Bank of Mauritius
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The Bank of Mauritius (french: Banque de Maurice) is the
central bank A central bank, reserve bank, or monetary authority is an institution that manages the currency and monetary policy of a country or monetary union, and oversees their commercial banking system. In contrast to a commercial bank, a central b ...
of the
Republic of Mauritius Mauritius ( ; french: Maurice, link=no ; mfe, label=Mauritian Creole, Moris ), officially the Republic of Mauritius, is an island nation in the Indian Ocean about off the southeast coast of the African continent, east of Madagascar. It incl ...
. 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 The Mauritian rupee (sign: Re (singular) and Rs (plural); ISO code: MUR; ) is the currency of Mauritius. One rupee is subdivided into 100 cents. Several other currencies are also called rupee. Coins In 1877, coins for 1, 2, 5, 10 and 20 cents w ...
.


History

In the 19th Century three separate commercial banks, now all defunct, operated under the Bank of Mauritius name. The first Bank of Mauritius started operations in 1813 or so, but survived only until 1825. The second Bank of Mauritius was a British overseas bank with two boards of directors, one in
London London is the capital and List of urban areas in the United Kingdom, largest city of England and the United Kingdom, with a population of just under 9 million. It stands on the River Thames in south-east England at the head of a estuary dow ...
and the other in
Port Louis Port Louis (french: Port-Louis; mfe, label= Mauritian Creole, Polwi or , ) is the capital city of Mauritius. It is mainly located in the Port Louis District, with a small western part in the Black River District. Port Louis is the country's e ...
. It began operations in 1832 and favored the interests of the planter class. In 1838 traders established
Mauritius Commercial Bank Mauritius Commercial Bank (MCB) is a commercial bank in Mauritius. MCB is licensed by the Bank of Mauritius, the country's central bank and the nation's banking regulator. The bank's headquarters are located in Port Louis, Mauritius. Overvie ...
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 Mauritius Commercial Bank (MCB) is a commercial bank in Mauritius. MCB is licensed by the Bank of Mauritius, the country's central bank and the nation's banking regulator. The bank's headquarters are located in Port Louis, Mauritius. Overvie ...
has survived to the present. 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 The Mercantile Bank of India, London and China, later Mercantile Bank Ltd (), was an Anglo-Indian bank with business focus in the Far East. It was founded in Bombay in 1853 as the Mercantile Bank of Bombay; and later in 1857 was renamed to Mer ...
(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 First National Bank (FNB; af, Eerste Nasionale Bank (ENB)) is one of South Africa's " big four" banks. It is a division of FirstRand, a large financial services conglomerate, which trades on the Johannesburg Securities Exchange (JSE), under th ...
, an ancestor of
Absa Bank Mauritius Limited Absa Bank Mauritius Limited (ABML), formerly known as Barclays Bank Mauritius Limited, is a commercial bank in Mauritius, licensed by the Bank of Mauritius, the country's central bank and national banking regulator. Location The headquarters o ...
formerly
Barclays Bank Mauritius ABSA Bank (Mauritius) Limited is a Commercial bank in Mauritius, it is part of Absa Group Limited. Mr Ravin Rao Dajee is currently the Managing Director. History In 1925, National Bank of South Africa was merged with the ''Anglo-Egyptian Bank'' a ...
. 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.


Board of Commissioners of Currency

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

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.


Governors

* Aunauth Beejadhur (July 1967 to December 1972) * Goorpersad Bunwaree (January 1973 to May 1982) * Indurduth Ramphul (June 1982 to March 1996) * Mitrajeet Dhaneswar Maraye (April 1996 to November 1998) * Rameswurlall Basant Roi (November 1998 to December 2006) * Yandraduth Googoolye (January 2007 to February 2007) * Rundheersing Bheenick (February 2007 to February 2010) * Yandraduth Googoolye (February 2010 to May 2010) * Rundheersing Bheenick (May 2010 to December 2014) * Rameswurlall Basant Roi (December 2014 to January 2018) * Yandraduth Googoolye (January 2018 to February 2020) * Harvesh Kumar Seegolam (Since March 2020 to present)


Online Sales of commemorative coins

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


See also

*
Mauritian rupee The Mauritian rupee (sign: Re (singular) and Rs (plural); ISO code: MUR; ) is the currency of Mauritius. One rupee is subdivided into 100 cents. Several other currencies are also called rupee. Coins In 1877, coins for 1, 2, 5, 10 and 20 cents w ...
* List of banks in Mauritius * Economy of Mauritius *
List of central banks of Africa There are two African currency unions associated with multinational central banks; the West African Banque Centrale des États de l'Afrique de l'Ouest (BCEAO) and the Central African Banque des États de l'Afrique Centrale (BEAC). Members of bot ...
*
List of central banks . Central banks Central banks Central banks This is a list of central banks. Countries that are only partially recognized internationally are marked with an asterisk (*). Disappeared central banking jurisdictions * – Bank of Amsterdam (1 ...


References


External links


Official websiteDetails view on the banks of Mauritius, offers & special services
{{Central banks
Mauritius Mauritius ( ; french: Maurice, link=no ; mfe, label= Mauritian Creole, Moris ), officially the Republic of Mauritius, is an island nation in the Indian Ocean about off the southeast coast of the African continent, east of Madagascar. It ...
Companies based in Port Louis Banks of Mauritius 1967 establishments in Mauritius Banks established in 1967 Financial regulatory authorities of Mauritius