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Central Banks
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Bank of Mauritius |
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Bank of Mauritius
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Central Bank
of the Republic of Mauritius, standing at the centre of the Mauritian
financial system, the Bank is committed to promoting and maintaining
monetary and financial stability as its contribution to a healthy economy.
The Bank of Mauritius is committed to increasing awareness and understanding
of its activities and responsibilities, across both general and specialist
audiences alike. |
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Bank of
Mauritius was modeled 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 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.' |
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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.
The main functions of the Bank include:-
Formulation and implementation of monetary policy;
Issuer of
currency;
Banker to
the Government and to banks;
Provider
of an efficient payment, settlement and clearing system;
Management
of the public debt;
Management
of foreign exchange reserves;
Regulator
and supervisor of banks; and
Adviser to
the Government on financial matters.
In achieving the objectives above, the Bank commits itself to providing
effective support functions through a sound banking and financial control
system, appropriate information system and the development of competent and
qualified staff. |
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Bank of Mauritius |
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HQ
Address: |
Sir
William Newton Street
Port Louis
Mauritius |
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Tel: |
+230 2084
164 |
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Fax: |
+230 2089
204 |
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Website: |
bom.intnet.mu |
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Swift Code: |
BOMMMUPL |
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Currency: |
Mauritian rupee |
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Banking Hours: |
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Monday - Friday : 9.30am -
3.00pm |
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Before the establishment of the Bank, the
currency issue was managed by a Board of Commissioners of Currency - the
first of its kind to be set up in the World. 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.
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List of banks governed by the
Bank of Mauritius |
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» Mauritius Commercial Bank |
» Habib Bank |
» Standard Bank |
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» State Bank of Mauritius |
» Bank One Mauritius |
» Standard Chartered Bank |
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» Barclays Bank |
» Mauritius Post & Cooperative
Bank |
» Deutsche Bank |
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» Indian Ocean International
Bank |
» Banque des Mascareignes |
» HSBC Bank |
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» Bank of Baroda |
» Investec Bank |
» PT Bank International |
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» Bramer Banking Corporation |
» SBI International Mauritius |
» AfrAsia Bank |
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