself as the oldest foreign bank in Mauritius. The next foreign bank to arrive, and to survive to the present, was National Bank of South Africa, an ancestor of Absa Bank Mauritius Limited formerly Barclays Bank Mauritius.[citation needed]

In addition to the above three banks, a bank by the name of the Colonial Bank of Mauritius, Bourbon, and Dependencies, operated between 1812 and 1813.[citation needed]

Board of Commissioners of Currency

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Before the establishment of the Bank, the currency issue was managed by a Board of Commissioners of Currency. The duties of the Board were restricted to those of an issuing authority.

The setting up of the Bank of Mauritius marked the beginning of a new phase in the monetary history of Mauritius, with the monetary system moving forward from the stage of 'Sterling Exchange Standard', under which currency was issued in exchange for sterling at a fixed rate of exchange, to that of a 'managed currency' in which the discretionary role of the monetary authority becomes important.

Objectives of the Bank

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The Bank of Mauritius Act 1966 (as amended) lays down the purposes of the Bank which are to 'safeguard the internal and external value of the currency of Mauritius and its internal convertibility' and to 'direct its policy towards achieving monetary conditions conducive to strengthening the economic activity and prosperity of Mauritius.'

The Bank has been set up as the authority which is responsible for the formulation and execution of monetary policy consistent with stable price conditions. It also has responsibility for safeguarding the stability and strengthening of the financial system of Mauritius.

List of governors by tenure

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No. Name Term of office
Took office Left office Time in office
1. Aunauth Beejadhur[2] July 1967 December 1972 5 years 5 months
2. Goorpersad Bunwaree[3] January 1973 May 1982 9 years 4 months
3. Indurduth Ramphul[4] June 1982 March 1996 13 years 9 months
4. Mitrajeet Dhaneswar Maraye[5] April 1996 November 1998 2 years 7 months
5. Rameswurlall Basant Roi G.C.S.K.[6] November 1998 December 2006 8 years 1 month
6. Yandraduth Googoolye (acting governor)[7] January 2007 February 2007 1 month
7. Rundheersing Bheenick G.O.S.K.[8] February 2007 February 2010 3 years
8. Yandraduth Googoolye (acting governor)[9] February 2010 May 2010 3 months
9. Rundheersing Bheenick G.O.S.K.[10] May 2010 December 2014 4 years 7 months
10. Rameswurlall Basant Roi G.C.S.K.[11] December 2014 January 2018 3 years 1 month
11. Yandraduth Googoolye[12] January 2018 February 2020 2 years 1 month
12. Harvesh Kumar Seegolam G.C.S.K.[13] March 2020 November 2024 4 years and 8 months
13. The Honourable Rama Krishna Sithanen G.C.S.K. November 2024 (present) 1 month and counting

Online sales of commemorative coins

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On 12 March 2008, the Bank of Mauritius launched the online sales of commemorative coins and Dodo Gold Coins to international buyers.[14]

See also

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References

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  1. ^ Weidner, Jan (2017). "The Organisation and Structure of Central Banks" (PDF). Katalog der Deutschen Nationalbibliothek.
  2. ^ "Mr Aunauth Beejadhur". Bank of Mauritius. 31 May 2016. Retrieved 4 June 2024.
  3. ^ "Mr Goorpersad Bunwaree". Bank of Mauritius. 31 May 2016. Retrieved 4 June 2024.
  4. ^ "Sir Indurduth Ramphul". Bank of Mauritius. 31 May 2016. Retrieved 4 June 2024.
  5. ^ "Mr Mitrajeet Dhaneswar Maraye". Bank of Mauritius. 31 May 2016. Retrieved 4 June 2024.
  6. ^ "Mr Rameswurlall Basant Roi G.C.S.K." Bank of Mauritius. 31 May 2016. Retrieved 4 June 2024.
  7. ^ "Mr Yandraduth Googoolye". Bank of Mauritius. 31 May 2016. Retrieved 4 June 2024.
  8. ^ "Mr Rundheersing Bheenick G.O.S.K." Bank of Mauritius. 31 May 2016. Retrieved 4 June 2024.
  9. ^ "Mr Yandraduth Googoolye". Bank of Mauritius. 31 May 2016. Retrieved 4 June 2024.
  10. ^ "Mr Rundheersing Bheenick G.O.S.K." Bank of Mauritius. 31 May 2016. Retrieved 4 June 2024.
  11. ^ "Mr Rameswurlall Basant Roi G.C.S.K." Bank of Mauritius. 15 January 2018. Retrieved 4 June 2024.
  12. ^ "Mr Yandraduth Googoolye". Bank of Mauritius. 3 March 2020. Retrieved 4 June 2024.
  13. ^ "Chairman". Bank of Mauritius. 15 January 2018. Retrieved 4 June 2024.
  14. ^ "Bank of Mauritius - The Central Bank of Mauritius". Archived from the original on 3 August 2008. Retrieved 16 March 2008.
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